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8 Key Employee Retention Strategies Every Brand Must Have

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Discover 8 Key Employee Retention Strategies Every Brand Must Have presented by Meghan M. Biro. Learn more: http://ow.ly/Y28O30egeLg

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8 Key Employee Retention Strategies Every Brand Must Have

  1. 1. 8 Key Employee Retention Strategies Every Brand Must Have With Meghan M. Biro, TalentCulture Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  2. 2. Meghan M. Biro Globally recognized HR + technology analyst. Author, speaker and brand strategist. Founder of TalentCulture Host of #Worktrends. @MeghanMBiro Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  3. 3. Leveraging the power of recognition Achievers | Meghan M. Biro| August 8, 2017 The 8 Key Employee Retention Strategies Every Brand Must Have • A key part of an employee management platform • Wide range of rewards and incentives • Room for peer-to-peer and team recognitions • All available on mobile • Leverages social media and social sharing • Uses powerful tracking and analytics • Health and wellness programs • Reflecting employer brand and mission at every touchpoint #AchieversLive
  4. 4. How often do you think a company shouldrecognizeits employees? • Quarterly • After a project has been completed • Annually • Daily • All the time Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  5. 5. The bad news: Only 7% of the employees who responded in a SHRM study in job satisfaction said they were very satisfied with their jobs. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  6. 6. The good news: Christus St. Michael Health System used a recognition program to radically reduce its turnover rate from 20.2% to 6.4% in just two years. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  7. 7. It’s not about the perks! Achievers | Meghan Biro| July 14, 2017#AchieversLive
  8. 8. Achievers | Meghan M. Biro| August 8, 2017 41% Of employees felt recognized at their preferred frequency 60% Of employees felt their managers didn’t provide enough feedback in the moment 53% Of employees didn’t feel like they got recognized for their work at all Achievers “Greatness Gap” survey In terms of the engagement gap, going unrecognized is a key factor #AchieversLive
  9. 9. Achievers | Meghan M. Biro| August 8, 2017 Strategy #1 Organizations that practice timely and frequent recognition have 14 percent better employee engagement, productivity and customer service. — Bersin by Deloitte Best-in-class companies make recognition a key part of their employee management platform
  10. 10. Achievers | Meghan M. Biro| August 8, 2017 Strategy #2 Bonuses Incentives Rewards points for • purchases • vacation • perks • learning Top companies optimize the power of a recognition platform to drive engagement and improve retention by including a whole range of different rewards and incentives
  11. 11. Doing it right: ShopDirect. GOAL: Underscore company purpose and values Transform employee performance OUTCOME: Achievers 50 Most Engaged Workplaces. 97% of employees in the company now participate in the program. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  12. 12. Achievers | Meghan M. Biro| August 8, 2017 Strategy #3 “It’s a great feeling to know that somebody notices your hard work.” Provide plenty of opportunities for peer- to-peer and team recognitions — and watch how they vitalize your workplace culture.
  13. 13. Achievers | Meghan M. Biro| August 8, 2017 Strategy #4 81% of adults in the United States have smartphones. Make sure every touchpoint and exchange with employees has a home on mobile.
  14. 14. Achievers | Meghan M. Biro| August 8, 2017 Strategy #5 Companies that invest in social recognition platforms see a 96% participation rate in engagement strategies, versus only 38% for companies that don’t have a social recognition program. — Brandon Hall research Leverage social media and social sharing to encourage communication and jumpstart engagement.
  15. 15. Achievers | Meghan M. Biro| August 8, 2017 Strategy #6 We can get the data we need — anywhere. Apply tracking and analytics to accurately predict — and shape — employee engagement and performance.
  16. 16. Evidence for Executive Buy-In — Companies with an employee engagement program enjoy 233% greater customer loyalty. Employee engagement programs help companies enjoy 26% greater annual increase in revenue. Employee engagement program users are 7 times more likely to link employee performance with customer experiences. Source: Aberdeen Research Achievers | Meghan M. Biro| August 8, 2017 #AchieversLive
  17. 17. Do you think it’s importantto craft a great workforceexperience? • Not at all • Absolutely • Maybe — I’m not sure Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  18. 18. Achievers | Meghan M. Biro| August 8, 2017 Strategy #7 Health and wellness programs have been show to reduce costs by reducing stress, increasing energy, helping employees better structure their time, increase a sense of well being and confidence, and reduce the costs of health care for the company. Best in class companies consider their health and wellness programs far more than just a perk. It’s a compelling way to show that they do value their employees.
  19. 19. Achievers | Meghan M. Biro| August 8, 2017 Strategy #8 19.6% Healthcare industry turnover rate 6.4% Christus St. Michael’s turnover rate after they began their recognition program Great employers infuse brand, message, and mission into every touchpoint along the workflow.
  20. 20. Recognition is part of a larger cultural shift not just in the workplace, but in the whole word of work. Source: Harvard Business Review May 9, 2016 Achievers | Meghan M. Biro| August 8, 2017 It embodies a transformation of how employees envision their role, their values, and their ability to reach out to meet the needs of the workforce in a way that reinforces alignment to company values. Across social and mobile and digital platforms, it’s a relatively straightforward enhancement when it’s done right. And what a difference it will make. #AchieversLive
  21. 21. Q & A Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
  22. 22. Thanks for joining us! For more information, please contact: Iain Ferreira: iain.Ferreira@achievers.com Katrina Busselle:kbusselle@talentculture.com #AchieversLive

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