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Strategies to Improve Employee Retention in a Diverse Workforce Part One: Engaging Employees
 

Strategies to Improve Employee Retention in a Diverse Workforce Part One: Engaging Employees

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To accommodate career development and retention in today’s diverse work environment, it’s more important than ever to ensure you have key strategies in place that support the alignment of ...

To accommodate career development and retention in today’s diverse work environment, it’s more important than ever to ensure you have key strategies in place that support the alignment of individual employee goals and development.
Join us for part one of this two-part webinar series and learn key steps to improving employee engagement through goal and development plans that allow everyone in your workforce to share the same vision of success and the tools to get them there.

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    Strategies to Improve Employee Retention in a Diverse Workforce Part One: Engaging Employees  Strategies to Improve Employee Retention in a Diverse Workforce Part One: Engaging Employees Presentation Transcript

    • Strategies to Improve Employee Retention in a Diverse Workforce Speaker: Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential Moderator: Mike Prokopeak Vice President, Editorial Director Talent Management magazine #TMwebinar
    • •  Q&A –  Click on the Q&A icon on your floating toolbar in the bottom right corner. –  Type in your question in the space at the bottom. –  Click on “Send.” #TMwebinar
    • Tools You Can Use•  Polling –  Polling question will appear in the “Polling” panel. –  Select your response and click on “Submit.” #TMwebinar
    • Frequently Asked Questions1. Will I receive a copy of the slides after the webinar? YES 2. Will I receive a copy of the webinar recording? YES Please allow up to 2 business days to receive these materials. #TMwebinar
    • Strategies to Improve Employee Retention in a Diverse Workforce Mike Prokopeak Vice President, Editorial Director Talent Management magazine #TMwebinar
    • Strategies to Improve Employee Retention in a Diverse Workforce Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential #TMwebinar
    • STRATEGIES  TO  IMPROVE  EMPLOYEE  RETENTION   Part  One:    Aligning  with  the  business  through  Goals  and     Career  Development    
    • Objecve  and  Approach    Objec&ve:  provide  you  with  key  strategies   to  support  and  align  individual   development  with  reten&on.        Approach:  To  share  insights  and  successes   rela&ng  to  prac&cal,  real  world   solu&ons.    Share  different  perspec&ves.  
    • Does  employee  development  improve   engagement  and  retenon?      •  The  research  shows  it  does…   –  Gallup  organizaHon  shows  high  correlaHon  to   engagement  when  employees  have  opportuniHes  for   development  and  growth.   •  Q6)  Is  there  someone  at  work  who  encourages  your   development?   •  Q11)  In  the  last  six  months,  has  someone  at  work  talked  to   you  about  your  progress?   •  Q12)  In  the  last  year,  have  you  had  opportunies  to  learn   and  grow?   –  Higher  levels  of  engagement  are  linked  to  greater   retenHon  levels.  
    • Triggers  for  development   Hiring  &   selecHon   Eligible  for   promoHon  or   onboarding   new  role   Skills  &   Competencies   required  for   each  posiHon   Performance   Learning  &   assessment   development  
    • POLL:  What  is  your  #1  obstacle  to  implemenng  an  effecve   process  for  development  planning  at  your  company?     –  Lack  of  culture  and/or  management  support   –  It  takes  too  much  Hme  or  resources   –  Lack  technology  and/or  system  to  facilitate  the   process   –  We  just  don’t  know  where  to  start   –  We  tried  and  it  failed   –  Other  
    • A  CHANGE  PERSPECTIVE  
    • Case  Study:  Organizaonal  Focus  
    • Motivate Clarify Clarify Motivate Expectations Expectations ExpectationsProvide Provide Assess Current Assess CurrentFeedback Feedback Performance PerformanceFeedback
    • Key  Learnings  •  Development  soluHons  can  have  huge  impact   when  they  are  linked  to  business  needs  •  Development  can  be  embedded  as  an  ongoing   conversaHon    •  Good-­‐Be^er-­‐Best  model  can  help  get  past  the   “I  don’t  need  development”  mindset    
    • Case  Study:  Individual  Focus   One  Employee  at  a  Time….  •  Buying  Department  •  High  turnover  at  entry  level  (60-­‐80%)  •  Lack  of  development  and  career  growth  •  Gen  Y  employees  •  Baby  Boomer  managers  •  Clash  of  the  generaHons?  
    • Karen  –  Gen  Y  
    • Key  Learnings  •  Employees  will  find  development  opportuniHes    either   in  your  company  or  someone  elses  •  Help  remove  barriers  so  people  can  find  their  own   path   –  Managers  are  the  greatest  influence  on  whether  people   stay  or  leave.    Help  them  be  good  coaches/mentors   –  Foster  engagement  and  desire  vs.  enHtlement  and   expectaHon   •  Encouragement,  Feedback,  OpportuniHes   •  Recognize  but  don’t  blame  generaHonal  differences   –  Be  creaHve:  Development  is  moving  forward  instead  of  up   and  it  doesn’t  always  have  to  be  a  formal  process   •  Think  about  a  mentoring  program  at  work  
    • KEY  STRATEGIES  FOR  SUCCESSFUL  EMPLOYEE  DEVELOPMENT  SOLUTIONS  
    • Best  Pracces  for  Effecve   Development  Plans  1.  Employees  must  own  the  process  2.  Leverage  systems  and  technology  3.  Ensure  people  know  how  to  create  an   effecHve  development  plan  4.  Integrate  with  performance  management   and  succession  management    
    • 1.  Let  Employees  Drive  the  Process  •  Employees’  own  their  desHny     –  Development  is  a  CHOICE   –  Empower  employees  to  be  accountable  for  their  own   performance  and  development  and  remove  the   enHtlement  mindset  •  OrganizaHons/managers  are  partners   –  Remove  barriers  to  success   –  Provide  expectaHons,  support  and  encouragement   –  Regular  ongoing  construcHve  feedback   –  Managers  are  accountable  for  support  
    • 2.  Systems  and  Technology  •  For  structured  development  programs,  you   need  a  process  to  organize  the  acHviHes  of   development  planning.      •  Technology  helps  facilitate  that  process  and   can  reduce  workload,  provide  reminders,  keep   all  development  acHviHes  and  related   informaHon  in  one  place,  easy  to  access.  •  Technology  can  link  development  plans  to  the   employee  lifecycle  events.    
    • Technology  example  
    • 3.  What  makes  a  good     Development  Plan  What  it’s  not   What  it  is  -­‐  An  ac&vity  or  class   -­‐  An  objec&ve  to  grow  or  -­‐  Unrelated  to  the   improve  in  an  area   business  need   -­‐  Clear  link  to  the  -­‐  Vague  and  abstract   business       -­‐  Outcome,  ac&on  items,     and  measurements  
    • Keep  the  learning  curve  on  an  upswing   Learning  and  Forgedng  Curves  100%   80%   On-­‐the-­‐job  Learning   Curves   60%   On-­‐the-­‐job  Forgedng   Curves   40%   20%   Aler  Training   0%   1   2   3   4   5   6   7   8   9   10   11   12   13   14   15  
    • Sample  Development  Plan  Development  ObjectiveExpand  my  strategic  thinking,  particularly  relating  to  pricing  our  apartments  and  my  contribution  to  pricing  decisions.    Why  is  this  objective  important?I  need  to  maximize  the  performance  of  my  properties;  I  can  do  that  by  participating  more  e ffectively  during  pricing  calls.    To  do  this  I  need  to  i ncrease  my  i ndustry  knowledge  and  strategy  skills.Expected  ResultsI  e xpect  to  provide  strategic  and  thoughtful  pricing  recommendations  on  my  pricing  calls,  which  will  lead  to  i ncreased  revenue  on  my  properties.How  will  we  measure  progress?    Progress  will  be  measured  by:1.    Improved  business  results  of  my  properties.    2.    Feedback  I  received  from  my  pricing  analyst  and  supervisor  on  my  participation  i n  pricing  calls.Action  Plan(s)  1)    Action:Establish  a  mentoring  relationship  with  Peter.    I  will  present  my  thoughts  about  pricing  strategy  to  him  prior  to  my  pricing  calls,  and  request  his  feedback  on  both  the  strategy  and  my  presentation  of  i t.2)    Action:I  will  ask  my  manager,  my  peers,  and  others  to  describe  my  strengths  and  weaknesses  regarding  strategic  thinking.3)    Action:At  l east  once  a  month  I  will  take  an  action  to  maintain  up-­‐to-­‐date  knowledge  of  i ndustry-­‐wide  business  i ssues.    I  will  share  this  action  with  my  manager  regularly.
    • 4.  Integrang  with  performance   management  and  succession  planning  •  Performance  Management     –  The  “what”  the  “how”  and  the  “growth”   –  DemonstraHon  of  company  commitment    •  Succession  Planning   –  Trigger  for  development   –  Opportunity  to  expand  the  art  of  development   planning  
    • Summary  •  There  are  a  variety  of  stages  in  the  employee   lifecycle  when  development  should  be   considered  •  Development  is  not  a  “one  size  fits  all”  program  •  Your  company  culture  and  management  buy-­‐in   (or  lack  of)  will  influence  the  success  of  employee   development  •  A  change  mindset  and  integraHon  are  key!  •  Employee  development  opportuniHes  posiHvely   influence  engagement  and  retenHon  
    • Webinar  Session  2   Please  join  July  12th  for  Part    II  of  this  webinar   series:     Strategies  to  Improve  Employee  Retenon  in   a  Diverse  Workforce:  Succession  Planning     When:  July  12th,  2011   Time:  2:00  PM  EST    
    • Thoughful  Reading  Suggesons  •  First,  Break  All  the  Rules  –  What  the  world’s   greatest  managers  do  differently   –  Marcus  Buckingham  &  Curt  Coffman  •  Love’Em  or  Lose’Em  –  Gepng  good  people  to   stay   –  Beverly  Kaye  and  Sharon  Jordan-­‐Evans  •  FYI:  For  Your  Improvement,  A  Guide  for   Development  and  Coaching   –  Lombardo  &  Eichinger  
    • Questions and Answers Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Tracy.McCarthy@silkroad.com Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential Csorenson@eqrworld.com For sales inquires please contact: sales@silkroad.com. #TMwebinar
    • Join Our Next TM Webinar Thursday, June 30, 201110 Things HR Can Do to Help Align an Organizations GoalsTM Webinars start at 2 p.m. Eastern / 11 a.m. Pacific Register for upcoming TM Webinars at www.talentmgt.com/events Join the Talent Management magazine Network http://network.talentmgt.com/ #TMwebinar