Use this presentation for how to improve retentionPresentation 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
CARE & CONCERN
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” 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 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
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
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
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
Provide a buddy/
Create & reward best practices
Develop expectations for management
Desk, computer, workspace ready on day one
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
Distribute work evenly
Eliminate red tape
Promote and model
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
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