Retention April 2014

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Half day open training event held in Toronto, Canada.

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Retention April 2014

  1. 1. Retaining talented employees for longer by Toronto Training and HR April 2014
  2. 2. CONTENTS 3-4 Introduction 5-6 Fundamental questions to start with 7-8 Measurements 9-10 Costing employee turnover 11-13 Improving retention rates 14-16 Review the data 17-18 Stay interviews 19-20 Questions around commitment 21-22 Generational differences 23-24 Maternity leave 25-27 Engagement, motivation and recognition 28-29 Organizational aspects to consider around retention 30-33 Employee value proposition 34-36 Ways to guarantee resignations 37-39 Ways to minimize attrition 40-41 Management involvement in orientation 42-46 The situation in Asia 47-48 Retention strategies 49-50 Conclusion, summary and questions Page 2
  3. 3. Page 3 Introduction
  4. 4. Page 4 Introduction to Toronto Training and HR Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 15 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training and HR are: Training event design Training event delivery HR support with an emphasis on reducing costs, saving time plus improving employee engagement and morale Services for job seekers
  5. 5. Page 5 Fundamental questions to start with
  6. 6. Fundamental questions to start with • What constitutes a good job? • Who are your people today? • Who are your people tomorrow? Page 6
  7. 7. Page 7 Measurements
  8. 8. Measurements • Employee turnover • Employee retention • Typical SMART objectives Page 8
  9. 9. Page 9 Costing employee turnover
  10. 10. Costing employee turnover • Administration of the resignation • Recruitment and selection costs, including administration • Covering the post during the period in which there is a vacancy • Onboarding and orientation training for the new employee Page 10
  11. 11. Page 11 Improving retention rates
  12. 12. Improving retention rates 1 of 2 • Job previews • Make line managers accountable • Career development and progression • Consult employees • Be flexible • Avoid the development of a presenteeism culture • Job security Page 12
  13. 13. Improving retention rates 2 of 2 • Treat people fairly • Defend your organization Page 13
  14. 14. Page 14 Review the data
  15. 15. Review the data 1 of 2 • Turnover by gender and age • Turnover by age and job function • Turnover by specific reason and gender • Turnover by voluntary and involuntary Page 15
  16. 16. Review the data 2 of 2 • What do employees really want? • Why do employees really leave? Page 16
  17. 17. Page 17 Stay interviews
  18. 18. Stay interviews • Definition • Skills needed • Conversation opening • Questions • Actions and action plans Page 18
  19. 19. Page 19 Questions around commitment
  20. 20. Questions around commitment • Affective commitment • Normative commitment • Continuance commitment Page 20
  21. 21. Page 21 Generational differences
  22. 22. Generational differences • Baby Boomers • Generation X • Millennials Page 22
  23. 23. Page 23 Maternity leave
  24. 24. Maternity leave COACHING • Before • During • After Page 24
  25. 25. Page 25 Engagement, motivation and recognition
  26. 26. Engagement, motivation and recognition 1 of 2 • Positive drivers • Negative drivers • Productive and engaged employees • Productive and questioning employees • Questioning and disengaged employees Page 26
  27. 27. Engagement, motivation and recognition 2 of 2 • Engagement-culture fit • Motivation-job fit • Recognition-career fit • Leading to IMPROVED RETENTION Page 27
  28. 28. Page 28 Organizational aspects to consider around retention
  29. 29. Organizational aspects to consider around retention • Overall company business model • Business strategy • Company values and culture • Policies and guidelines • Line managers Page 29
  30. 30. Page 30 Employee value proposition
  31. 31. Employee value proposition 1 of 3 • Part of people strategy • Framework for analysis • Program of action Page 31
  32. 32. Employee value proposition 2 of 3 Categories • Position in industry • Own and company alignment • Environmental factors • Corporate social responsibility Page 32
  33. 33. Employee value proposition 3 of 3 Dimensions • Work • Organization and leadership • Direct management • Opportunities • Rewards and benefits Page 33
  34. 34. Page 34 Ways to guarantee resignations
  35. 35. Ways to guarantee resignations 1 of 2 • Treat everyone equally • Tolerate mediocrity • Have dumb rules • Don’t recognize outstanding performance and contributions • Don’t have any fun at work • Don’t keep your people informed • Micromanage Page 35
  36. 36. Ways to guarantee resignations 2 of 2 • Don’t develop an appropriate attrition strategy • Don’t undertake stay interviews • Make the onboarding program an exercise in tedium Page 36
  37. 37. Page 37 Ways to minimize attrition
  38. 38. Ways to minimize attrition 1 of 2 • Take and stay in control of your team • Share your desire, purpose and vision • Let only positive people join your team • Your attitude is contagious so keep it positive • Don’t waste your time on people who don’t want to be there Page 38
  39. 39. Ways to minimize attrition 2 of 2 • Do what is right • Respect everyone’s opinion • Focus on the strengths of each person • Communicate, communicate, communicate! • Have fun and enjoy the ride! Page 39
  40. 40. Page 40 Management involvement in orientation
  41. 41. Management involvement in orientation • You were carefully chosen and we’re glad you’re here • You’re now part of a great organization • This is why your job is so important Page 41
  42. 42. Page 42 The situation in Asia
  43. 43. The situation in Asia 1 of 4 • Attraction • Selection • Positions that were difficult to retain Page 43
  44. 44. The situation in Asia 2 of 4 STEPS TAKEN TO IMPROVE RETENTION • Increased pay • Improved benefits • Increased learning & development opportunities • Made changes to improve work-life balance • Revised the way people are rewarded so their efforts are better recognised Page 44
  45. 45. The situation in Asia 3 of 4 STEPS TAKEN TO IMPROVE RETENTION (CONT.) • Improved employee involvement • Offered coaching/mentoring schemes • Improved line managers’ people skills • Improved physical working conditions Page 45
  46. 46. The situation in Asia 4 of 4 PER COUNTRY • China • Hong Kong • Malaysia • Singapore • South Korea • Taiwan Page 46
  47. 47. Page 47 Retention strategies
  48. 48. Retention strategies • Underlying principles • Supervisors • People management processes • Top management Page 48
  49. 49. Page 49 Conclusion, summary and questions
  50. 50. Page 50 Conclusion, summary and questions Conclusion Summary Videos Questions

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