This document discusses 5 keys to retaining top talent: 1) pay fairly, 2) invite flexibility, 3) encourage respect, 4) offer interesting work, and 5) inspire autonomy. It emphasizes measuring turnover, understanding that low turnover is not always good, developing a compensation strategy based on the market and individual performance, and having conversations with employees about compensation.

1. 5 Keys to Retain Top Talent
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
Ashley Adair, CCP, PHR
Learning & Development Strategist

2. www.payscale.com

3. www.payscale.com
Ashley Adair, CCP, PHR
Learning & Development Strategist
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
https://www.linkedin.com/in/mykkahherner

4. www.payscale.com
Turnover and Retention: Two Sides of a Coin
Turnover Truths
5 Keys for Retention
Retention Recommendations
Things to do today

5. www.payscale.com
Turnover and Retention
Two Sides of a Coin

6. www.payscale.com
Turnover
The rate at which
people leave your
organization
Retention
Encouraging people
to stay at your
organization

7. www.payscale.com
Retention Concerns

8. www.payscale.com
Greater awareness of market
2.5% Oct unemployment for
college educated 25+
29% Pay boost commanded by
premium skills like Scala
60% Of employees who feel
underpaid intend to
leave

9. www.payscale.com
Turnover Truths

10. www.payscale.com
Measuring Turnover Matters

11. www.payscale.com
Turnover is
Not Always
Bad

12. www.payscale.com
Low Turnover Isn’t Always Good

13. www.payscale.com
5 Keys for Retaining Employees

14. www.payscale.com
Differentiate* Pay
• Performance
• Results
• Experience
• Skills
• Education
*Be aware of legal restrictions
1. Pay Fairly
Equal
Fair

15. www.payscale.com
2. Invite Flexibility

16. www.payscale.com
3. Encourage Respect

17. www.payscale.com
4. Offer Interesting Work

18. www.payscale.com
5. Inspire Autonomy
adapted by Kirsi Hall from Bill Onken
The Freedom Scale
5 Act on own; routine reporting only
4 Act, but advise at once
3 Recommend, then take resulting action
2 Ask what to do
1 Wait until told

19. www.payscale.com
Retention Recommendations

20. www.payscale.com
Develop a Comp Strategy
Talent
Market(s)
Industry,
Size,
Location
Competition
How
aggressively
to pay
Reward
Performance
Experience
Skills

21. www.payscale.com
Get the Facts

22. www.payscale.com
Start Talking
I found this report
on the internet and
it says I should be
paid more…

23. www.payscale.com
Things to do today
• Calculate your turnover rate
• Identify places with good and bad turnover in your
organization
• Brainstorm retention efforts that work
• Shop your ideas with leaders and employees
• Evaluate your comp plan – does it reinforce the right
organizational messages?

24. www.payscale.com
PayScale Delivers Where Other Compensation Providers Fall Short
PayScale leads the world in compensation knowledge with the freshest and
most detailed data from over 54 million salary profiles. More than 3500
organizations use PayScale’s software and intelligence to get the greatest
return on their talent. Smart businesses use PayScale Insight to recruit, retain
and motivate their people.
Visit our blog: www.payscale.com/compensation-today
Join our Group on LinkedIn: Compensation Today: HR Best Practices
Ashley Adair, CCP, PHR
Learning & Development Strategist
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
www.payscale.com