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Four Strategies to Counter the Great Resignation

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Four Strategies to Counter the Great Resignation

  1. 1. Four Retention Strategies from the Director of HR at BambooHR
  2. 2. Cassie Whitlock Director of HR BambooHR
  3. 3. 45% z had significantly more resignations than previous years.
  4. 4. Agenda During the Webinar today you’ll learn… ● How to prioritize employee satisfaction ● Methods to collect authentic feedback ● An effective framework for benefits ● Ways to fully assess and meet the mental health needs of your workforce
  5. 5. Making Room for Employee Experience
  6. 6. pri·​or·​i·​ty something given or meriting attention before competing alternatives
  7. 7. Clearing Priorities Quickly ● Automating HR tasks—fortify your foundation ● Employee self-service ● Focused collaboration
  8. 8. Finding Your Destination and Pathway ● Mission ● Vision ● Values
  9. 9. of all jobs, concentrated in low- wage organizations, would not be viable if workers knew how much they were underpaid. 10%
  10. 10. Collecting Authentic, Actionable Feedback
  11. 11. Criticism is Hard ● Natural defensiveness ● Office politics ● Fear of damaging a relationship ● Fear of being an underperformer ● Fear of reprisal in compensation
  12. 12. Frequency of Anonymous Surveys How often do you anonymously survey your employees about employee satisfaction? ● 10% Never ● 22% Once a year ● 24% Twice a year ● 27% Multiple times a year ● 12% Once a month ● 6% More frequently than once a month
  13. 13. Using Surveys to Effect Change How often do you use the survey responses you receive about employee satisfaction to make company-wide changes? ● 1% Never ● 8% Rarely ● 55% Sometimes ● 36% Always
  14. 14. Help Employees Feel Heard Recognize pervasive survey issues Explain how decisions are made with this data to align with your values Make it a team effort
  15. 15. Building Your Benefits Framework
  16. 16. Multi-Pillar Benefit: Flexible Location Physical: protection during outbreaks, time for medical appointments Community: more flexibility for family duties without feeling judged Financial: reducing commute time helps finances
  17. 17. Deciding Which Benefits to Prioritize Utilization Situation
  18. 18. Emphasize Total Rewards ● Employees don’t always recognize the value of their benefits ● Don’t make retention a contest for the highest base pay ● Engage and educate employees on the company investment in benefit offerings and in the employee ○ Employer match amounts ○ Contributions toward premiums ○ Access to specialized offerings
  19. 19. Preserving Mental Health
  20. 20. Stressed Benefit Pillars Physical: lingering COVID-19 concerns, insecurity due to war Community: navigating a new normal after two years of isolation Financial: market uncertainty, inflation, supply chain issues
  21. 21. Mental Health Initiatives What is your company doing to prioritize mental health? ● 24% Flex time ● 19% Flexible location (remote work option) ● 19% Mental health days ● 13% More PTO ● 12% Four 10-hour days (one weekday off) ● 7% Email “blackout” time frames ● 5% Nothing
  22. 22. Feedback: High-Level and On-the-Ground eNPS Employee Wellness
  23. 23. Key Takeaways ● Set priorities efficiently to build a positive employee experience ● Gather authentic feedback to make informed decisions ● Identify your pillar benefits for supporting employees ● Prioritize employee wellbeing, both in theory and practice
  24. 24. Questions?
  25. 25. Thank you! Follow BambooHR on social media: bamboohr.com/blog

Notes de l'éditeur

  • Discuss the now-ubiquitous concept of The Great Resignation. Your good workers move on to the next company, leaving so many vacancies to fill.

    Somehow, there are never enough pandas.
  • BambooHR survey results:
    45 percent of those we surveyed said they had significantly more resignations than previous years.
    Now that we’ve laid out the problem, let’s explore four concrete strategies to improve retention
  • Today, you’ll learn how BambooHR handles retention issues. We’ll cover
    How to prioritize employee satisfaction
    Methods to collect authentic feedback
    An effective framework for benefits
    Ways to fully assess and meet the mental health needs of your workforce
  • Thesis for the section:

    If we’re going to give employees an experience that convinces them to stay, then we need to make room for initiatives that build and support that experience.
    But taking on an all-encompassing topic like an employee’s full experience isn’t a quick or easy task.
    If we’re going to prioritize the employee experience, we need to make room for it in our workload.
  • Here’s the relevant definition of priority: something given or meriting attention before competing alternatives
    In HR, we have so many competing alternatives
    Many are routine tasks that need to be taken care of to keep the organization running:
    Compliance
    Payroll
    Time Off
    Then there are the areas where HR can provide strategic insights to help guide decisions:
    Analyzing turnover reporting
    Helping managers effectively engage in performance management
    Intentionally designing a winner employee value proposition
    All of these priorities merit attention before competing alternatives.
    The more efficient you are in solving each priority, the more employee experience priorities you can fit in your day.
  • So when we talk about making employee experience a priority, we’re talking about a full list of priorities to pay attention to.
  • Automating tasks to fortify your foundation
    This is all about letting computers do things they can do so you, and your people are focused on the things than can only be done by a person
    Time off, approvals, etc. No more lengthy walks around the office to find the right forms, get the manager’s signature, and deliver them to HR.
    Employee Self-Service
    Many priorities can be delegated to employees so HR can turn their attention to keeping up with everything else
    Focused collaboration
    Stringing tasks together into an effective process gets trickier as more people get involved.
    The Goldilocks balance of notifications:
    Not so distracting that HR notifications take too much attention from employees’ other priorities
    Not so opaque that HR needs to badger employees for the input they need.
  • After fine tuning how you execute, the question remains: what is your destination? And what is the path you need to take to get there?
    Story about BambooHR’s founding: Ben and Ryan believed if you gave people the right environment to execute in, they would succeed in whatever they did.
    But good employment practices don’t operate in a vacuum: our new organization needed a mission, a vision, and values to translate that potential into ongoing results and growth.
    The process of choosing your destination and direction: Mission, Vision, Values.
    Now more than ever, employees want to work for a good cause. Employees have their own goals, and many are looking for a purpose in their daily work beyond earning money.
    They’ll take that journey with your organization as long as they feel it’s going the right way.
    Shortly before the Great Resignation really got underway, a team at MIT studied employee beliefs about their compensation.
    In brief, both well-paid and low-paid employees thought things couldn’t get better, if likely for different reasons
    The authors concluded:
  • …10% of all jobs, concentrated in low-wage organizations, would not be viable if workers had correct beliefs about appropriate compensation.
    These findings have borne out as employees took the time on their hands during the pandemic to reevaluate their life’s direction.
    It’s also why compensation positioning isn’t a foolproof method for retention.
    There’s more to aligning employees and the organization than a number on the paycheck.
    They’ll take that journey with your organization as long as they feel it’s going the right way.
    Think about the frequency of paychecks. Why don’t we pay only once per year? The same is true for how you use mission, vision and values to build a great employee experience.

    How do you know if your org is going the direction you want it to? How do you know your employees are having the ongoing experience you envisioned?
  • For that, you need your people to tell you. You need authentic employee feedback.

    At BambooHR, we’ve spent years cultivating a culture of honest feedback.
  • But criticism is hard: there are many challenges in getting people to be critical.
    Natural defensiveness
    Office politics
    Fear of damaging a relationship
    Fear of being an underperformer
    Fear of reprisal in compensation
    Radical candor example - Executives going around the table telling each other difficult truths.
    To solve problems, the people who make the decisions need to know the problems.
  • Many employers are already asking for feedback. [expound on numbers]
    There’s no right answer on frequency
    Don’t fall into the mindset of surveys as the only way to get feedback
    1:1, skip-level, townhalls, Q&As, Breakfast with Brad
  • (half way point)

    However, more than half of respondents report that their company only sometimes makes changes based on employee survey responses.
    Here’s the twist, though: the Always responses to this question have the potential to be just as damaging as the Never responses.
    Going back to direction: if you zigzag with every employee suggestion, what does that do for your overall progress?
    It’s important to keep your 10,000-ft view when making changes
    Balancing everyone in the organization, not favoring a vocal minority or preferred department, but understanding their specific concerns
  • eNPS explanation/live visual

    eNPS is more than a grade for your organization
    Reviewing responses gives me the context I need to assess whether employees are having the experience we intended

    When you think about some of the problems to solve, the best solutions will come from those in the trenches who see and understand at a level that leadership simply can not
  • Recognize pervasive survey issues
    Explain how decisions made with this data align with your values
    Make it a team effort: help managers discuss specifics of how your high-level decisions affect their teams during individual performance conversations
    When your employees see that your organization can course correct to make steady progress toward your destination, it builds more lasting trust than any one-time initiative or perk.
    That trust is key for retaining employees.
  • Of course, for employees to trust you on long-term matters, they need to feel safe in the present.
    Your benefits should provide that foundation of security

  • Pillar benefits are what every employee needs to feel secure
    Physical
    Wellbeing (social, emotional, mental)
    Financial
    Community
    Career
    You might choose different pillars but it’s about a holistic view of employees and their needs
    We use a vision statement of benefits that benefit you.
  • Physical: protection during outbreaks
    Community: more flexibility for family duties without feeling judged
    Financial: no commute helps finances
  • Metrics to evaluate benefit effectiveness
    Utilization
    Versatility to meet the needs of a diverse population
    Situational importance: maternity and paternity leave may have smaller utilization, but an outsized impact on the narrative the employee tells themselves.
  • Benefits are an essential part of an employee’s total compensation
    Sad but true: the org can spend thousands on retaining an employee only to have them leave for someone who spends less but offers a higher base pay.
    BambooHR reviews total compensation with employees during our yearly merit cycle to help everyone recognize the full extent of what we do for them.
    Cassie’s experience about engaging with and educating employees
    Manager training
    Meeting managers where they are - “We let them down” story
  • Finally, let’s focus on mental health.
    We’re in a world where most of the benefits pillars are getting stressed:
  • Physical: From COVID to insecurity over war
    Community: the cumulative effects of two years of isolation for so many
    Financial: Uncertainty and COVID consequences deliver financial hardships
    The stress on these pillars impacts wellbeing: eroding mental health from continued stress over a long term
    87% of our survey respondents said they were stressed about their wellbeing—and this survey was taken before the war in Ukraine.
  • Many employers are already asking for feedback. [expound on numbers]
    Managers may be anchored on assumptions that now need to be challenged - we all went to remote work, and it’s working
    What other assumptions should we look at question?

    Being seen and heard
    Again, managers are so critical in driving wellbeing
  • eNPS gets the org going in the right direction
    Employee Wellness is like doing a headcount to make sure everyone has their buddy on the trail.
    We don’t want anyone getting lost or sidetracked
    Getting authentic feedback for an on-the-ground assessment of how employees are doing, where trouble spots are, etc. more often than twice a year.
    Zoom fatigue
    Efficient meetings (5 minute short)
    Creating connection
  • Clear your priorities efficiently to build a positive employee experience
    Gather authentic feedback to make informed decisions
    Identify your pillar benefits for supporting employees
    Prioritize employee wellbeing, both in theory and practice

  • THIS IS A VARIATION ENDING SLIDE.
  • THIS IS A STANDARD/REGULAR ENDING SLIDE.

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