7 Steps to Preventing Employee Poaching
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With millions of open jobs, you would think that companies would look to fill them with people who are out of work but that’s not the case. They are actively pursuing top talent who can contribute more from the outset. Top talent has never been in more demand. As your competitors look to pick off your best employees you need to protect yourself. Don’t lose them because they felt underappreciated. In this SlideShare, Madison explores: The immediate economic advantages of retaining top talent How you can protect yourself (and your employees) from competitive poaching by following our seven-step process How Madison makes that all happen with Maestro, the most configurable cloud-based SaaS Social Recognition Technology
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7 Steps to Preventing Employee Poaching
- 1. PRESENTED BY: STEPS TO PREVENTINGSTEPS TO PREVENTING employee poachingemployee poaching
- 2. COSTS OF REPLACING top employees COSTS OF REPLACING top employees 150% annual salary for Mid-Level Employees annual salary for Specialized Workers 400% $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ $$$$$$$$$$ TRAINING COSTS PRODUCTIVITY SOCIAL CURRENCY YOUR BIZ COMPETITOR “A” INCREASED CUSTOMER DEFECTION More than 60% of HR professionals have reported an increase in the number of employees receiving an offer from rivals.
- 3. MADISON’S 7 STEP APPROACHMADISON’S 7 STEP APPROACH So what should you be doing to prevent employee poaching? So what should you be doing to prevent employee poaching?
- 4. CHECK YOUR TOTAL rewards PORTFOLIO CHECK YOUR TOTAL rewards PORTFOLIO Is it on par with competitors? While workers may say a higher salary compelled them to quit, it’s often a lack of recognition that moves them to leave. In other words, they go elsewhere because they are not getting the emotional payoff they desire where they are currently.
- 5. CHECK YOUR “psychological COMPENSATION” CHECK YOUR “psychological COMPENSATION” Compensation goes beyond pay. A-players need feedback and recognition. They want their work to be acknowledged and appreciated and if you are like the majority of companies you don’t recognize top performers enough.
- 6. EXAMINE YOUR FUNDING allocations EXAMINE YOUR FUNDING allocations If you are not in the 1-2% payroll range across all employees, you are underfunding recognition. You need to do more than account for your investment, you also need to analyze where it’s going. Without that insight you can’t be sure if you are directing it for maximum return. $$ $$ $$$$
- 7. DIAGNOSE vulnerability GAPS WITH TOP PERFORMERS DIAGNOSE vulnerability GAPS WITH TOP PERFORMERS Consider “stay surveys” to learn more about what top talent thinks today about the work and the opportunities it offers. This will help you understand how individuals perceive their jobs, what they value from their work, and what they want to be recognized for.
- 8. BUILD & EXECUTE A recognition/retention STRATEGY BUILD & EXECUTE A recognition/retention STRATEGY With the right social recognition technology, you will have a wider range of communication and recognition tools at your disposal. Combine them all to show top performers that the attributes they value exist in your environment.
- 9. Getting better at what they do is what drives high performers. They are always looking for new ways to master their craft and are attracted to environments that help them do so. Help your people see the potential that exists within your environment by helping them to learn and grow. OFFER THEM more OFFER THEM more
- 10. TRACK, EVALUATE & THEN reevaluate RESULTS TRACK, EVALUATE & THEN reevaluate RESULTS Real-time and accurate analytical tools will help you compare and contrast data sets and gauge recognition activity against retention goals. Use the intelligence gained to modify your messages and improve your offerings across the most vulnerable employee segments.
- 11. SummarySummary With millions of open jobs, you would think that companies would look to fill them with people who are out of work but that’s not the case. They are actively pursuing top talent who can contribute more from the get-go. Top talent has never been in more demand. They represent immediate economic advantages. Don’t lose them to your competitors because they felt underappreciated. Protect them from being poached with our seven-step process and with Maestro, the most configurable cloud- based SaaS Social Recognition Technology.