Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss

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The best and brightest in any organization always have options. These options can either be inside or outside your company walls. According to research by Career Systems International, one of the top …

The best and brightest in any organization always have options. These options can either be inside or outside your company walls. According to research by Career Systems International, one of the top three reasons why employees stay and stay engaged in the job is opportunities to learn, grow and develop. If you help your employees grow, they stay. If you don’t, you see them leave. Unfortunately, companies that invest significant resources in recruiting and hiring the best-fit candidates often see them leave within the first two years of employment. And making it past the first two years is no promise of having a highly engaged and productive workforce. The Conference Board in its 2012 Employee Engagement Survey found that lack of career development is one of the top five factors limiting employees’ desire to stay with their organization. It’s no coincidence then why organizations are focusing on reinvesting and re-recruiting their top talent instead of looking outside to fill open positions.

In this highly interactive and engaging session, participants will learn:

The risks and rewards of reinvesting in internal talent.
Various career options for employees where up is not the only way.
Simple and practical strategies to re-recruit and re-engage employees.

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  • 1. Beverly Crowell Vice President Career Systems International September 11, 2013 Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 2.  Why this is important  Why you should care  What you can do! ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 3. Two weeks ago, he was your top associate… …one week ago he resigned. ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 4. • Exciting work, challenge • Career growth, learning & development • Great people • Fair pay • Good boss • Recognition, valued, respect • Benefits • Meaningful work –making a difference • Pride in organization, mission, product • Great work environment, culture ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 5. • Higher profit margin • Increased innovation • Increased market share • Greater net income per employee • Lower costs • Better asset utilization “This is a competitive edge that is often overlooked by most organizations.” ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 6. • Get „em in the door • Do a survey • Get the data • Develop action plans • Check off the “to do” list • Create short-term victories • Later wonder why…nothing really changed “For many, engagement is defined as the survey and the tedious action plan...not the realization that someone, somewhere may need to change their ways.” ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 7. The Warning Signs • Low employee engagement scores • Increased turnover especially in first two years of hire • Exit interview data • Employee complaints to HR • Decrease in productivity or quality • People are talking ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 8. Replacement costs for lost talent can be: Entry Level: 30% - 50% Mid-Level Managers: 125% - 200% Software Engineers: 200% - 400% Source: “Investing in Your Company’s Human Capital”- Jack Phillips ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 9. • Differentiating knowing from doing • Passing the buck • Running on empty • Happy arrogance • Forgetting the basics • Assumptions • Taking a one-size-fits all approach • Lack of accountability and follow-thru ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 10. Getting Started • 80% of turnover is directly related to unsatisfactory relationships with the boss • Most retention factors are within control of the manager • Employees who are ignored by their boss are 40% more disengaged vs. employees who are criticized by their boss who are 20% more disengaged • Bottom line – Bosses Matter! ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 11. A 25 year study of 12 million workers in 7,000 different companies discovered: The relationship with a manager determines the length of an employee’s stay. -- The Gallup Organization ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 12. New Boss You Like Loss Trust in Boss Variety in Your Work High Level of Skills Time to Finish Your Work 36% Pay Cut 36% Pay Raise 21% Pay Raise 19% Pay Raise 11% Pay Raise Satisfaction Dimension Equal To: Source: Haliwell and Huang, University of British Columbia
  • 13. • Selects and develops people so they grow. • Builds relationships that breed loyalty. • Creates a work environment that people love. ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 14. …yesterday, your competition created an opportunity for him. Last month he researched new business opportunities … ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 15. • Help build relationships – What kind of support or direction do you need from me that you aren‟t getting? What are you getting that you don‟t want? • Talk about the job – How does the job measure up to what we promised so far? Where are we on or off? How might we course correct? • Make it match – How can I help you get more of what you want from this workplace? Is there anything we need to adjust? ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans Extend the handshake
  • 16. • Know Their Talents – Skills, Interests, Values • Offer Perspective – Reflect on reputations • Discuss Trends & Implications – Share what‟s changing in their world of work • Suggest Several Options – Up is not the only way • Collaborate on a Plan – Provide resources, support and eliminate obstacles ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 17. LATERAL ENRICHMEN T VERTICAL EXPLORATORY REALIGNMENT RELOCATION ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 18. Organizations that have a “recognition culture” report employees are: • 5x more likely to feel valued • 7x more likely to stay with the company • 6x more likely to invest in the company • 11x more likely to feel committed to their jobs. -Bob Nelson - Razor Suleman ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 19. • “You really made a difference by…” • “I’m impressed with…” • “You got my attention with…” • “You’re doing top quality work on…” • “You’re right on the mark with…” • “One thing I enjoy most about you is…” • “You can be proud of yourself for…” • “We couldn’t have done it without your…” • “You’ve made my day because of…” Sentence Starters ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 20. Replacing a bad boss with a good one increases productivity of each subordinate’s output by more that 10%. - Study by the National Bureau of Economic Research, The Value of Bosses, August 2012 ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 21.  Demanding  Lacking patience  Blowing up  Criticizing  Withholding praise  Setting impossible deadlines  Not listening  Not caring  Distrusting  Blaming  Breaking promises  Giving mostly negative feedback ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 22. It’s Easy to Be a Jerk… If You’re Disengaged Yourself! ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 23. Employees are: • 12% less likely to stay • 13% less likely to be innovative • 33% more likely to be frustrated with the company‟s systems and processes • 7% less likely to feel valued • 6% less likely to feel recognized Source: Sirota, „The Enthusiastic Employee‟, 2009
  • 24. • What do you really love to do? • If you went back to a position in the past that you loved, what would it be? Why? • What can I do to keep you? • What would entice you away? • What matters most? ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 25. • Managers don‟t hold all the cards. • SatisfACTION requires action. • The grass isn‟t always greener. • Waiting gets you nowhere. • Know your equity. ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 26. • Why do you need to focus on reinvesting, re-recruiting and re-engaging your talent? • Where and when will you start? • How can you move it from an idea and put it into practice? ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 27. If you are not recruiting your best people, you’re the only one who isn’t! Thank You! ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans
  • 28. Talk about what matters most! Email me at: Beverly.Crowell@car eersystemsintl.com ©2013 Love „Em or Lose „Em: Beverly Kaye and Sharon Jordan-Evans