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Managing Employee Turnover: And How to Not Let It Ruin Organizational Momentum
- 1. Managing Employee Turnover and how to not let it ruin organizational momentum
- 2. bamboohr.com payscale.com Managing Employee Turnover Rusty Lindquist Vice President, Thought Leadership BambooHR Diane Schuman Compensation Professional Payscale
- 3. bamboohr.com payscale.com Managing Employee Turnover Competitive Abundance GLOBALIZATION has shrunk the world TECHNOLOGY has leveled the playing field LOW ENTRY BARRIER has increased startups
- 4. bamboohr.com payscale.com Managing Employee Turnover TIME DIFFERENTIATING VALUE of INNOVATION Unique, novel, and innovative L H Differentiation Entropy Functional Parity (before) Functional Parity (now)
- 5. bamboohr.com payscale.com Managing Employee Turnover TIME PERCEIVED VALUE of INNOVATION Remarkable Expected L H Expected Value Entropy
- 6. bamboohr.com payscale.com Managing Employee Turnover Organizational Velocity The ability to create value at speed.
- 7. Ram Charan Best-selling Author, Business Advisor
- 9. bamboohr.com payscale.com Managing Employee Turnover Focus on Who You Are PEOPLE Relentlessly attracting, inspiring, and empowering great people. CULTURE Creating a great place to work, so great work can take place.
- 11. bamboohr.com payscale.com Managing Employee Turnover Employee Lifetime Value eLTV Reducing Time-To-Value Increasing Time-In-Value Increasing Time-In-Role++
- 13. bamboohr.com payscale.com Managing Employee Turnover
- 14. bamboohr.com payscale.com Managing Employee Turnover The rate at which people leave a place, company, etc., and are replaced by others
- 15. bamboohr.com payscale.com Managing Employee Turnover Adding Good Complexity Good Turnover vs. Bad Turnover Low performer High Performer Voluntary X% Y% Involuntary P% Q%
- 16. bamboohr.com payscale.com Managing Employee Turnover Retention is a Major Concern
- 17. bamboohr.com payscale.com Managing Employee Turnover Turnover costs more than just dollars • Morale • Engagement • Performance • Training • Knowledge retention • Nimble to market changes • Cost to replace
- 19. bamboohr.com payscale.com Managing Employee Turnover The Journey of Life
- 20. bamboohr.com payscale.com Managing Employee Turnover The Journey of Life
- 21. bamboohr.com payscale.com Managing Employee Turnover The Journey of Life WHY YOU WERE BORN
- 22. bamboohr.com payscale.com Managing Employee Turnover WHY YOU WERE BORN
- 23. bamboohr.com payscale.com Managing Employee Turnover Company 1 2 3 4 The Journey of Life WHY YOU WERE BORN
- 24. bamboohr.com payscale.com Managing Employee Turnover Company 1 2 3 4 The Journey of Life WHY YOU WERE BORN
- 25. bamboohr.com payscale.com Managing Employee Turnover Your Company Employee Journey
- 26. Your Company Moment of Peak Engagement (Flow) Departure / Disengagement Triggers Emotional Distancing Maximum Emotional Sensitivity Maximum Risk of Departure Decision to Re-engage Emotional Refueling Onboarding / Reboarding Employee Journey Organizational Waste Journey of Re-engagement Journey of Disengagement Disengagement Diagnostics Stay Interviews eNPS Pulse Survey’s Optimal Employee Orbit (Circular) “Re-hire” & “Re-board” Intervention Opportunities Lowest Gravitational Pull
- 27. Common Myths of Employee Turnover
- 28. bamboohr.com payscale.com Managing Employee Turnover Myth: Turnover is Always bad
- 29. bamboohr.com payscale.com Managing Employee Turnover Myth: Turnover is Bad for Morale
- 30. bamboohr.com payscale.com Managing Employee Turnover Myth: We can predict turnover based on generation
- 31. bamboohr.com payscale.com Managing Employee Turnover Myth: Turnover is always time- consuming and costly
- 33. Your Company Employee Journey Journey of Re-engagement Journey of Disengagement ee
- 34. Employee Journey Journey of Re-engagement Journey of Disengagement ee IdIdentity Howyouseeyourself ObObjective Whereyouaregoing MeMeaning Findingfulfillment AlAlignment Doingworkthat fits MoMomentum Beinginmotion EnEnvironment Culture,Cues,Ecosystem LeLeadership Havingaguide PlPlan Knowingwhat todo SpSpace Havingspacetowork ReRelationship People&connections GrGrowth Mastery&Progress CoContribution Havingimpact RnRenewal Restorationandbalance VaValue Total rewards InInvestment Skininthegame ScScore Measuringprogress Thebuilding blocksof high performing people,teams, and organizations. of engagement,satisfaction,and performance 16ELEMENTS INFLUENCERS: Factorsthat fuel work INPUTS: What you need towork ACTION: Getting work done OUTPUTS: What you get from work
- 35. Employee Retention Fewer active elements means less engagement mass less gravitational pull longer orbits, and more risk of loss ee ee
- 36. bamboohr.com payscale.com Managing Employee Turnover
- 37. bamboohr.com payscale.com Managing Employee Turnover Feeling appreciated, valued, and adequate rewarded for your effort. Value Total rewards Va Value Rewards Recognition Compensation
- 38. Setting up your comp plan for success
- 39. bamboohr.com payscale.com Managing Employee Turnover Comp as Keystone to Retention
- 40. bamboohr.com payscale.com Managing Employee Turnover Components of Comp http://businessmodelalchemist.com/blog/2011/11/make-your-business-model-clear-with-vivid-thinking-guest-post-by-dan-roam.html Solid Base Pay Plan Clear Strategy Incentive Plan Competitive Market Pay
- 41. bamboohr.com payscale.com Managing Employee Turnover What compensation mix is right for your org?
- 42. bamboohr.com payscale.com Managing Employee Turnover Compensation Strategy Talent Market(s) Industry, Size, Location Level of competitiveness How aggressively to pay What to reward Performance, Experience, etc
- 43. bamboohr.com payscale.com Managing Employee Turnover What about variable pay? Less than 100 Employees 100 - 1,000 Employees More than 1,000 Employees Retention bonuses Hiring bonuses Individual incentive bonuses Team incentive bonuses Spot bonuses or other discretionary bonus programs Most give bonuses: 81% of top performing companies 74% of all companies
- 44. bamboohr.com payscale.com Managing Employee Turnover Recruitment & Retention Plans 54.6% 18.3% 35.3% 13.3% 58.2% 28.1% 59.7% 21.3% 38.8% 14.0% 63.4% 32.2% Merit-based pay plan Non-discretionary incentive based pay plan Discretionary bonus plan Stock option/grant plan Learning and developmental opportunities More perks-gym memberships, catered lunch, etc Plans to recruit and retain high-performing employees All Top Performer
- 45. bamboohr.com payscale.com Managing Employee Turnover Thank you! BambooHR Join BambooHR for the world’s largest virtual conference for HR professionals. Register here for free: http://bit.ly/PayscaleElevate Payscale Keep up with the latest in modern compensation best practices. Check out our blog Compensation Today: http://www.payscale.com/compensation-today
- 46. bamboohr.com payscale.com Managing Employee Turnover Rusty Lindquist Vice President, Thought Leadership BambooHR Diane Schuman Compensation Professional Payscale Questions?
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