1. Did you know? 79 % of organizations report difficulty finding qualified employees for high-skill and technical positions (Talent Management magazine) 17 % of COOs at high-tech companies said they were well-positioned to attract and retain talent (Accenture, December 2010) 84% of people already employed are open to a new job at another company if offered in 2011. This number is up from 60% the previous year, and it is the highest percentage ever recorded. (Manpower, Jan 2011) The presentation will start shortly…
2. The 7 Steps to Attract, Motivate and Retain Top Talent June 15, 2011 Chason Hecht, President Sponsored by:
3. Who is Retensa? Internationally recognized as employee retention experts by:
4. What does Retensa do? Retensa combines social science and web-based technology to develop, motivate, and retain a organization’s best employees. Retensa builds solutions and metrics to help firms reduce employee issues and create a high-performing workforce. What is Retensa’s Vision? To create workplaces where every employee is engaged by what they do, andinspired by who they work for. www.retensa.com (212) 545-1280
5. Objectives of this Webinar Understand and establish employee retention strategies at your organization Measure the impact of employee turnover on your organization’s bottom line Compare your organization’s HR Practices with others competing for the same candidates Pinpoint why employees Join, Stay, and Leave your organization Create action plans and tools that are tailored to your workplace
7. Employee Retention GOAL: Employees stay because of the value they receive, and you value their contribution Why is Retaining High Performers still a challenge? Retaining individuals, who you want to work in your organization, to be loyal and motivated to work in your organization.
8. Top Talent Realities Population Forecast Skills Gap Education requirements Global demand Challenges in Employee Retention
9. Cost of Turnover Extensive research estimates turnover cost for one employee is 20 – 200% of annual salary. Figures above used $42,500 Avg salary and 25% cost = $10,625/employee
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11. Benchmark Metrics What is important to Executives? What is important to line managers? What does the organization already measure? What do executives want to improve/increase or reduce/decrease? How are managers’ successes measured? How will your success be recognized?
12. Employee Turnover Employee turnover rate: the ratio of the number of workers that separated in a given time period (usually one year) to the average number of workers during the same period. # of separated employees Turnover Rate = --------------------------------- average # of employees Who leaves your organization? A specific title, generation, location?
18. Demotivating Factors Unclear "Rules of the Game" Lack of Priorities/Goals Lack of Success: Overwhelmed by Complexity/Quantity of Work Not Feeling Responsibility for the Job No Challenge in Work Breakdown of Manager-Employee Relationship Problems with Physical or Emotional Health False Perceptions (others’ salary, career opportunities, future, etc.) Poor Work Environment Insufficient Training Poor Interpersonal Relationships Belief that They do not Make a Difference
21. Prioritize Solutions Establish Cost/Benefit Analysis for each Action Plan Identify all possible solutions What does each solution cost? What does each solution generate/save? How long does each solution take to produce results? Associate Benchmarked Metrics Establish buy-in and budget from Leadership
26. Present solution optionsCritical Success Factors Develop a one-page workforce strategy/blueprint Establish clear goals for each phase Correlate solutions with data (quantitative + qualitative) Change before you have to
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28. Integrate Solutions “Automating” Retention Practices Include manager suggestions Include manager accountability (rewards/compensation) Identify and empower champions Recognize retention goals Continuous employee feedback
31. Q & A Disclosure: “This presentation is not endorsed by Empire BlueCross BlueShield. The presentation contains proprietary information and any redistribution or other use is strictly forbidden. Not for distribution to the general public; nor for solicitation purposes.”
Examples of Key Performance Metrics (Operational, Business, or HR):Revenue per EmployeeUnits/EmployeeAverage Tenure of Current EmployeesAverage Tenure of Separating EmployeesExperience LossCost per HireOvertime RatioTotal Cost of Management
SegmentationTurnover Distribution
I may be an employee retention expert but I am here to tell you, you do not retain everyone. You DO NOT retain everyone.Retensa’s Retention Strategy ApproachRetensa’s approach to creating a Retention Strategy is illustrated in this diagram. It compliments our renowned Employee Life-Cycle Framework in specifically forming the strategy and action plans to reduce turnover and retain top talent. Knowing only two aspects may allow an organization to temporarily attract, or recruit, or motivate staff, but it will provide limited ability to retain employees long-term. Only with all three perspectives streaming real-time into decision making, and longitudinally correlated over the employee Life-Cycle, can an organization intentionally and repeatedly retain top talent.Why they join – New hire surveysWhy they stay – Employee Engagement surveys, Stay InterviewsWhy they leave – Exit Interviews
