7 steps to attract, motivate & retain top talent

Employee Retention Strategies


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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)

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The 7 Steps to Attract, Motivate and Retain Top

Talent

June 15, 2011Chason Hecht, President

Sponsored by:




Who is Retensa? Internationally recognized as employee retention experts by:




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.

To create workplaces where every employee is engaged by what they do,

andinspired by who they work for.

What does Retensa do?

What is Retensa’s Vision?

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http://www.retensa.com/




1. Understand and establish employee retention strategies at your organization

2. Measure the impact of employee turnover on your organization’s bottom line

3. Compare your organization’s HR Practices with others competing for the same candidates

4. Pinpoint why employees Join, Stay, and Leave your organization

5. Create action plans and tools that are tailored to your workplace

Objectives of this Webinar




Permeable---------------------------------------------------------

Immune

Employee-Organization Barrier




GOAL: Employees stay because of the value they receive, and you value their contribution

Why is Retaining High Performers still a challenge?

Employee Retention

Retaining individuals, who you want to work in your organization, to be

loyal and motivated to work in your organization.




Top Talent Realities

1. Population Forecast2. Skills Gap3. Education requirements4. Global demand

Challenges in Employee Retention

“A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was”.

Joseph Hall




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

Cost of Turnover

Average Turnover Cost by Company Size and Turnover Rate

Number of Employees

10% Turnover

15% Turnover

20% Turnover

25% Turnover

40% Turnover

25 $26,563 $39,844 $53,125 $66,406 $106,250

50 $53,125 $79,688 $106,250 $132,813 $212,500

100 $106,250 $159,375 $212,500 $265,625 $425,000

175 $185,938 $278,906 $371,875 $464,844 $743,750

250 $265,625 $398,438 $531,250 $664,063 $1,062,50

0



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7 Steps to Retaining Great Employees

2 • Identify the Root Causes

3 • Map the Employee Life-Cycle

4 • Prioritize Solutions

5• Present Solutions (to Managers and

Workforce)

6 • Integrate Solutions into Business

7 • Review Metrics to Refine Solutions

1• Benchmark Metrics



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1. What is important to Executives?

2. What is important to line managers?

3. What does the organization already measure?

4. What do executives want to improve/increase or reduce/decrease?

5. How are managers’ successes measured?

6. How will your success be recognized?

Benchmark Metrics



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# of separated employees Turnover Rate = --------------------------------- average # of employees

Employee TurnoverEmployee 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.

Who leaves your organization? A specific title, generation, location?



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1 • Benchmark Metrics




Workforce)


7 • Review Metrics to Refine Solutions

2• Identify the Root Causes



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Identify the Root CausesCommitment Indicators

Negative Phrases Positive Phrases

Dedication “put me through so much”“I don’t know anymore”

“could depend on them”“devoted”

Performance “harder than it should be”“so different”

“have everything”“feel right at home”

Communication “no support”“does not make sense”

“no hassle”“crystal clear”

Trust “not what I expected”“let me down”

“kept everything transparent”

Connected “overlooked”“don’t care”

“feel closer”“constant contact”

Engagement “not my” “someone else” “later” “whatever”

“we” “our” “future” “can”



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Identify the Root Causes

Why Employees Leave

Why Employees

Join

Why Employees

Stay

Retention Environment

Motivation Strategy

Recruitment Strategy

Attraction Strategy



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1 •Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover)


4 •Prioritize Solutions

5 •Present Solutions (to Managers and Workforce)


7 •Review Metrics to Refine Solutions

3• Map the Employee Life-Cycle



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Framework for Talent Management



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1) Unclear "Rules of the Game"2) Lack of Priorities/Goals3) Lack of Success: Overwhelmed by Complexity/Quantity of Work4) Not Feeling Responsibility for the Job5) No Challenge in Work6) Breakdown of Manager-Employee Relationship7) Problems with Physical or Emotional Health8) False Perceptions (others’ salary, career opportunities, future, etc.)9) Poor Work Environment10) Insufficient Training11) Poor Interpersonal Relationships12) Belief that They do not Make a Difference

Demotivating Factors



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Monetary Rewards

Non-Monetary Rewards

The ROI of Recognition

Rewards and Recognition



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5 •Present Solutions (to Managers and Workforce)



4• Prioritize Solutions



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1. Establish Cost/Benefit Analysis for each Action Plana. Identify all possible solutionsb. What does each solution cost?c. What does each solution generate/save?d. How long does each solution take to produce

results?

2. Associate Benchmarked Metrics

3. Establish buy-in and budget from Leadership

Prioritize Solutions



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Workforce)



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Critical 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

Present Solutions• Present to Managers and Workforce• Deliver the truth (Good, Bad, and Ugly) • Present the outcomes that solutions deliver• Present solution options



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Workforce)


6• Integrate Solutions into Business



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• Include manager suggestions

• Include manager accountability (rewards/compensation)

• Identify and empower champions

• Recognize retention goals

• Continuous employee feedback

“Automating” Retention

Practices

Integrate Solutions



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Workforce)


7• Review Metrics to Refine Solutions



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Goal of Retention:Employees stay because it’s of value to

them

How it Occurs:Keep Talent engaged, challenged,

focused and productive

The Ideal:Create an Environment where the people you want to be there, want to be there

Retaining your Best Employees



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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.”



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Beyond Motivation: Ignite Your Employees & Watch Profits Grow Wednesday, June 22, 2011 | 8:00am – 10:30am | NYC1

nyreport.com/motivate

In this unique event, four successful business owners will present real-world strategies and tactics to help business owners motivate and retain their employees in order to increase the bottom line. Attendees will learn: • Why ordinary motivation strategies are not enough to produce results

• How to transform your employees’ thinking into an entrepreneur’s mindset

• Strategies to attract, motivate, and retain a killer workforce

• How to turn your employees into high performers

EXPERT SPEAKERS

• Rachael Chong, Founder & CEO, Catchafire• Chason Hecht, President, Retensa• Gretchen Shugart, CEO, TheaterMania• Jennifer Prosek, Founder and CEO, CJP Communications

Webinar attendees can save 50%, Pay only $20 with promo code web50



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Thank You

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7 steps to attract, motivate & retain top talent

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