7 Steps to Attract, Motivate & Retain Top Talent
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7 Steps to Attract, Motivate & Retain Top Talent

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  • Examples of Key Performance Metrics (Operational, Business, or HR):Revenue per EmployeeUnits/EmployeeAverage Tenure of Current EmployeesAverage Tenure of Separating EmployeesExperience LossCost per HireOvertime RatioTotal Cost of Management
  • SegmentationTurnover Distribution
  • I may be an employee retention expert but I am here to tell you, you do not retain everyone. You DO NOT retain everyone.Retensa’s Retention Strategy ApproachRetensa’s approach to creating a Retention Strategy is illustrated in this diagram. It compliments our renowned Employee Life-Cycle Framework in specifically forming the strategy and action plans to reduce turnover and retain top talent. Knowing only two aspects may allow an organization to temporarily attract, or recruit, or motivate staff, but it will provide limited ability to retain employees long-term. Only with all three perspectives streaming real-time into decision making, and longitudinally correlated over the employee Life-Cycle, can an organization intentionally and repeatedly retain top talent.Why they join – New hire surveysWhy they stay – Employee Engagement surveys, Stay InterviewsWhy they leave – Exit Interviews

7 Steps to Attract, Motivate & Retain Top Talent 7 Steps to Attract, Motivate & Retain Top Talent Presentation Transcript

  • Did you know?
    79 % of organizations report difficulty finding qualified employees for high-skill and technical positions (Talent Management magazine)
    17 % of COOs at high-tech companies said they were well-positioned to attract and retain talent (Accenture, December 2010)
    84% of people already employed are open to a new job at another company if offered in 2011. This number is up from 60% the previous year, and it is the highest percentage ever recorded. (Manpower, Jan 2011)
    The presentation will start shortly…
  • The 7 Steps to Attract, Motivate and Retain Top Talent
    June 15, 2011
    Chason Hecht, President
    Sponsored by:
  • Who is Retensa?
    Internationally recognized as employee retention experts by:
  • What does Retensa do?
    Retensa combines social science and web-based technology to develop, motivate, and retain a organization’s best employees. Retensa builds solutions and metrics to help firms reduce employee issues and create a high-performing workforce.
    What is Retensa’s Vision?
    To create workplaces where every employee is engaged by what they do, andinspired by who they work for.
    www.retensa.com (212) 545-1280
  • Objectives of this Webinar
    Understand and establish employee retention strategies at your organization
    Measure the impact of employee turnover on your organization’s bottom line
    Compare your organization’s HR Practices with others competing for the same candidates
    Pinpoint why employees Join, Stay, and Leave your organization
    Create action plans and tools that are tailored to your workplace
  • Employee-Organization Barrier
    Permeable
    ---------------------------------------------------------
    Immune
  • Employee Retention
    GOAL: Employees stay because of the value they receive, and you value their contribution
    Why is Retaining High Performers still a challenge?
    Retaining individuals, who you want to work in your organization, to be loyal and motivated to work in your organization.
  • Top Talent Realities
    Population Forecast
    Skills Gap
    Education requirements
    Global demand
    Challenges in Employee Retention
  • Cost of Turnover
    Extensive research estimates turnover cost for one employee is 20 – 200% of annual salary.
    Figures above used $42,500 Avg salary and 25% cost = $10,625/employee
  • 7 Steps to Retaining Great Employees
    • Benchmark Metrics
    1
  • Benchmark Metrics
    What is important to Executives?
    What is important to line managers?
    What does the organization already measure?
    What do executives want to improve/increase or reduce/decrease?
    How are managers’ successes measured?
    How will your success be recognized?
  • Employee Turnover
    Employee turnover rate: the ratio of the number of workers that separated in a given time period (usually one year) to the average number of workers during the same period.
    # of separated employees
    Turnover Rate = ---------------------------------
    average # of employees
    Who leaves your organization? A specific title, generation, location?
  • 7 Steps to Retaining Great Employees
    • Identify the Root Causes
    2
  • Identify the Root Causes
  • Identify the Root Causes
    Why Employees Stay
    Recruitment Strategy
    Motivation Strategy
    Retention Environment
    Attraction Strategy
    Why Employees Leave
    Why Employees Join
  • 7 Steps to Retaining Great Employees
    • Map the Employee Life-Cycle
    3
  • Framework for Talent Management
  • Demotivating Factors
    Unclear "Rules of the Game"
    Lack of Priorities/Goals
    Lack of Success: Overwhelmed by Complexity/Quantity of Work
    Not Feeling Responsibility for the Job
    No Challenge in Work
    Breakdown of Manager-Employee Relationship
    Problems with Physical or Emotional Health
    False Perceptions (others’ salary, career opportunities, future, etc.)
    Poor Work Environment
    Insufficient Training
    Poor Interpersonal Relationships
    Belief that They do not Make a Difference
  • Rewards and Recognition
  • 7 Steps to Retaining Great Employees
    • Prioritize Solutions
    4
  • Prioritize Solutions
    Establish Cost/Benefit Analysis for each Action Plan
    Identify all possible solutions
    What does each solution cost?
    What does each solution generate/save?
    How long does each solution take to produce results?
    Associate Benchmarked Metrics
    Establish buy-in and budget from Leadership
  • 7 Steps to Retaining Great Employees
    • Present Solutions (to Managers and Workforce)
    5
  • Present Solutions
    • Present to Managers and Workforce
    • Deliver the truth (Good, Bad, and Ugly)
    • Present the outcomes that solutions deliver
    • Present solution options
    Critical Success Factors
    Develop a one-page workforce strategy/blueprint
    Establish clear goals for each phase
    Correlate solutions with data (quantitative + qualitative)
    Change before you have to
  • 7 Steps to Retaining Great Employees
    • Integrate Solutions into Business
    6
  • Integrate Solutions
    “Automating” Retention Practices
    Include manager suggestions
    Include manager accountability (rewards/compensation)
    Identify and empower champions
    Recognize retention goals
    Continuous employee feedback
  • 7 Steps to Retaining Great Employees
    • Review Metrics to Refine Solutions
    7
  • Retaining your Best Employees
  • Q & A
    Disclosure: “This presentation is not endorsed by Empire BlueCross BlueShield. The presentation contains proprietary information and any redistribution or other use is strictly forbidden. Not for distribution to the general public; nor for solicitation purposes.”
  • Beyond Motivation: Ignite Your Employees & Watch Profits Grow
    Wednesday, June 22, 2011 | 8:00am – 10:30am | NYC1
    nyreport.com/motivate
    In this unique event, four successful business owners will present real-world strategies and tactics to help business owners motivate and retain their employees in order to increase the bottom line. Attendees will learn:
      
        • Why ordinary motivation strategies are not enough to produce results    • How to transform your employees’ thinking into an entrepreneur’s       mindset    • Strategies to attract, motivate, and retain a killer workforce    • How to turn your employees into high performers
    Webinar attendees can save 50%, Pay only $20 with promo code web50
    EXPERT SPEAKERS
    • Rachael Chong, Founder & CEO, Catchafire
    • Chason Hecht, President, Retensa
    • Gretchen Shugart, CEO, TheaterMania
    • Jennifer Prosek, Founder and CEO, CJP Communications
  • Thank You
    Find FREE Resources on-line:
    www.ExitPro.com
    www.Retensa.com
    www.BiggestQuits.com
    www.HRMetricsPro.com