The Power of Stay Interviews

Transcription

1 The Power of Stay Interviews Dick Finnegan March 11 th, 2014

2 Finnegan Background Recovering HR director who has solved disengagement & turnover across 6 continents including Siberian banks, African gold mines, and the CIA Author of Rethinking Retention in Good Times and Bad, endorsed by BusinessWeek as offers fresh thinking for solving the turnover problem in any economy Author of The Power of Stay Interviews for Engagement & Retention, HR s top-selling book globally in 2012 Noted as employee retention expert by BusinessWeek, Chief Executive Magazine, & Consulting Magazine Partners with HR Excellence Center of China to conduct employee retention programs for Microsoft, Coca Cola, and other companies across China 2

3 Today s Agenda Scary Data Fast Peek: The Rethinking Retention Model Trust Building Essentials Stay Interviews Leverage All Fishbowl Practice Free Stuff 3

4 Grabbing Statistics 3.3% unemployment rate for college grads versus 9.9% for HS dropouts; lowest unemployment of 29 occupational groups is Healthcare practitioner and technical occupations at 3.0% Nursing is #1 Most recessionproof job, least satisfying healthcare job, and has highest projected shortage of workers 27% of fresh-out nurses turn over in first year 4 4

5 Grabbing Statistics Conclusions 1. Healthcare employees are and will be in incredible demand for our lifetimes 2. Nurses are most endangered healthcare workers of all 3. Healthcare workers can ALWAYS leave for other jobs 5 5

6 Gallup U.S. Companies on Track to Spend $1 Billion Each Year to Improve Engagement on Surveys & Programs Presented by Avant Resources 6

7 Gallup s 100 Year Commitment Surveying citizens of the world to learn what brings most happiness over 100 years. 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? 7

8 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 8

9 The Rethinking Retention Model Process or Program-Driven? Retention Programs driven from the side like surveys, employee appreciation week, newsletters 86% of the Time Retention Processes driven by executives from the top like sales, service, quality, and safety 9

10 Supervisors Impact on Retention If you have a turnover problem, look first to your managers Gallup Primary reason for seeking a new job is disliking boss s performance Yahoo Employees stay for managers first and co-workers second salary.com Poor leadership causes over 60% of all employee turnover Saratoga Institute 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 10

11 The Real Power of Supervision Kenexa interviewed 1,000 recentlyquit 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 11

12 Do Clinical Directors Really Drive Retention? Compared one hospital that held nurse managers accountable for retention versus others that implemented various programs & found Accountable hospital nurse turnover down 41% vs others stayed the same. Recommendation: Hold clinical directors accountable for achieving retention goals - Hardwiring Right Retention, the Advisory Board Company s Health Care Advisory Board 12

13 The Rethinking Retention Model Research-Driven, Process-Based 13

14 One Big Lesson Learned It s not what you give them, it s how you treat them Insanity: Doing the same thing over and over again and expecting different results 14

15 Are You A Believer? How do we know supervisor trust is the absolutely most important retention & engagement skill? 15

16 3 Subtle/Strong Trust Skills

17 3 Subtle/Strong Trust Skills 1. Listen

18 Build Trust by Listening Say Let me tell you what I heard you say to see if I got it right once a week for the rest of your life 18

19 3 Subtle/Strong Trust Skills 1. Listen 2. Apologize 3. 19

20 3 Subtle/Strong Trust Skills 1. Listen 2. Apologize 3. Support Company Policies 20

21 Support Company Policies Support with our leaders usually makes good decisions and they know things we don t Re-install the vote 21

22 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 22

23 Stay Interviews Vs Survey Staples Too long Exits Don t reveal truths Better opportunity No follow-up No changes autopsies! Engagement surveys do provide benchmarks! Engagement Average thinking vs top performers Opinions vs importance Long delays Annual temperature checks Short-term, feel-good programs don t build sup skills 23

24 Quiz Question: Training Or Process? Trust Discussion Just Completed? Stay Interview Discussion We Are About to Begin? Training to change behaviors which is optional with no structured followup or check Training to apply a process which ideally is required and tracked 24

25 3 Stay Interview Success Stories Florida Hospital Zephyrhills Nurse turnover 33% Florida Hospital Flagler Nurse turnover 39% Burcham Hills Retirement Community Nurse turnover 70%; 100% retention first 180 days 25

26 Stay Interview Key Ingredients Cascade Tops Down Conducted by supervisors vs HR Separate from Performance Gather stay & leave reasons at the top Repeat on established schedule/as needed 26

27 Begin With The End in Mind Stay Interviews as a process include Skills Schedule Plans Forecasts 27

28 The 4 Stay Interview Skills 1. Skill #1: Always take notes 2. Skill #2: Be a great listener 3. Skill #3: Remember to probe 4. Skill #4: Take responsibility 28

29 The Stay Interview Documents Stay Interview Program Summary including SI Guide, SI Retention Plan, SI Team Results Stay Interview Tally Sheet Stay Interview Team Results 29

30 Stay Interview Schedules Immediately and at least once annually during May-July New hires at 60 and 120 days Disconnected from performance discussions 30

31 Stay Interview Action Plans What I will do What employee will do By when And we meet again on 31

32 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 32

33 Questions: FishBowl Practice Probe deeply, solve slowly 1. When you commute to work each day, what do you look forward to? 2. What are you learning? Want to learn? 3. Why do you stay? 4. What could cause you to leave? 5. What can I do to make your working here better? 33

34 Fresh-thinking for solving the turnover problem in any economy BusinessWeek Costs Goals Stay Interviews Forecasts Accountability Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability 34 34

35 Questions & Discussion For The Stay Interview Training Game give me your business card or Include Total # of Employees Presented by Avant Resources 35