Use this presentation for how to improve retention
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Use this presentation for how to improve retention

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Use this presentation for how to improve retention Use this presentation for how to improve retention Presentation Transcript

  • Retention Through Employee Engagement
  • Feeling “engaged” depends on the “strength” of the workplace not necessarily on the corporate leadership
    - Buckingham & Coffman, ‘First Break all the Rules’
  • The importance of feeling “ENGAGED”
    • Companies do not retain people
    • People decide to stay
    • They decide to stay when they feel “engaged”
    • “Engaged” employees stay longer
  • Feeling “Engaged” depends on
    • THE STRENGTH OF THE WORKPLACE
    • CLEAR EXPECTATIONS
    • RESOURCES
    • OPPORTUNITY
    • RECOGNITION
    • CARE & CONCERN
    • DEVELOPMENT
    • PARTICIPATION
    • PURPOSE
    • QUALITY
    • APPRAISAL
    • LEARNING
    If we provide all the above, then we have built a GREATER PLACE TO WORK. Most of the above are in the hands of THE BOSS.
  • The BOSS
    • The “Boss” is the key factor in building a strong work place.
    • Talent retention strategy will work if we have the “Boss” in right place.
    • “Boss” who “nurture” and “mentor”.
    • Creates nurturing environment for the employees to imagine, explore, pioneer, invent etc.
  • Growth is a pre-requisite
    • Talent can be retained with business growth.
    • New businesses provide career opportunities.
    • Retaining talent and growing business are therefore interdependent.
    • “Growth” is therefore a pre-requisite.
  • They want to be with us. why?
    2/3 of the workforce have put up more than 10 years of service- Bondage
    Management by heart – Caring and sharing as one family
    Trust
    Cultural fit – MNC with ‘Indian Character’
    140 divisions – ample learning and growth opportunities
    “Bosses without Bossism” - Mentors
    Age neutral - age diversity
    Empowerment – Climate for action
    Work life balance
  • Creating an effective Reward Environment
    Does the organisation’s reward and recognition policies and habits support the development of the desired culture?
    Is their a balance between the formal and informal reward and recognition initiatives?
    Is the working environment inspiring and does it make employees feel at home/special?
    Is it a caring environment/culture and does the organisation carry the employee’s well-being at heart?
    Is the management style promoting/facilitating development and growth?
    Do people believe in the organisation and it’s leadership?
    Does the organisation have formal recognition/award plans in place?
  • Creating an effective Reward Environment
    Recognition Plans:
    Celebrate objective and/or goal achievement
    Reinforce extraordinary performance, normally outside of job expectations.
    Recognise activities/ events/ milestones
    Peer-to-peer, managerial recognition
    Award Schemes:
    Cash awards (Once off bonus payment, vouchers, car-hire, etc.)
    Non-cash awards (Development programmes, overseas tours, trophies, certificates, etc.)
    Spot awards
    Risk prevention awards
  • Creating an effective Reward Environment
    Organisation taking care of personal needs (Dry cleaning, shopping, etc.)
    Grocery delivery service
    Creche facilities
    Hiring of Executive Cars for Employees (Ferrari’s, Porsche, Chauffeur-driven, etc.)
    Overseas tours
    Health, golf, country club membership
    Virtual offices
    Secure working environment
    Flexible working hours/output based performance contracts
    Rewarding/involving spouses/family members
  • What drives the Remuneration & Benefits Strategy?
    Reward Strategy
    REMUNERATION
    Variable pay
    Performance /
    Result
    Business strategy
    Employeefringe benefits
    Development of pay according to personal performance and business result
    Creating of pay structure
    according to business requirements
    Base pay
    Competencies
    Market
    5 4 3 2 1
    Development of pay according to job fulfilment and role behaviour
    Positioning of pay
    structure in the market
    • Product Market
    Competition
    • Labour Market
    Competition
    JOB GRADE
    Function
    Structuring of pay according to
    function value
  • 13
    Why Retention Matters
    • Costs: 1½ - 2 times salary & benefits
    • Staffing costs – costs to hire
    • Vacancy costs – lost productivity
    • Training costs – to prepare new employee
    • “Acting” pay
    • Loss of knowledge
    • Work not done, priorities not met
    • Impact on colleagues
  • 14
    Obstacles to Retention
    Competition for the tech savvy, interpersonally skilled
    Declining supply of library & information science professionals
    More choices for both degreed and non-degreed personnel
    Low compensation
    Retirements
    Freezes
  • 15
    The Changed Employer-Employee Relationship
    The “contract” is broken
    Life Long Employment vs. Mutuality of Purpose
    Free agents
    Flexibility to meet diverse needs
    Work/life considerations
  • 16
    Why Employees Stay
    A feeling of connection
    Feeling valued
    Personal and professional growth
    Continuous learning
    Making a difference
    Good management
    Can’t afford to leave
    Fair pay and benefits
  • 17
    Retention Begins with Orientation
  • 18
    Orientation
    • Relationship begins before the hire
    • Employees value a personal connection
    • Accommodate different learning styles
    • Make it interactive and fun
    • Complete paperwork and procedural “stuff” in advance
  • 19
    Orientation Beyond the Workplace
    • Offer dual career assistance
    • Include family in the equation, invite to orientation
    • Match new employees with friends and services, new neighbors, teenage babysitters, etc.
    • Help with relocation
  • 20
    Assimilation
    • Provide a buddy/
    mentoring
    • Create & reward best practices
    • Develop expectations for management
  • 21
    Welcome!
    • Desk, computer, workspace ready on day one
    • Welcome card
    • Balloons, food
    • New employee party at work site
    • Formal follow-up at 30, 60, 90, 120 days
  • Keys to RetainingTop Talent
  • 23
    Job Satisfaction & Retention
  • 24
    1. Increase Opportunity
    Challenge
    Interesting projects
    Responsibility
    Team leadership
    Special assignments
    Promotion
  • 25
    Opportunities for Employee Development
    Internal recruitment
    Support for education
    Job rotation/cross training
    Task forces, project assignments
    Academies of learning
    Career ladders
    Mobility among libraries
  • 26
    Cultivating Excellence
    Individual development plans
    Coaching/mentoring
    Performance management with real feedback and coaching
    360 feedback
    Accelerated advancement/steps
    Co-manager opportunities
    Shared staff opportunities
  • 27
    2. Decrease Stress
    • Identify stressors
    • Distribute work evenly
    • Eliminate red tape
    • Manage interruptions
    • Promote and model
    stress-reducing activities
  • 28
    Work/Life Balance
    Define work in terms of what
    is to be accomplished
    Provide flexible work schedules
    Evaluate alternative work places and telecommuting
    Appreciate dilemma of child care, elder care, multiple individual roles
    “Allow” voluntary demotions
    Appreciate diversity of personal values and priorities
  • 29
    3. Provide Leadership
    Build trust
    Commit to helping others succeed
    Offer motivation
    Seek excellence
    Take action
  • 30
    4. Emphasize Work Standards
    • Focus on taking pride
    • Link performance to customer satisfaction
    • Develop customer service and quality measures collaboratively
    • Be very clear on expectations
    • Celebrate achievements
  • 31
    5. Provide Fair Rewards
    Employees want fair rewards for the work they do, based on:
    Skill
    Responsibilities
    Effort
    Working conditions
    Communicate
    Reward for top performance
  • 32
    Convenience/Concierge Services
    Dry cleaner pick-up
    Supermarket / Carry-out delivery
    Financial planning
    Passes, discounts – zoo, museum
    Classes on-site – educational, fitness
    Discount coupons – cleaning services, manicures, lawn care
    Wellness, health screening
  • 33
    6. Allow Adequate Authority
    Empower employees to act
    Encourage employee input to decisions, goals, and direction setting
  • 34
    Retaining Talented Workers as They Near Retirement
    Phased retirement
    Re-hiring as part-timers or consultants
    Temp work
    Training/mentoring assignment
    Sabbatical
  • Recognizing Employees
    “People will forget what you said. People will forget what you did. But people will never forget how you made them feel.”
    Anonymous
  • 36
    Recognition
    Enhances performance
    Helps motivate
    Provides practical feedback
    Makes it easier to get the work done
    Improves productivity
  • 37
    Recognition Updated
    Includes informal elements
    Multiple programs & activities
    Leader-oriented
    Frequent & flexible
    Culture of performance
    Used for everyone
  • 38
    Coworkers Recognize Colleagues
    Dedication
    Achievement
    Character
    Service
    “Can do”attitude
    Respect
    Cooperation
    Helpfulness
    Flexibility
  • 39
    Supervisors Recognize Staff
    • Handling an emergency or difficult situation
    • Filling in on another job
    • Completing a special task
    • Consistently presenting a positive attitude that inspires
    • Giving time & assistance to an area or staff person outside dept. or responsibility
  • 40
    More Formal Rewards
    • Customer Service Award
    • Spirit Award
    • Service Awards
    • Retirements