How to Turn Managers into Retention Rockstars
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There seems to be a secret that only HR knows…managers drive who quits and who stays. We know this because we hear the complaints, do the exit surveys, and fill the same jobs over and over for the poorest-performing managers. So the solution for solving turnover problems must not only engage the employee but also the manager. The solution: Stay Interviews. Join us on our next webinar with special guest Dick Finnegan the author of SHRM’s top-selling book in history, the Power of Stay Interviews for Engagement and Retention, as we share effective strategies for Stay Interview Success. In this webinar Dick will share how to use turnover accountability to help your managers conduct more effective Stay Interviews and turn them into retention rockstars. Learn key ways to help your managers improve retention including: 1. How to calculate and understand the true cost of turnover ( Nothing grabs c-suite attention like bottom-line dollars) 2. The key areas managers need focus on for more effective Stay Interviews 3. Helping managers drive retention success by asking, probing, and building the right stay plans 4. How to help managers set effective retention goals with turnover forecasting To learn more about Stay Interviews visit http://hrsoft.com
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How to Turn Managers into Retention Rockstars
- 1. How to Turn Managers Into Retention Rockstars TalentTakeaways webinar & podcast series
- 2. AGENDA Brian Sharp Chief Marketing Officer , HRsoft Dick Finnegan CEO, C-Suite Analytics Author, The Power of Stay Interviews Our Presenters How to Turn Managers Into Retention Rockstars
- 3. AGENDA The HR Secret Managers drive who quits and who stays. How to Turn Managers Into Retention Rockstars
- 4. AGENDA The Retention Solution Engage the employee. Engage the manager. Stay Interviews. How to Turn Managers Into Retention Rockstars
- 5. AGENDA The Retention Revolution How to Turn Managers Into Retention Rockstars
- 6. AGENDA Retention Rockstar Roadmap How to Turn Managers Into Retention Rockstars 1. How to calculate & understand the true cost of turnover 2. Key areas of focus for effective Stay Interviews 3. Driving retention success with better skills and stay plans 4. Set effective retention goals using turnover forecasting
- 7. Why Managers Struggle with Turnover
- 8. AGENDA Retention Results Workflow How to Turn Managers Into Retention Rockstars “Finnegan offers fresh thinking for solving the turnover problem in any economy.”
- 9. The True Cost of Employee Turnover
- 10. AGENDA Turnover Costs & the C-Suite How to Turn Managers Into Retention Rockstars 1. Turnover percentages don’t show value 2. Convert mindset to dollars: adds urgency & action 3. Right Action: retention goals for managers
- 11. AGENDA Calculating True Turnover Costs How to Turn Managers Into Retention Rockstars TURNOVER COSTS = Cost Per Hire + LOST PRODUCTIVITY (Not __% of Annual Pay) Actual client turnover costs by job: Physician…$225,808 Software engineer….$131,000 Call center representative…$29,447 Truck loader/unloader…$4,955
- 12. AGENDA Managers Drive Retention How to Turn Managers Into Retention Rockstars A global consulting firm interviewed 1,000 recently-quit employees and found supervisor relationships influenced all other opinions, concluding… “Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”
- 13. AGENDA Turnover Costs & the C-Suite How to Turn Managers Into Retention Rockstars Short Term Use cost dollar values to get executives’ attention Resulting Step Set retention goals with managers
- 14. AGENDA Retention Results Start with Trust How to Turn Managers Into Retention Rockstars The Driver 2/3 of score is based upon how much you trust your boss The Statistic 366% more shareholder value The Lesson Getting employees to trust supervisors generates more profits
- 15. AGENDA Building Trust 1-1 Builds Profits How to Turn Managers Into Retention Rockstars
- 16. AGENDA Poll Question How to Turn Managers Into Retention Rockstars What percent of your managers are able to build trust with their teams? a. 20% b. 50% c. 70% d. 100%
- 17. Effective Stay Interview Skills
- 18. AGENDA The Manager Mindset How to Turn Managers Into Retention Rockstars HR is product development. Managers are sales people. Managers “own” retention for their teams
- 19. AGENDA Stay Interview Definition How to Turn Managers Into Retention Rockstars Stay Interviews are 1-1 meetings between leaders and their newly-hired and continuing employees to improve engagement & retention. Train all leaders from executives to first-line supervisors to… Build trust Conduct Stay Interviews Develop stay plans Forecast each employee’s individual retention
- 20. AGENDA 4 Core Stay Interview Skills How to Turn Managers Into Retention Rockstars 1. Listen 2. Take Notes 3. Probe 4. Support Company
- 21. AGENDA Overcoming Stay Interview Objections How to Turn Managers Into Retention Rockstars 1. Our managers are way too busy to meet with employees one-on-one. They don’t have time. 2. We don’t want to hear about things we can’t fix. Everyone will want a raise. 3. If we’re going to do stay interviews, shouldn’t HR do them instead of managers? 4. Do you really think employees are going to look their supervisors in the eye and tell them what they want? What if they don’t trust them? 5. This just doesn’t seem like a fit with our culture.
- 22. Retention Success with 5 Key Questions, Probing & Stay Plans
- 23. AGENDA Stay Interview Questions How to Turn Managers Into Retention Rockstars When you travel to work each day, what things do you look forward to? PROBING QUESTIONS What do you like most about working here? What parts are the most challenging? What do you like least about working here? #1
- 24. AGENDA Stay Interview Questions How to Turn Managers Into Retention Rockstars #2 What are you learning here? PROBING QUESTIONS Is there anything else you’d like to be learning here but are not? How do you learn best? By doing? By observing? By attending training? Do you feel like you can advance your career here if you want to?
- 25. AGENDA Stay Interview Questions How to Turn Managers Into Retention Rockstars #3 Why do you stay here? PROBING QUESTIONS Is that the only reason? How much does the type of work you do impact your decision to stay? How much do you stay because you like working with our customers? Our team?
- 26. AGENDA Stay Interview Questions How to Turn Managers Into Retention Rockstars #4 When was the last time you thought about leaving our team? What prompted it? PROBING QUESTIONS Does this still concern you? On a scale from one to ten with ten being “I’m staying for the foreseeable future” and one being, “I’m leaving ASAP,” how would you rate your intention to leave? What’s the single most meaningful action I could take to address this issue?
- 27. AGENDA Stay Interview Questions How to Turn Managers Into Retention Rockstars #5 What can I do to make your experience at work better for you? PROBING QUESTIONS What should I do more of? Less of? What do I do that frustrates you? Is there anything I do that strikes you as particularly unfair or unreasonable? Do you feel like I truly hear your concerns when you have them?
- 28. AGENDA Poll Question How to Turn Managers Into Retention Rockstars Which of the following do employees ask for most often during Stay Interviews? a. Better work processes so they can achieve more work b. Career coaching & promotion c. Significant pay increases d. Better employee benefits (especially vision care)
- 29. AGENDA 5 Keys of Successful Stay Plans How to Turn Managers Into Retention Rockstars 1. The objective for each initiative (no more than 3) 2. Actions you as the manager will take 3. Ideally, actions the employee will take 4. Dates for each, and in some cases multiple dates for multiple activities 5. Everything put in writing with copies given to you and the employee
- 30. Retention Goals & Turnover Forecasting
- 31. AGENDA Stay Interview Sequence How to Turn Managers Into Retention Rockstars 1. Executives leverage costs to establish goals 2. Managers accountable for 1st year/all turnover goals 3. Managers conduct stay interviews 4. Managers forecast each employee's retention 5. Executive accountability tracking Goals Stay plans Forecasts
- 32. AGENDA Retention Goals How to Turn Managers Into Retention Rockstars Dollars drive executive urgency Retention goals drive manager activity & accountability
- 33. AGENDA Retention Forecasting Groups How to Turn Managers Into Retention Rockstars More than 1 year 6-12 Months 0-6 Months Employee is likely to stay:
- 34. Leader: Rodriguez Perf Rating/ 5 Hi, 1 Lo Green 1+ yrs Yellow 6-12 Months Red 0-6 Months Retention Plan Kim Johnson 4 Provide mentor for… Burt Brown 5 Develop skills for possible promotion to… Cindy Stone 3 Pleased with current role & circumstance Ralph Jimenez 2 Coaching for performance AGENDA Retention Heat Map How to Turn Managers Into Retention Rockstars
- 35. AGENDA Retention Results Workflow How to Turn Managers Into Retention Rockstars “Finnegan offers fresh thinking for solving the turnover problem in any economy.”
- 36. Talent Takeaways
- 37. AGENDA Talent Takeaways How to Turn Managers Into Retention Rockstars Main reason people leave: their boss. Simple most important manager skill: trust. Retention = Goals + Tools And tools become processes
- 38. STAYview™ High Impact Stay Interview System™ 20% Retention Improvement Guaranteed! How to Turn Managers Into Retention Rockstars
- 39. STAYview™ High Impact Stay Interview System™ How to Turn Managers Into Retention Rockstars
- 40. AGENDA Retention Resources How to Turn Managers Into Retention Rockstars answer questions share resources offer solutions Strategy Session
- 41. How to Turn Managers Into Retention Rockstars TalentTakeaways webinar & podcast series
- 42. AGENDA Presented By Dick Finnegan Chief Executive Officer DFinnegan@C-SuiteAnalytics.com pub/dick-finnegan/6/874/a71 @dick_finnegan How to Turn Managers Into Retention Rockstars
- 43. AGENDA Presented By Brian Sharp Chief Marketing Officer Brian.Sharp@HRsoft.com /in/bsharponline @bsharponline | @hrsoft_inc How to Turn Managers Into Retention Rockstars
Editor's Notes
- It seems to be a secret only HR knows Know this because HR hears the complaints, does the exit interviews & keeps filling the same jobs for the poorest-performing managers
- We often talk about the importance of engagement for employees But what most programs are missing (and why they don’t work) is they are not engaging the managers! That’s why stay interviews work
- As a result, there is a sort of retention revolution going on A new way of thinking about how to solve retention problems using stay interviews They are here to stay (and probably going to replace surveys)
- If turnover is tied to the managers We need to identify first why they struggle with it It really starts with a fresh approach / workflow
- The costs are key Not only going to be what the gets the c-suite attention But will be the driver of accountability for the managers Problem is, most organizations don’t really know (or want to know) what turnover is really costing them!
- Now that we understand the costs and drivers of retention we can help the managers get better Starts really with the mindset Not just understanding what a stay interview is but what their role is in the process
- This is where the magic happens. Something you share in your latest book. No just 5 random questions. But lots of research, science and experience behind these. Experience with Danielle
- This final step is what makes the difference: accountability It’s what really separates stay interviews from any other program out there. You now have measurable data & actionable data
- for those that don’t want to reinvent the wheel, we’ve done the hard part With Dick, we have developed the first complete, automated Stay Interview System Everything you need to quickly & easily implement
- Here are some examples from ideas we shared today Going to have a demo next week for those interested (watch email) Imagine being able to know, analyze and share this kind of data