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3 key elements to keeping high performers engaged

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A research study conducted by PayScale found that HR professionals plan to invest more in employee training and development than any other area in 2019. Why? Lack of career development opportunities is the number one reason employees are leaving their companies (HubSpot, 2019 Retention Report). In today’s hot job market, high performers have many choices for where they work. Many organizations have recognized this trend and are making changes in their talent processes to retain the top employees that are crucial to their business success.

Join PayScale and BizLibrary as we answer the question: how can organizations get the most from the investment they make in their employees? Attendees will walk away with practical tips on how to improve retention rates of high performers in their organization including:

Learning and development
Tips for providing internal mobility
Clear pay progression

Published in: Recruiting & HR
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3 key elements to keeping high performers engaged

  1. 1. Keeping higher performers engaged in this market is difficult PayScale Compensation Best Practices Report, 2019 66% of surveyed organizations agree that retention is a major concern (up from 59 percent last year). 47% of surveyed organizations say the strong job market has increased their turnover rate. 66% 47%
  2. 2. Organizations are intentionally investing more in their employees What aspect of HR do you think will be your biggest investment in 2019? PayScale Compensation Best Practices Report, 2019
  3. 3. Why Focus on Learning and Development?
  4. 4. Voluntary Turnover 27% Of employees voluntarily left their jobs in 2018 35% Of employees will leave their jobs each year by 2023 to go to work somewhere else
  5. 5. Top 10 Categories for Leaving in 2018 To improve employee retention, organizations must identify and implement data aligned interventions 77%Could have been prevented by the employer
  6. 6. Three Essential Elements for Employee Retention Learning & Development Internal Mobility Clear Pay Progressions
  7. 7. Learning & Development
  8. 8. “94% of employees would stay at a company longer if it invested in their career development” Linkedin Learning’s 2018 Workforce Learning Report
  9. 9. Top 10 Categories for Learning in 2018 68% 58% 49% At Work Their Own Pace Point of Need
  10. 10. Positive Outcomes of Providing Learning Opportunities With Employee Preferences in Mind Are motivated to do their best Are satisfied with their job Feel valued by employer Would recommend as a good place to work 88% 86% 80% 79%
  11. 11. Roadblocks Cost Leadership Buy-In Time Commitment
  12. 12. 6 Steps To use Learning and Development to Increase Engagement and Combat Turnover Align training with company culture Choose a training solution with content that addresses every need Use Microlearning Get your leaders excited Give your employees time for training Commit 1 2 3 4 5 6
  13. 13. Internal Talent Mobility Insights Recruitment, Retention, Mobility Not about Upward Movement Long Term Goals Focus on Growth Coaching
  14. 14. Create a Culture of Internal Mobility 5 elements to incorporate: Models and narratives for advancement Clear career ladders or frameworks plus visible opportunities Recurring 1:1’s focused on career development Role clarity and transparent promotion process Coaching
  15. 15. Models and Narratives for Career Advancement IDEAS Lunch & Learns Mentorship Program/Marketplace Structured career plans for entry- level roles
  16. 16. Clear Career Ladders or Frameworks ● It doesn’t have to be a “ladder”, e.g. “internalships” ● Tailored to your culture ● Come up with attributes you care about (e.g. business acumen, technical chops, etc.). ○ For each attribute, get clear on what it means to be at this level: ■ Scope of influence ■ What work do they conduct? ■ What areas do they own? ■ What are the expectations for managing up, down & laterally? ■ What level of contribution are they expected to make in the business?
  17. 17. Buffer’s Engineering Career Framework https://open.buffer.com/engineering-career-framework/ Engineer of Distinction Software Engineer Software Engineer II Software Engineer III Senior Engineer Senior Engineer II Staff Engineer Principal Engineer Buffer Engineering Career Paths Framework Scope of Influence How work is being conducted Ownership Software Engineer Software Engineer II Themselves and their tasks. Their project and their peers. Makes a contribution through completing well-specced tasks. Receives closer guidance and technical mentoring to avoid becoming blocked/stuck Not yet learning at Buffer in a self-directed way Works on project as a whole Makes steady progress on tasks within the project Works directly in parallel with peers Self-directed learning process Knows when to ask for help when they are becoming stuck: does not go down rabbit holes No ownership responsibility yet: this person is learning and being actively developed by others. Average Expected Timeframe to Software Engineer II: 6 -12 months Co-owns an area with guidance & takes initiative (e.g fixes bugs unpromoted) Average Expected Timeframe to Senior: 1- 3 years
  18. 18. Have a Transition Plan for New Managers Key Tips: ● Promote people for the right reasons ● Have a time-bound transition plan, 3 to 6 months ● Don’t make it a big deal
  19. 19. Rent the Runway’s Manager Track Framework https://docs.google.com/spreadsheets/d/1k4sO6pyCl_YYnf0PAXSBcX776rNcTjSOqDxZ5SDty-4/edit#gid=2
  20. 20. 1:1s Focused on Career Development Job Satisfaction The Big Picture Leverage Strength
  21. 21. Role Clarity & Transparent Promotion Process Drift Marketing Team’s Promotion Checklist
  22. 22. Coaching Purpose: Help employees discover what they want to do, assess job-fit, take ownership of their own career path and accelerate the timeline in which they move into the right role.
  23. 23. Importance of Manager Training 71% 50% Aren’t engaged on the job Plan on leaving within a year What is the cause? Their Manager
  24. 24. Managers Are Not Being Trained 58% Of managers said they didn’t receive any management training
  25. 25. Clear Pay Progressions Three Keys: 1. Establish a pay range for each position based on market data; review annually 2. Reward people for business results 3. Communicate expectations clearly: what does it take to move forward in your range or be promoted?
  26. 26. Key Steps for Creating a Salary Range Start by determining the midpoint of the role. 1 Benchmark the job to the market. 2 Determine range width.3 Have clear guidelines.4
  27. 27. Reward People for Business Results ● Reward high performers disproportionately with base pay increases ● Make bonuses meaningful (e.g. 10 percent of base pay vs. 1 percent of base pay) ● Make bonuses contingent on performance. ○ Have employees set their own goals and targets for their annual bonus plan, with manager approval ● Make bonuses more frequent
  28. 28. Key Takeaways Your employees want learning and development opportunities. Recruitment, retention and internal mobility are inextricably linked For high performers to stay engaged, compensation needs to keep pace with their progress It takes multiple work-streams to create a culture of growth and mobility. Identify what you want to work on; identify short-term fixes and long-term investments
  29. 29. Questions? BizLibrary Receive a demo of the BizLibrary Solution We’ll contact you shortly to setup a demo Payscale Receive a demo of Payscale’s Solution We’ll contact you shortly to setup a demo
  30. 30. Thank You!Follow BizLibrary and Payscale on social media: bizlibrary.com | payscale.com

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