Building Employee Retention vs. Loyalty
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Building Employee Retention vs. Loyalty

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Building Employee Retention vs. Loyalty

Building Employee Retention vs. Loyalty

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Building Employee Retention vs. Loyalty Building Employee Retention vs. Loyalty Presentation Transcript

  • You can listen to today’s webinar using your computer’s speakers or you may dial into the teleconference. If you would like to join the teleconference, please dial 1.866.469.3239 and enter access code: xxx xxx xx . You will be on hold until the seminar begins. Building Employee Retention vs. Loyalty #TMwebinar
  • Speakers: Jan Brockway Performance Management Product Manager Workscape Robert Mattson Senior Manager, Product Marketing Workscape Moderator: Mike Prokopeak , Vice President, Editorial Director Talent Management magazine Building Employee Retention vs. Loyalty #TMwebinar
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    #TMwebinar
    • Building Employee Retention vs. Loyalty
    #TMwebinar Mike Prokopeak Managing Editor Talent Management magazine
    • Building Employee Retention vs. Loyalty
    #TMwebinar Jan Brockway Performance Management Product Manager Workscape Robert Mattson Senior Manager, Product Marketing Workscape
  • Building Employee Retention and Loyalty Jan Brockway Director of Product Management Robert Mattson Sr. Manager, Product Marketing
  • Workscape, An ADP Company History Founded 1999 by CEO - Tim Clifford August 2010
  • Our Speaker
    • Jan Brockway
    • 15 years experience in implementing technology solutions to support business processes in the learning and HR space
    • Responsible for the definition and execution of talent management processes at Sun Microsystems
    • She holds a Bachelor’s in Business Management from Regis University in Denver and an MBA from the University of Wisconsin-Whitewater
  • Agenda
    • Setting and communicating goals to keep employees engaged
    • Using limited compensation budgets to promote retention
    • Leveraging future career options to keep high performers
    • Supporting generational differences through shifting reward strategies
  • Push & Pull Annual Reviews Entitlement Dead-end Job Stagnation Transparency Pay for Performance Career Options Challenges
  • Setting and Communicating Goals
    • A definition of a “good” goal
      • Uses the SMART methodology
        • S  - specific, significant, stretching
        • M  - measurable, meaningful, motivational
        • A  - agreed upon, attainable, achievable, acceptable, action-oriented
        • R  - realistic, relevant, reasonable, rewarding, results-oriented
        • T  - time-based, timely, tangible, trackable
      • Is related to personal and/or organizational success
      • Is added, deleted or adjusted as business needs change
      • Is discussed and tracked regularly
  • Status Quo of Goal Setting and Performance Reviews
    • Goal setting
      • Starts at the beginning of the year, including:
        • Goals
        • Competencies
        • Development activities
      • Ends at the completion of the year, including
        • Performance review
        • Ratings
        • Ranking
        • Compensation change
  • Question #1
    • During the year how often to your managers update and document goal status and goals to reflect changes in business goals?
      • Weekly
      • Monthly
      • Quarterly
      • Every 6 months
      • Our managers don’t update goal status or change goals during the year
  • Performance Management Processes and Practices Report – September 2009
  • Business Value “ A system that drives improvement in employee performance drives improvement in your business. If you can’t use reviews to improve employee performance, then what is the point?”. VP of HR European Manufacturer As quoted in “Driving a High Performance Workforce” CLC Report 2002
  • Traditional Performance Process Set Annual Goals Evaluate Performance JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Undocumented Shifts to Goals and Non-communicated Status
  • 365 Performance Process Set Annual Goals Evaluate Performance Driving Employee/Manager Communication Adjusted, Updated & Completed Goals JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Goal Complete Goal Complete New Goal Goal Change
  • Manager is the One of the Keys
    • Build commitment to the organization
      • Strategy and Organization is understood
      • Believe in the organization, senior leadership, then their manager
    • Managers need to actively manage performance
      • Continue to support the highly engaged and top performers to manage any retention risks
      • Convert the mildly engaged to highly engaged
      • Convert the disengaged to engaged or move them out
  • CONSISTENT FOCUS Keep the focus consistent as best you can Manager Keys: Focus the Employee on What Matters UNDERSTAND OBJECTIVES Corporate, divisional and organizational objectives: How do they relate to me? How does what I do make a difference? WHAT MATTERS MOST Filter the job description and goals to the 3 – 5 things that really matter most
    • SMART GOALS
        • S pecific
        • M easurable
        • A ctionable
        • R ealistic
        • T ime bound
  • Suggestions on Increasing the Communication
    • Conduct a Stay Interview with each employee
      • What gets the employee up in the morning to come to work?
      • What are they most excited about in their job?
      • What is the most frustrating?
    • Coaching and Feedback in the moment
      • Kudos on a job well done; e.g. a meeting the employee did a great job facilitating
      • Specific feedback on a task completely well and on time; what was done well; what do you want to see more of
      • Discussion on what could have been done better; specific examples and coaching
  • Using limited compensation budgets to promote retention
    • Budgets are limited, who do you retain?
      • You can’t retain the best employees unless you know who they are
    • Who are they?
      • High performers
      • High potentials
      • High priority position holders
      • High on succession lists
      • The “Glue” People
  • Shifting Budgets to Drive Behaviors 3-7% 7-10% 1-2% Top Contributor Average Contributor Lowest Contributor Performance Rating Bonus (at target)
  • Shifting Budgets to Drive Behaviors Significant payout opportunity for top contributors Differentiated payments in the middle No payment for lowest contributors 2-8% 9-12% 0% Top Contributor Above Average Contributor 1 st -line Mgr Discretion Solid Contributor Lowest Contributor Performance Rating Bonus (at target)
  • Question #2
    • Does your organization identify any of the following (Pick all that apply)?
      • High performers
      • High potentials
      • High priority position holders
      • Succession candidates
      • High value employees
  • Finding Your Keepers
    • High performers
      • Well documented and normalized performance processes
    • High potentials
      • Performance and Succession process
    • High priority position holders
      • Performance and Succession process
    • Succession candidates
      • Succession
    • High value employees
      • Key contributors
  • Mapping the Social Network www.connectedaction.net
  • Leveraging future career options to keep high performers
    • Options keep employees engaged and retained
      • Make career options visible and attainable
      • Exploring the lattice not the ladder
      • Align development activities with future positions
        • Training
        • Mentoring
        • Short-term cross-training assignments
  • Generation Eras
  • Supporting generational differences through shifting reward strategies
    • Different values
      • What is important at this career point?
        • Advancement
        • Stability
        • Learning
    • Different communications methods
      • Written
      • Email
      • Face-to-face
    • Different communications tempo
      • Monthly
      • Weekly
      • Constant
  • Question #3
    • Which group is the most difficult to communicate with?
      • Baby boomers
      • Gen X
      • Gen Y
      • We can’t seem to communicate with any of them
  • Uncomplicating Compensation Communications
    • Finding common touch-points/timeframes for travel and communications
    • Applying cultural nuances
    • Scripts, Visual Aids, Documentation/Guidance, Employee Communications, Personalized Documents
  • In Summary…
    • Setting and communicating goals to keep employees engaged
      • It’s a full-time job that requires attention and training
    • Using limited compensation budgets to promote retention
      • This could mean a change in focus and processes
    • Leveraging future career options to keep high performers
      • Targeting career options to the right people is as important as what you offer them
    • Supporting generational differences through shifting reward strategies
      • For communications one size can’t fit all
  • Questions
  • Thank You
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