Dick Finnegan. Copyright 2017 all rights reserved

Transcription

1 Dick Finnegan Copyright 2017 all rights reserved

2 Finnegan Bio Recovering HR director solved turnover for Siberian banks, African gold mines, Chinese multi-national corporations and the CIA Author, Rethinking Retention in Good Times and Bad, excerpted by BusinessWeek; fresh thinking for solving the turnover problem in any economy Author, The Power of Stay Interviews for Engagement & Retention, topselling SHRM-published book in history Author, The Stay Interview, published in 20 languages + audio book Author, HR s Greatest Challenge, distributed free to top global HR executives 2

3 What do you look forward to each day when you commute to work? Discuss this with a partner

4 ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

5 U.S. Voluntary Quit Percentages, Post-Recession U.S. Bureau of Labor Statistics Young U.S. workers will hold jobs by age

6 Engagement Stuck per Gallup/Deloitte % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ENGAGED NOT ENGAGED ACTIVELY DISENGAGED U.S. spends $1.53 Billion each year to improve engagement 2000

7 Dollars ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

8 Report Turnover in Dollar$ Actual client turnover costs by job: üphysician $225,808 üsoftware engineer.$131,000 ücall center representative $29,447 ütruck loader/unloader $4,955 How Much Does It Cost to Lose A Nurse?

9 How Much More Do Engaged Employees Produce? qgallup: 22% more profitability/lower turnover (TO)/higher earnings per share (EPS) qgptw Institute: 20% more productivity/lower TO/higher EPS qhewitt: % engaged correlates with higher shareholder returns (S/H) qkenexa: double S/H returns qworkusa/watson Wyatt: 26% more revenue per employee

10 Goals ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

11 Are Your Retention Efforts Driven by Accountabilities Business Accountabilities are driven by executives from the top like sales, service, quality, & safety Programs Retention Programs are driven from the side like town hall meetings, employee appreciation week, newsletters

12 Supervisor s Impact on Engagement & Retention If you have a turnover problem, look first to your managers Gallup Employees stay for managers first and co-workers second salary.com Employees levels of engagement higher when their supervisors had higher levels of engagement DDI When employees stay, it is because of their immediate managers National Education Association Employees who stay primarily for their supervisors stay longer, perform better, and are more satisfied with their pay TalentKeepers

13 The Real Power of Supervision Kenexa interviewed 1,000 recently-quit employees and asked about pay, benefits, development, advancement and relationships with supervisors and found supervisor relationships influenced all other opinions, concluding Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees

14 Engagement Stuck per Gallup/Deloitte % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ENGAGED NOT ENGAGED ACTIVELY DISENGAGED U.S. spends $1.53 Billion each year to improve engagement 2000

15 How much do managers influence their employees levels of engagement? Data per Gallup

16 Introducing the Power Of Trust

17 Why Was Your Best Boss Your Best Boss? Why Was Your Worst Boss Your Worst Boss?

18 The Fortune Top 100 # Baby bonding bucks, 12 weeks paid parental leave, horseshoe pits, Africa volunteering, subsidized massages, 3 wellness centers, bike repair shop, 3 organic meals per day, artisan tea & coffee, 25 free cafeterias and free eyebrow shaping

19 Two-thirds of a company s score is based on the results of the Great Place To Work s Trust Index Survey Any company can be a great place to work. Our approach is based on the major findings of 20 years of research that trust between managers and employees is the primary defining characteristic of the very best workplaces. The Great Place to Work Institute

20 Building Trust 1-1 Builds Profits

21 One Big Lesson Learned It s not what you give them, it s how you treat them and first line supervisors most influence employees relationships with managers, colleagues, and duties Insanity: Doing the same thing over and over again and expecting different results

22 Stay Interviews ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

23 Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific actions she must take to strengthen that employee s engagement and retention with the organization Stay Interviews Bring information that can be used today Focus on individual employees including top performers Put managers in the solution seat

24 Top-Down, Cascading Implementation Executives w/ Managers Managers w/ Supervisors Supervisors w/ Ind. Contributors Time

25 Stay Interview Process Key Ingredients Top-Selling SHRM-Published Book in History Conducted by supervisors, cascading from the top Separate from Performance Review Repeat at least 1X/yr for all existing employees, 2X /yr for new hires Create individual Stay Action Plans GMs Forecast Retention

26 Stay Interview 5 Questions 1. When you travel to work each day, what things do you look forward to? 2. What are you learning here? 3. Why do you stay here? 4. When was the last time you thought about leaving our team? What prompted it? 5. What can I do to make your experience at work better for you?

27 Forecast ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

28 Your Role: Forecast Retention Likely to leave in a 6 months or less May leave in 6 12 months Likely to stay greater than a 1 year Can be changed at any time if new information

29 Retention Forecast HeatMap Leader: Rodriguez Perf Rating/ 5 Hi, 1 Lo Green 1+ yrs Yellow 6-12 Months Red 0-6 Months Retention Plan Kim Johnson 4 Provide mentor for Burt Brown 5 Develop skills for possible promotion to Cindy Stone 3 Pleased with current role & circumstance Ralph Jimenez 2 Coaching for performance

30 Accountability ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

31 The Incredible Power of Accountability & First-Line Retention Goals Strategy A Group of hospitals solved nurse turnover with onsite child care & flexible scheduling Strategy B Outlier hospital assigned retention goals to managers and reported progress monthly One Year Later: A turnover % identical, B down 41%, saved millions of $s

32 Accountability Exit Interview, Delivered by Next-Up Manager 1. Why did quit? 2. Did you see this coming? 3. What color did you have him coded? 4. May I see his stay plan? 5. What one thing might you have done to keep him? 6. Are there changes you should make to your style or how you hire to retain other employees?

33 ^ ^ ^ Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

34 Stay Interview 5 Questions 1. When you travel to work each day, what things do you look forward to? 2. What are you learning here? 3. Why do you stay here? 4. When was the last time you thought about leaving our team? What prompted it? 5. What can I do to make your experience at work better for you?

35 Gallup s 100 Year Commitment Surveying citizens of the world for 100 years to learn what people want more than anything else in their lives. So far the answer is which a. Good health? b. A good job? c. Love and respect from others? d. Money for needs and more? e. Better life for your children?

36 Gallup s 100 Year Commitment a. Good health b. A good job c. Love and respect from others d. Money for needs and more e. Better life for your children

37 To Obtain ü Free Online Stay Interview Training Module ü How to Cost Turnover & Engagement ü Engagement Correlations to Productivity ü The Stay Interview Manager Training Game Include # of emloyees

38 Dick Finnegan Copyright 2017 all rights reserved