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Employee Attraction and Retention - Research To Reality

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Todd Harris, Ph.D., director of research for PI Worldwide, shares cutting-edge best practices for Employee Attraction and Retention.

Todd Harris, Ph.D., director of research for PI Worldwide, shares cutting-edge best practices for Employee Attraction and Retention.

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  • That completes our review of fourth quarter and full year 2006 results I would now like to turn your attention to our Investor Day presentations…..
  • Transcript

    • 1. Employee Attraction & Retention: From Research to Reality Todd Harris, Ph.D. PI Worldwide University of Massachusetts – Amherst
    • 2. The Current Landscape
      • Employee attraction and retention is more critical now than ever before.
      • Why?
        • Demographic Factors
        • Educational Factors
        • Business Factors
      • THEN: Compete on products, prices and strategies.
      • NOW: Compete on the talent of your people.
    • 3. Today’s Roadmap
      • I’m going to be sharing cutting-edge best practices in the area of employee attraction and retention.
      • Gathered from a wide variety of industries.
      • Everything we discuss today is research based.
      • The best that science currently has to offer.
    • 4. Background Statistics
      • The Bureau of Labor Statistics (BLS) reports:
        • OVERALL Voluntary Turnover Rate = 23.4%
        • OVERALL Median Employee Tenure = 4.0 Years
      • Turnover rates higher in summer.
      • No large geographic differences.
      • Roughly, 1 out of 4 employees quits per year.
    • 5. Turnover by Industry
    • 6. Turnover by Industry
    • 7. Turnover can be either functional or dysfunctional for individuals and organizations…
    • 8. Negative Consequences – Organization
      • Billions of dollars in lost productivity.
      • Increased recruitment and selection costs.
      • Increased training and development costs.
      • Increased organizational disruption.
      • Possible demoralization of “survivors.”
    • 9. Negative Consequences – Individual
      • Loss of income.
      • Loss of seniority/non-vested benefits.
      • Possible loss of friendships/important social contacts.
      • Possible family disruptions.
    • 10. Positive Consequences
      • Improved performance.
        • Nonproductive employees leave.
        • Negative attitudes that reduced group output removed.
        • Entrenched conflict reduced.
      • New employees bring fresh approaches, new energy and innovative ideas.
      • Creates room for internal growth and promotion.
    • 11. On balance, turnover is typically damaging to the organization. So, how do we build an organization that will consistently retain key performers?
    • 12. Context: The Modern Organization
      • Employees today have an increasing expectation of working for organizations that:
        • Have leaders who coach and collaborate.
        • Invest in training and development.
        • Balance work and other demands flexibly.
        • Focus on results, not bureaucracy.
        • Offer a sense of personal meaning and connection.
        • Deploy best in class technology.
    • 13. BP 1: Strategic Investment
      • Make HR Decisions in a rational, strategic way.
      • Where are the talent pools within your organization that are truly critical to your strategy and future success?
      • How do we compete, and what must we execute?
      • Probably no more than 10% of jobs or functions.
      • May NOT always be managerial, upper-echelon jobs.
      • May NOT always be the jobs that are critical now.
    • 14. BP 2: Work the Data
      • The HR function within organizations is becoming more rigorous and data-oriented.
      • There is gold in numbers.
      • Measure and analyze potential drivers of turnover:
        • Internal: Personality, intelligence, education, experience, promotion history.
        • External: Job markets, functions, managers.
      • Employees who are more likely to leave can be reliably identified via combinations of factors.
    • 15. BP 3: Job Analysis
      • It sounds obvious – hire the right people in the first place.
      • Do you have a process in place where the knowledge, skills and abilities (KSA’s) required for success in a given job are consistently identified?
      • Multiple sources, multiple perspectives.
    • 16. BP 4: Are Employees Embedded?
      • What is “job embeddedness?”
        • FIT: How well the person fits with his or her work, workplace and community.
        • LINKS: Richness of personal relationships with co-workers, friendships, and the degree to which others depend on them.
        • SACRIFICE: The things that employees would need to give up if they left their jobs.
      • People who are embedded are more likely to stay in their jobs, even after controlling for general job satisfaction.
    • 17. BP 5: Watch Early Interactions
      • New employees form impressions of the organization immediately.
      • Research has demonstrated that events that occur in the first hours and days can strongly predict turnover six and twelve months later.
      • Clear and early communication about culture and values.
      • Frequent check-ins from multiple sources.
      • Don’t leave early interactions to chance.
    • 18. BP 6: High-Risk Groups
      • What does the research tell us about who, on average, may be more likely to quit?
        • Lower-tenured employees (especially African-Americans).
        • Women (especially professionals/managers).
          • Important Moderating Factors (e.g. work group composition, diversity climate, etc.).
        • Poor performers.
        • Jobs with high historical attrition rates. Two possibilities here:
          • High job availability.
          • Job not desirable or satisfying.
    • 19. BP 7: Identify Growth Opportunities
      • Survey findings consistently indicate that providing superior growth and development opportunities can reduce turnover.
      • Training and development is a key part of the “total rewards package” that can be offered to employees.
      • Promotions, mobility, pay growth.
      • Continuing employability depends on continuing skill development.
      • Don’t ignore older workers.
    • 20. BP 8: Develop Great Leaders
      • Stability and excellence of management ranks is key.
      • Do your employees view managers as:
        • Committed to the long haul?
        • Committed to their personal growth?
      • A significant predictor of employee longevity is the longevity of his or her direct manager or supervisor.
    • 21. BP 9: Monitor Satisfaction
      • One of the most robust and consistent findings in organizational psychology is that satisfied employees are less likely to leave.
      • Frequently monitor satisfaction via both quantitative and qualitative means.
    • 22. BP 10: Job Design
      • Design jobs in such a way to promote:
        • Interdependence
        • Feedback from others
        • Social Support
        • Interaction outside of the organization
    • 23. 1. STRATEGIC INVESTMENT 1 2 3 2. WORK THE DATA 1 2 3 3. ANALYZE THE JOB 1 2 3 4. ARE EMPLOYEES EMBEDDED? 1 2 3 5. WATCH EARLY INTERACTIONS 1 2 3 6. HIGH-RISK GROUPS 1 2 3 7. IDENTIFY GROWTH OPPORTUNITIES 1 2 3 8. DEVELOP GREAT LEADERS 1 2 3 9. MONITOR SATISFACTION 1 2 3 10. JOB DESIGN 1 2 3 NEEDS IMPROVEMENT ACCEPTABLE GOOD TOTAL SCORE (POSSIBLE 30) Retention Rating Form
    • 24. Retention Action Plan
      • What specific steps can my organization and I take to gain improvement in our weakest areas?
        • __________________________________________
        • __________________________________________
        • __________________________________________
        • __________________________________________
        • __________________________________________
    • 25.
      • THANK-YOU!
      http://www.piworldwide.com | [email_address] @piworldwide