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How to Improve Retention Now and in the Future

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In a recent survey from PayScale, business leaders identified retention as one of their top concerns, with 24 percent of respondents saying it will be their biggest HR challenge in 2019. With the job market as competitive as it is, and cost of turnover as high as it is, it’s no wonder improving retention is at the top of the priority list for many organizations. Yet not all of these organizations know what retention techniques to use when it comes down to actually moving the needle.

Join BambooHR and PayScale as they share both long-term strategies and immediate tactics for boosting retention in your organization

Published in: Recruiting & HR
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How to Improve Retention Now and in the Future

  1. 1. bamboohr.com payscale.com Brian Webber Sr. People Business Partner PayScale Morgan Lyman Talent Acquisition Partner BambooHR
  2. 2. bamboohr.com payscale.com CandidatesEmployers
  3. 3. bamboohr.com payscale.com EmployersCandidates
  4. 4. bamboohr.com payscale.com Retention cited as #1 challenge in 2019. Turnover is growing issue ● 47% of orgs say that a robust / tightening job market has increased turnover at their organization ● 51% of orgs say that less than 25 percent of turnover was “good” turnover (exit of low performers) Employees’ satisfaction with their pay is low ● Only 22 percent of employees agree that they’re fairly paid by their employer (versus 42% of employers who agreed) PayScale 2019 Compensation Best Practices Report
  5. 5. bamboohr.com payscale.com Competition for talent is more fierce. Hiring is tough: Competition for talent is more fierce Over half of employers pay more for “competitive jobs” (those in higher demand) ● 51% of orgs pay more for competitive jobs ● 59% target a higher market percentile ● 42% offer a market premium in base pay PayScale 2019 Compensation Best Practices Report
  6. 6. bamboohr.com payscale.com The Cost of Turnover Financial ● Cost per hire: $4,129 ● Time to fill: 42 days ● Time to contribution: 9 months Cultural ● Lack of connection ● Shifting workloads
  7. 7. What Organizations Are Doing Now
  8. 8. bamboohr.com payscale.com More Raises, Title Changes, and Benefits ● Top three most popular retention tactics in 2019: raises (most common 71%), title change (34%) and more benefits (28%). ● Not much is changing from a base pay perspective. ○ 70% of organizations are planning to stick with their typical 3 percent salary increase budget. ● However, orgs do differentiate pay by performance. ● Bonuses on the rise for some
  9. 9. bamboohr.com payscale.com Benefits + Training are Critical to Attracting and Retaining Talent ● 59% of orgs will invest more in training and development programs in 2019. ● 44% plan to allow remote work (up from 39% last year) and 37% will offer flex time. ● Prevalence of unlimited PTO has nearly doubled in two years (9% of employers offered this in 2018 vs. 5% in 2016). ● About one-third of orgs will offer paid family leave in 2019 (up from 30% last year)
  10. 10. Retention Principles and Tactics
  11. 11. bamboohr.com payscale.com Hire the Right People ● Start with the job description ● Align expectations with reality ● Check for culture fit (and culture improvement)
  12. 12. bamboohr.com payscale.com Creating an Effective Job Description 1. What are the five key skills a person needs for this job? 2. What will this person spend most of their time doing? 3. How will success be measured for this position? 4. How much experience does this person need?
  13. 13. bamboohr.com payscale.com Employees want more than a steady paycheck Tips ● Think about all that you’re willing to offer ● Align your rewards philosophy, strategy and practices with your company values and talent strategy
  14. 14. bamboohr.com payscale.com Practice What You Preach ● What do you believe as an organization? ● What values are most important to your organization? ● How do you breathe life into these values through your rewards practices?
  15. 15. bamboohr.com payscale.com Value Aligned Actions (Examples) Transparency · Share pay ranges with employees for their position and employee’s position within range · Share market data and your reasoning w/ EEs when giving raises Innovation · Implement a profit sharing program with employees · Give managers discretion to reward spot bonuses Equality / Fairness · Commitment to equal pay for equal work. Ongoing pay equity assessments. Examine & root out bias from hiring and promotion practices.
  16. 16. bamboohr.com payscale.com Prioritize Training and Development ● Provide a menu of options ● Encourage employees and managers both to take responsibility ● Train managers ● Fill organizational gaps ● Foster trust between leadership and employees ● Consider different learning options for different learning styles
  17. 17. bamboohr.com payscale.com L&D Program Ideas ● Career mentorship/sponsorship programs ● On-site training courses ● Leadership training courses ● Tuition reimbursement for courses and certifications ● One-on-one coaching ● Job rotations or cross-team training
  18. 18. bamboohr.com payscale.com Common issue: Market underpayment ● Regularly benchmark your positions to the market to avoid market underpayment ○ Define your “competitive” set (location, industry, organization type and size) ○ Benchmark jobs based on required skills/experiences, NOT job titles ○ Create pay ranges based on the market rate & internal value of a role ○ Align pay for all EEs in the same/similar job within the market base pay range Avoid common pay issues by reviewing your processes & practices on an ongoing basis
  19. 19. bamboohr.com payscale.com ● Employees who are high performers but low in range are flight risks! ○ Review performance and position in range regularly to avoid flight risks ○ Use a mix of monetary and non-monetary tactics to recognize contributions and results. ● Beware of salary compression - when there are small differences in pay for differing levels of a job ○ Don’t put all your money in the new hire basket ○ Monitor market movement for all jobs and adjust pay ranges accordingly ○ Review internal pay ranges regularly and ensure that pay ranges for leveled jobs overlap Avoid common pay issues by reviewing your processes & practices on an ongoing basis
  20. 20. bamboohr.com payscale.com Pay disparity Things to consider ● Is the variance of pay reasonable? ○ Are tenure, performance or other factors tied to pay differences? ● Are these employees really in the same job? ○ Is one more senior than the other? ○ Is one in a newly-created role that needs to be defined and benchmarked? When two people in the same job or very similar jobs have large variance in pay
  21. 21. bamboohr.com payscale.com When it comes to your rewards practices, perception = reality Communication Tips ● Be transparent, use data and facts to support your claims ● Communicate early and often ● Have more face to face conversations ● Talk about the comp package as a whole to increase perceived value ● Get managers involved and train them
  22. 22. bamboohr.com payscale.com Align Benefits with Employee Wellness ● Use benefits as a recruitment and retention tool ● Align benefits package with company values ● Communicate benefits value and usage to employees
  23. 23. “Employees have very distinct wants and needs and expect their employers to meet them. To attract and retain top talent in this new era, especially during a time of decreasing unemployment rates, employers have an opportunity to adapt their workplaces to address the unique needs of their employees.” – Todd Katz, MetLife
  24. 24. bamboohr.com payscale.com Benefits Ideas ● Health insurance ● Flexible work options ● Generous/unlimited PTO ● Student loan repayment ● Public transportation passes ● Vacation reimbursement ● Paid family leave ● Tuition reimbursement ● Pet insurance ● Gym passes or onsite workout facilities ● Rented workspace for remote employees ● Childcare facilities ● Free food and drinks ● Employee discounts on company products/services
  25. 25. bamboohr.com payscale.com Measure How You’re Doing ● Turnover reports ● eNPS reports ● Retention rate of high performers ● Quality of hire
  26. 26. Free Initiatives to Try
  27. 27. Free Perks You Can Implement ● Create opportunities for employees to learn more ● Make work-life balance a priority ● Implement flexible hours and/or remote work ● Give employees stretch assignments ● Make employees part of the bigger picture ● Always say “thank you” ● Bring your dog to work
  28. 28. Questions?
  29. 29. Thank you! Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com

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