Hire Minds Assess Presentation _Employee retention


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Hire Minds Assess Presentation _Employee retention

  1. 1. Retaining and Engaging Talent a Competitive Difference No Matter What the Economic Climate Hire Minds Summit 2010 JoAnn McMillan, Ph.D.
  2. 2. Who We Are <ul><li>Innovative software and I/O psychology consulting firm </li></ul><ul><li>Focus on Talent Selection & People Development </li></ul><ul><li>Off-the-shelf and fully customized assessment solutions </li></ul><ul><li>Clients across industries, from start-ups to Fortune 500 </li></ul><ul><li>SnagAJob assessment partner </li></ul>
  3. 3. Some Sobering Statistics <ul><li>Bureau of Labor Statistics </li></ul><ul><ul><li>National unemployment rate is 9.5% </li></ul></ul><ul><li>Job Openings and Labor Turnover Report – June 2010 </li></ul><ul><ul><li>The job openings rate was 2.2 percent. </li></ul></ul><ul><ul><li>Employers made 3.8 million hires in June—about a third less than in July 2006. </li></ul></ul><ul><ul><li>The quit rate—a sign of workers' &quot;willingness or ability to change jobs&quot;—remained very low at 1.4 percent. </li></ul></ul>
  4. 4. Some Glimmers of Hope on the Horizon <ul><li>In H1 2010 Hires did Exceed Separations </li></ul>
  5. 5. Impact of Slow Churn on HR <ul><li>With few openings you need to make every new hire count </li></ul><ul><ul><li>Poor hires hurt your business results </li></ul></ul><ul><ul><li>Good hires outperform even in tough times </li></ul></ul><ul><ul><li>Turnover is costly no matter what the economic climate </li></ul></ul><ul><li>Just because they are staying doesn’t mean they haven’t mentally “quit” </li></ul><ul><ul><li>What is the difference in productivity of your most engaged employee compared with your least engaged employee? </li></ul></ul><ul><ul><li>How many of your current employees have “quit and stayed?” </li></ul></ul>
  6. 6. The Value of A Good Hire <ul><li>Putting the right person in the right job makes business sense </li></ul><ul><ul><li>Higher performance </li></ul></ul><ul><ul><ul><li>From start </li></ul></ul></ul><ul><ul><ul><li>Continues over time </li></ul></ul></ul><ul><ul><li>Shorter ramp-up time </li></ul></ul><ul><ul><li>Easier to manage </li></ul></ul><ul><ul><li>Increased customer satisfaction </li></ul></ul><ul><ul><li>More likely to stay </li></ul></ul>“ Your hiring process should not only focus on avoiding bad hires but seeking those true top performers”
  7. 7. The What, How & Why of Talent <ul><li>What are the desired outcomes for this role? </li></ul><ul><ul><li>Customer </li></ul></ul><ul><ul><li>Process </li></ul></ul><ul><ul><li>Productivity/Financial </li></ul></ul><ul><ul><li>People </li></ul></ul><ul><li>How do your best people achieve these results? </li></ul><ul><ul><li>Define the behaviors and competencies that lead to success in your environment </li></ul></ul><ul><li>Why are some people more successful than others? </li></ul><ul><ul><li>Possess the right combination of innate and learned capabilities for the role </li></ul></ul>
  8. 8. Retail ROI: Better Business Results <ul><li>Managers who are the best fit for the role create positive business results: </li></ul><ul><li>Team Leadership </li></ul><ul><li>Good Judgment </li></ul><ul><li>Persuasiveness </li></ul><ul><li>Positive Sales Attitude </li></ul><ul><li>Energy </li></ul><ul><li>Organization /Attention to Detail </li></ul><ul><li>Frustration Tolerance </li></ul>Store Managers Store Performance: Percent Store Goal Achieved
  9. 9. Retail ROI: Improved Sales Business Impact Continues Over Time <ul><li>Month after month, retail sales associates who had the right talent ( shown in green ) outperformed those who lacked the “right stuff” ( shown in red ) </li></ul><ul><li>Positive Sales Attitude </li></ul><ul><li>Persuasiveness </li></ul><ul><li>Energy </li></ul><ul><li>Initiative </li></ul><ul><li>Good Judgment </li></ul><ul><li>Frustration Tolerance </li></ul>
  10. 10. C-store ROI: Better Customer Experience <ul><li>C-store associates with service personalities create more positive customer experiences </li></ul><ul><li>Energy </li></ul><ul><li>Frustration Tolerance </li></ul><ul><li>Accommodation to Others </li></ul><ul><li>Acceptance of Diversity </li></ul><ul><li>Positive Service Attitude </li></ul><ul><li>Self Control </li></ul>**All cut levels were statistically significant at p.<01 Customer Service Employees Performance Ratings
  11. 11. Hospitality ROI – Increase Quality of Hire Assessment identified 80% of Poor performers as “Avoid” and 73% of Star performers as “Best” Poor Hires Star Hires
  12. 12. C-Store Retention – Decreased Turnover Those that fit the role stay longer <ul><ul><li>In a five year study (pre-recession) of c-store associates, new hires (who fit the job better) stayed longer </li></ul></ul><ul><ul><li>Selection process evaluated both natural fit with the role and willingness to do common job tasks </li></ul></ul><ul><ul><ul><li>Make change & handle money </li></ul></ul></ul><ul><ul><ul><li>Serve food </li></ul></ul></ul><ul><ul><ul><li>Stock merchandise </li></ul></ul></ul><ul><ul><ul><li>Mop & sweep inside </li></ul></ul></ul><ul><ul><ul><li>Pick up trash outside </li></ul></ul></ul><ul><ul><ul><li>Clean the restroom </li></ul></ul></ul>
  13. 13. Best Practices In Selection <ul><li>Each voice in the selection process should evaluate the candidate’s “fit” with the job. </li></ul>Hiring Decision Dynamic Interview Application & Pre-Screen Recruitment Message Assessment
  14. 14. But The Work Doesn’t Stop When The Hiring Decision Is Made That’s when the real work begins On-boarding and Engagement Hiring Decision Dynamic Interview Application & Pre-Screen Recruitment Message Assessment
  15. 15. On-boarding Three Strikes and They are Out (of There) <ul><li>Job Orientation – Be prepared. Clearly state expectations about the job, and provide the “tools” needed to succeed. </li></ul><ul><li>Follow Through on Commitments – Ensure that you “walk the talk” and do what you say you are going to do . </li></ul><ul><li>Socialization – Help new employees get to know other people and the company. </li></ul>
  16. 16. Questions to Ask New Employees* <ul><ul><li>How well do we compare to what we said we would be like? </li></ul></ul><ul><ul><li>Tell me what you like. What is going well? </li></ul></ul><ul><ul><li>What employees have been helpful to you in your first 30 days? </li></ul></ul><ul><ul><li>I noticed you came to us from ____. Are there things you did there that might be helpful to us? </li></ul></ul><ul><ul><li>(Is there anyone you know who might be a valuable addition to our team?” </li></ul></ul>*From “The Honeymoon Quiz: Five Questions to Ask New Hires in the First 90 days.” 2010 The Studer Group
  17. 17. Poll – Employee Engagement <ul><li>What percentage of your employees, new and tenured, do you feel are giving 100% of their talent, passion and commitment to the job? </li></ul>
  18. 18. Attitudes About Engagement <ul><li>Do you view the employee as an expense or the employee as an asset? </li></ul>From Franklin Covey: “Leadership in the 21 st Century”
  19. 19. Covey’s Levels of Engagement Today’s Worker has the “Power to Choose” From Franklin Covey: “Leadership in the 21st Century”
  20. 20. Zenger-Folkman’s Sweet Spot Organizational Needs: The activities you need the person to do that support the organization’s success Competence: What the person does well Passion: W hat the person likes to do Competence Organizational Needs Passion From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies
  21. 21. The Employee Sweet Spot <ul><li>The motivational “sweet spot” is achieved when you can help an individual to align their passion and their competence with the requirements of the job. </li></ul>From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies Convergence
  22. 22. Finding Their Sweet Spot: Organizational Needs <ul><li>Understanding of how personal job role </li></ul><ul><li>helps fulfill company mission, vision </li></ul><ul><li>and business objectives </li></ul><ul><li>Orientation or tour of the overall operation </li></ul><ul><li>(not just their piece) </li></ul><ul><li>Clear expectations regarding the job - what </li></ul><ul><li>“ good” looks like </li></ul><ul><li>If they have a back room role have them </li></ul><ul><li>job shadow a customer interaction </li></ul>
  23. 23. Finding Their Sweet Spot: Competence <ul><li>Increasing job autonomy </li></ul><ul><li>New projects and responsibilities; on-the-job learning opportunities </li></ul><ul><li>Providing the proper tools to effectively do their jobs </li></ul><ul><li>Involvement in decision making and access to sharing ideas with management (e.g. Joint Leadership Teams) </li></ul><ul><li>Supervisor and team support for job success (acknowledge achievements) </li></ul><ul><li>Shadowing and mentoring opportunities </li></ul><ul><li>Educational assistance and other training support </li></ul>
  24. 24. Finding Their Sweet Spot: Passion <ul><li>Appreciation and support for outside </li></ul><ul><li>talents </li></ul><ul><li>Or, bring their talent into the </li></ul><ul><li>workplace </li></ul><ul><li>Flexible work approaches to support </li></ul><ul><li>outside needs </li></ul><ul><li>Volunteer opportunities through the </li></ul><ul><li>organization </li></ul>
  25. 25. Additional Thoughts for Engaging the Hourly Workforce <ul><li>A work-life culture that is more supportive of personal and family life </li></ul><ul><li>GovBenefits.gov – extensive resources for citizens to locate public-sector benefits </li></ul><ul><li>Reduce barriers between corporate and the field </li></ul><ul><li>Make the workplace “fun” </li></ul><ul><li>Career navigation and job search skills assistance </li></ul>
  26. 26. The Engaged Employee From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies
  27. 27. Achieving Success Through Others <ul><li>Great Companies …. </li></ul><ul><li>Attract and Select Top Talent </li></ul><ul><li>On-board effectively </li></ul><ul><li>Engage employees through flexibility, empowerment, respect and appreciation </li></ul>