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Seven Best Practices for Managing and Retaining Employees

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Seven Best Practices for Managing and Retaining Employees

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Seven Best Practices for Managing and Retaining Employees

  1. 1. Company Confidential © 2016 Perks.com All Rights Reserved. Seven Best Practices for Managing and Retaining Employees
  2. 2. 2 Company Confidential © 2016 Perks.com All Rights Reserved. Welcome! Today’s presenters Louise Anderson VP - Chief Employee Strategist Louise brings a wealth of knowledge and experience in the Incentive and Recognition field having operated her own organization for 20 +years. Hundred’s of programs were designed and delivered for employee and channel distribution, rewarding; behaviors, Key Performance Indicator (KPI) Improvements and accelerated sales/cost containment. Louise is a Certified Professional of Incentive Management (CPIM) professional with 30 years’ experience in the performance improvement and incentive industry. Her programs consistently delivered Returns on Investment (ROI) that exceeded 200% for clients. Deb Broderson Chief Marketing Officer Deb Broderson comes to Perks with diverse experience leading channel marketing, marketing operations and program management teams within the technology industry. Deb has provided strategic direction to Fortune 500 clients, developed and executed global, multi-channel, go-to-market strategies and created worldwide field marketing organizations. Deb has worked on both the agency and client-side of the business, providing a well-rounded perspective to client challenges.
  3. 3. 3 Company Confidential © 2016 Perks.com All Rights Reserved. Using GoToWebinar
  4. 4. 4 Company Confidential © 2016 Perks.com All Rights Reserved. Why talent management is important “I'm a planner, and most networks don't plan. Bravo doesn't plan. Bravo is lucky in a lot of ways - they've got a lot of great talent, but at the same time, they don't nurture it. They lost Project Runway.” Patti Stanger Millionaire Matchmaker
  5. 5. 5 Company Confidential © 2016 Perks.com All Rights Reserved. Today’s Discussion: Get the right people, with the right skills and retain them. 1. The evolution of talent management 2. A competency-based talent management model 3. Onboarding tips 4. Best practices for managing & retaining employees
  6. 6. Company Confidential © 2016 Perks.com All Rights Reserved. The Evolution of Talent Management
  7. 7. 7 Company Confidential © 2016 Perks.com All Rights Reserved. Common talent management approaches Passive Succession planning OR
  8. 8. 8 Company Confidential © 2016 Perks.com All Rights Reserved. Today’s talent management reality is different 1. Fishing for talent 2. Impact of globalization & technology 3. Generational differences
  9. 9. 9 Company Confidential © 2016 Perks.com All Rights Reserved. A competency-based approach to Talent Management
  10. 10. 10 Company Confidential © 2016 Perks.com All Rights Reserved. Using a competency-based model Competency alignmentInherent vs. learned skills Market requirements
  11. 11. 11 Company Confidential © 2016 Perks.com All Rights Reserved. How does competency-based talent management work? Attracting talent The interview process Selection criteria 1 2 3
  12. 12. 12 Company Confidential © 2016 Perks.com All Rights Reserved. Onboarding
  13. 13. 13 Company Confidential © 2016 Perks.com All Rights Reserved. But the facts are…. Sales Onboarding Programs: Current State SiriusPerspective: A startling percentage of b2b companies lack a formal onboarding process, and those that have implemented one often describe it as weak. 26% Sales organizations that have not implemented a formal onboarding process Enablement leaders who indicated their onboarding program is robust and complete 7% 40% B2B organizations that state they offer any type of actual certification to new hires
  14. 14. 14 Company Confidential © 2016 Perks.com All Rights Reserved. Develop an onboarding plan During the first week, a new hire should get a good sense of the company culture and of the unspoken rules. First week activities should focus on: Helping a new hire get the lie of the land Understanding the company’s setup, including working with satellite offices Acclimatizing the individual by having him/her interact with other employees and completing and necessary paperwork Covering important work processes, systems, tools and communication methods Meeting with managers to get a better sense of his/her working style and expectations Checking with the new hire to evaluate their integration process.
  15. 15. 15 Company Confidential © 2016 Perks.com All Rights Reserved. Develop an onboarding plan Most companies want new hires to start on projects right away, but… Invest in onboarding and continuous training to save on costs, increase productivity and eliminate errors. Product, solution, or technical role based certification training Job-shadowing and rotation for greater exposure to the team Providing opportunities for feedback and questions Providing soft skills, communication and leadership training Discussing performance management, goal setting, and success criteria
  16. 16. 16 Company Confidential © 2016 Perks.com All Rights Reserved. Make the most of your investment Attracting Talent  Employer branding  Millennial strategy  Manager outreach  Social tools  Hiring profiles  Identification of critical skills  Word-of mouth campaigns Interviewing  Interviewing methods (behavioral, situational, demonstrative)  Interview guides  Interview style: one-on-one or panel Onboarding  First week agenda  Collaboration between training organization and HR  Training based on telling, showing and performing tasks  Competency alignment
  17. 17. Company Confidential © 2016 Perks.com All Rights Reserved. Seven Best Practices for Managing and Retaining Employees Hint: it starts with the hiring process
  18. 18. 18 Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #1 Engaged employees are your best source of new hires Hired Through Over 1 Year Over 2 Years Over 3 Years Employee Referral Career Site Job Board 46% 33% 22% 45% 35% 20% 47% 39% 14%
  19. 19. 19 Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #2: Retention and loyalty must be your priorities Employee turnover may not be immediately apparent in your bottom line, but the loss of a productive employee has consequences. There are eight common reasons employees leave jobs. 1. Lack of alignment with manager 2. Insufficient compensation 3. Company instability 4. Lack of feedback 5. No connection with co-workers 6. No access to leadership 7. No remote work 8. Poor recognition
  20. 20. 20 Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #3: Mentor relationships make a difference A mentor provides guidance to less-experienced employees. They may be an internal employee or a professional from outside of the company. Mentor benefits include: 1. Access to advice from someone with greater knowledge and experience 2. Access to demonstrations and guidance when solving problems 3. Constructive critiques of the employee’s work 4. Finding alternative ways to complete a task 5. Feeling less isolated 6. Improved productivity 7. Receiving tips on career growth and introductions to other professionals 8. Less inclination to leave the job
  21. 21. Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #4: Coaching and development create a positive environment
  22. 22. 22 Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #5: Effective succession planning improves retention of high-performing individuals
  23. 23. 23 Company Confidential © 2016 Perks.com All Rights Reserved. Best practice #6: Goal setting makes everyone better
  24. 24. Best practice #7: Rethink your total rewards strategy
  25. 25. 25 Company Confidential © 2016 Perks.com All Rights Reserved. Best Practice recap Engaged employees are your best source of new hires Effective succession planning improves retentionRetention and Loyalty must be your priorities Goal setting makes everyone better Mentor relationships make a difference Rethink your total rewards strategy Don’t forget about coaching and development Below are some of the best practices we have seen leading companies implement in their holistic approach to an enterprise-wide rewards system
  26. 26. 26 Company Confidential © 2016 Perks.com All Rights Reserved. Thank You landerson@perks.com 612.386.3900 www.perks.com www.twitter.com/perksCorp www.linkedin.com/company/perks.com plus.google.com+PerksIncentivePrograms/posts www.facebook.com/perksincentives

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