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Presenting Today
Dick Finnegan
CEO
C-Suite Analytics
@Dick_Finnegan
Follow along on Twitter: #BizWebinar @BizLibrary
Krista Brubaker
Content Marketing Specialist
BizLibrary
kbrubaker@bizlibrary.com
www.bizlibrary.com/free-trial
BizLibrary helps organizations succeed by improving the way employees learn.
Who Is C-Suite Analytics?
Bring broad reach working with scores of
US Companies and across 6 continents,
with targeted retention techniques for
many industries
Business-driven by translating
turnover %s and survey scores to
the language of CEOs which is
Dollar$
Improved retention 20-70% based
on our founder’s top-selling,
industry-changing books…
Endorsed by Chief Executive Magazine, Consulting
Magazine, and BusinessWeek which said, “Offers fresh
thinking for solving the turnover problem in any
economy”
Today’s Map
• The Power of Stay Interviews
• First-line leaders roles in engagement &
retention
• Building trust is essential competency
• The Stay Interview Tool-Kit
• Bonus: What makes people happy?
The Power of Stay Interviews
A Stay Interview is a structured discussion a leader conducts
with each individual employee to learn the specific actions
she must take to strengthen that employee’s engagement and
retention with the organization
Stay Interviews…
Bring information that can be used today
Focus on individual employees including top performers
Put managers in the solution seat
Structured
Five defined questions
that will help you to yield
needed information
Stay Interviews are always conducted
by each employee’s immediate
supervisor in order to build trust
Leader
 Reduce Cost of Turnover
 Improve Employee Engagement
 Improve Revenue & Profitability
Dollars
U.S. Voluntary Quit Percentages,
Post-Recession…U.S. Bureau of Labor Statistics
Young U.S. workers
will hold 10-14 jobs
by age 38
Engagement Stuck…per Gallup/Deloitte
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
ENGAGED
NOT ENGAGED
ACTIVELY
DISENGAGED
US spends
$1.53 billion
each year to
improve
engagement
CEO, our turnover
is 12% and the
benchmark is 20%
OR
CEO, our turnover
is 12% and it’s
costing us $2.2 MM
each year
TRUE
BUT ALSO TRUE
CEOs Want Worthless Benchmarks
How Much More Do Engaged Employees Produce?
Gallup: 22% more profitability/lower
turnover (TO)/higher earnings per share
(EPS)
GPTW Institute: 20% more
productivity/lower TO/higher EPS
Hewitt: % engaged correlates with higher
shareholder returns (S/H)
Kenexa: double S/H returns
WorkUSA/Watson Wyatt: 26% more
revenue per employee
 Reduce Cost of Turnover
 Improve Employee Engagement
 Improve Revenue & Profitability
Goals
Retention Programs are driven
from the side like town hall
meetings, employee
appreciation week, newsletters
Business Accountabilities are
driven by executives from the top
like sales, service, quality, & safety
86% of the time
Are Your Engagement & Retention Efforts Driven by…
Accountabilities Programs
Poll Question #1
How do you solve engagement &
retention?
With Accountabilities
With Programs
“If you have a turnover problem, look first to your
managers”… Gallup
Employees stay for managers first and co-workers
second… salary.com
Employees’ levels of engagement higher when their
supervisors had higher levels of engagement… DDI
“When employees stay, it is because of their
immediate managers”… National Education
Association
Employees who stay primarily for their supervisors
stay longer, perform better, and are more satisfied
with their pay…TalentKeepers
Supervisor’s Impact on Engagement & Retention
The Real Power of Supervision
A global consulting firm interviewed 1,000 recently-quit
employees and asked about pay, benefits, development,
advancement and relationships with supervisors… and found
supervisor relationships influenced all other opinions,
concluding…
“Offering a higher salary or
developmental/advancement
opportunity may not be enough to
retain employees”
First-Line
Supervisors’
Impact on
Engagement
Data per Gallup
The Incredible Power of
Accountability & First-Line
Retention Goals
Strategy A
Group of hospitals
“solved” nurse turnover
with onsite child care &
flexible scheduling
Strategy B
Outlier hospital
assigned retention
goals to managers and
reported progress
monthly
One Year Later: “A” turnover % identical,
“B” down 41%, saved millions of $s
Introducing the Power Of…
Why Was Your Best Boss
Your Best Boss?
And Why Was Your Worst
Boss Your Worst Boss?
The Fortune Top 100, 2012 - 2016
“ Baby bonding bucks…100,000 hours subsidized massages…subsidized
wash & fold…virtual doctor visits…3 prepared organic meals a day…artisan
tea & coffee…onsite oil changes/haircuts/spa truck/bike repair truck…nap
pods…volunteers to Ghana & India…7-acre sports complex…horseshoe
pits…free eyebrow shaping”
“Two-thirds of a company’s score is
based on the results of the Great
Place To Work’s Trust Index Survey”
“Any company can be a great place to
work. Our approach is based on the major
findings of 20 years of research – that trust
between managers and employees is the
primary defining characteristic of the very
best workplaces.”
The Great Place to Work Institute
Building Trust 1-1 Builds Profits
One Big Lesson Learned
It’s not what you give
them, it’s how you treat
them…and first line
supervisors most
influence employees’
relationships with
managers, colleagues,
and duties
And MUST build trust
Insanity: Doing the same thing
over and over again and
expecting different results
 Reduce Cost of Turnover
 Improve Employee Engagement
 Improve Revenue & Profitability
Stay
Interviews
The Power of Stay Interviews
A Stay Interview is a structured discussion a leader conducts
with each individual employee to learn the specific actions
she must take to strengthen that employee’s engagement and
retention with the organization
Stay Interviews…
Bring information that can be used today
Focus on individual employees including top performers
Put managers in the solution seat
3 Stay Interview Success Stories
Novo 1 Call Centers
Agent turnover down 20%
Florida Hospital Zephyrhills
All turnover down 37%
Nurse turnover down 70%
Burcham Hills Retirement
Community
Nurse turnover down 70%
100% retention first 180 days
Top-down, Cascading Implementation
Stay Interview Process Key Ingredients
Executives
w/ Managers
Managers w/
Supervisors
Supervisors
w/ Ind.
Contributors
Time
Stay Interview Process Key Ingredients
Conducted by supervisors vs. HR
Separate from Performance Review
Repeat at least 1X/yr for all existing
employees / 2 times a year for new hires
Script opening, questions, probes, closing
Create individual Stay Action Plans
Managers Forecast Retention
Top-Selling SHRM-Published
Book in History
Stay Interview 5 Questions
(1) To Build Trust & (2) Gather Data
1. When you travel to work each day,
what things do you look forward to?
2. What are you learning here?
3. Why do you stay here?
4. When was the last time you thought
about leaving our team? What
prompted it?
5. What can I do to make your
experience at work better for you?
Poll Question #2
In Stay Interviews, what do employees ask
for the most?
More pay
Development
Work/life balance
Better work processes
Promotions
What Do Employees Ask For The Most?
Better work processes!
Please eliminate this report/improve
equipment/get others to be more accountable
Employees most want to be more productive &
eliminate sacred cows
 Reduce Cost of Turnover
 Improve Employee Engagement
 Improve Revenue & Profitability
Forecast
Managers Forecast Retention
Likely to leave in a 6 months or less
Might leave in 6 – 12 months
Likely to stay greater than 1 year
Can be changed at any time if new information
Retention Forecast “HeatMap”
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
 Reduce Cost of Turnover
 Improve Employee Engagement
 Improve Revenue & Profitability
Accountability
“A” turnover % identical,
“B” down 41%, saved millions of $s
The Incredible Power of Accountability &
First-Line Retention Goals
Group of hospitals
“solved” nurse turnover
with onsite child care &
flexible scheduling
STRATEGY A
Outlier hospital assigned
retention goals to
managers and reported
progress monthly
STRATEGY B
one year
later…
The Power of Retention Accountability
MANAGER RETENTION GOALS
YTD ACTUAL
TURNOVER %
COST OF
TURNOVER
Bob Jones All T/O 15% 13% $105,378
1st Yr T/O 5% 3% 31,254
Sue Michaels All T/O 15% 10% $71,598
1st Yr T/O 5% 5% 49,560
Ray Murphy All T/O 15% 22% $221,369
1st Yr T/O 5% 11% 88,321
How To Build Stay Plans
 Development
 New Role/Promotion
 Pay
Subject Probes Solutions
Development If you could learn about
one additional topic
related to your job, what
would that one topic be?
How do you learn best? By
reading? Listening?
Observing? Doing?
How can I know that our
plan is working, that you
are learning what we both
want you to learn?
Assign a mentor for a
specific number of hours
each week for a specific
period of weeks
Ask employee to identify
relevant books and websites
Recommend internal
and/or external courses
Subject Probes Solutions
New Role/Promotion Tell me the perfect job for
you
Why is that job so
appealing to you?
What SKILLS do you have
that qualify you for that
job? What SKIILLS would
you have to build?
Ask employee to meet
with/shadow incumbent
and report back on 5 most
important SKILLS
Give employee specific
feedback on her SKILL levels
and SKILLS needed
Build plan to develop
SKILLS via mentoring,
coursework, and feedback
Subject Probes Solutions
Pay How much money do you
think you should be
making?
What actions do you see
that you can take to
increase your pay?
What SKILLS can you build
that would make you more
valuable to our company?
Check employee’s pay
against same-performing
peers to verify it is right
Design development plan
that is targeted toward a
different role for more pay if
employee has talent to
qualify
Ensure employee knows all
incentive opportunities that
might provide shorter-term
rewards
Vado Stay Interview ToolKit Contents
1. Introduction to the Stay Interview
2. Preparing to Conduct Stay Interviews
3. Essential Stay Interview Skill #1: Listening
4. Essential Stay Interview Skill #2: Taking Notes
5. Essential Stay Interview Skill #3: Probing
6. Essential Stay Interview Skill #4: Taking Notes
7. Managing the Stay Interview
8. Developing A Stay Plan
9. Closing & Moving Forward
10 – 12. Avoiding Stay Interview Traps
Gallup’s 100 Year Commitment
Surveying citizens of the world to learn what brings
most happiness over 100 years. So far the answer is
which…
a. Good health?
b. A good job?
c. Love and respect from others?
d. Money for needs and more?
e. Better life for your children?
Poll Question #3
Which is the greatest driver of global
happiness?
Good health
A good job
Love and respect from others
Money for needs and more
Better life for your children
Gallup’s 100 Year Commitment
a. Good health
b. A good job
c. Love and respect from others
d. Money for needs and more
e. Better life for your children
Feel free to contact me…
DFinnegan@C-SuiteAnalytics.com
LinkedIn Profile:
https://www.linkedin.com/pub/dick
-finnegan/6/874/a71
Speaker video:
http://c-
suiteanalytics.com/solutions/keynot
e-speaking/
Questions?
Stay Interviews Toolkit
12-part eLearning course
from Vado
1. Introduction to the Stay Interview
2. Essential Stay Interview Skill #1: Listening
3. Essential Stay Interview Skill #2: Take Notes
4. Essential Stay Interview Skill #3: Probing
5. Essential Stay Interview Skill #4: Taking Responsibility
6. Preparing to Conduct Stay Interviews
7. Avoiding Stay Interview Preparation Traps
8. Managing the Stay Interview
9. Avoiding Stay Interview Meeting Traps
10. Developing a Stay Plan
11. Avoiding Stay Interview Post-Interview Traps
12. Closing and Forecasting
Leadership Fundamentals
7-part video course
7-part video course
1. Introduction to Leadership
2. Leadership Throughout the Organization
3. What is Leadership?
4. Styles of Leadership
5. Management vs. Leadership
6. Traits of Successful Leaders
7. How Leaders Get Followers
Try out these video lessons
and more!
Let us know through the poll if you’d like a free trial of
BizLibrary’s online course collection.
www.bizlibrary.com/free-trial

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The Power of Stay Interviews for Employee Engagement & Retention

  • 1.
  • 2. Presenting Today Dick Finnegan CEO C-Suite Analytics @Dick_Finnegan Follow along on Twitter: #BizWebinar @BizLibrary Krista Brubaker Content Marketing Specialist BizLibrary kbrubaker@bizlibrary.com
  • 3. www.bizlibrary.com/free-trial BizLibrary helps organizations succeed by improving the way employees learn.
  • 4.
  • 5. Who Is C-Suite Analytics? Bring broad reach working with scores of US Companies and across 6 continents, with targeted retention techniques for many industries Business-driven by translating turnover %s and survey scores to the language of CEOs which is Dollar$ Improved retention 20-70% based on our founder’s top-selling, industry-changing books… Endorsed by Chief Executive Magazine, Consulting Magazine, and BusinessWeek which said, “Offers fresh thinking for solving the turnover problem in any economy”
  • 6. Today’s Map • The Power of Stay Interviews • First-line leaders roles in engagement & retention • Building trust is essential competency • The Stay Interview Tool-Kit • Bonus: What makes people happy?
  • 7. The Power of Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific actions she must take to strengthen that employee’s engagement and retention with the organization Stay Interviews… Bring information that can be used today Focus on individual employees including top performers Put managers in the solution seat
  • 8. Structured Five defined questions that will help you to yield needed information Stay Interviews are always conducted by each employee’s immediate supervisor in order to build trust Leader
  • 9.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Dollars
  • 10. U.S. Voluntary Quit Percentages, Post-Recession…U.S. Bureau of Labor Statistics Young U.S. workers will hold 10-14 jobs by age 38
  • 11. Engagement Stuck…per Gallup/Deloitte 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 ENGAGED NOT ENGAGED ACTIVELY DISENGAGED US spends $1.53 billion each year to improve engagement
  • 12. CEO, our turnover is 12% and the benchmark is 20% OR CEO, our turnover is 12% and it’s costing us $2.2 MM each year TRUE BUT ALSO TRUE CEOs Want Worthless Benchmarks
  • 13. How Much More Do Engaged Employees Produce? Gallup: 22% more profitability/lower turnover (TO)/higher earnings per share (EPS) GPTW Institute: 20% more productivity/lower TO/higher EPS Hewitt: % engaged correlates with higher shareholder returns (S/H) Kenexa: double S/H returns WorkUSA/Watson Wyatt: 26% more revenue per employee
  • 14.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Goals
  • 15. Retention Programs are driven from the side like town hall meetings, employee appreciation week, newsletters Business Accountabilities are driven by executives from the top like sales, service, quality, & safety 86% of the time Are Your Engagement & Retention Efforts Driven by… Accountabilities Programs
  • 16. Poll Question #1 How do you solve engagement & retention? With Accountabilities With Programs
  • 17. “If you have a turnover problem, look first to your managers”… Gallup Employees stay for managers first and co-workers second… salary.com Employees’ levels of engagement higher when their supervisors had higher levels of engagement… DDI “When employees stay, it is because of their immediate managers”… National Education Association Employees who stay primarily for their supervisors stay longer, perform better, and are more satisfied with their pay…TalentKeepers Supervisor’s Impact on Engagement & Retention
  • 18. The Real Power of Supervision A global consulting firm interviewed 1,000 recently-quit employees and asked about pay, benefits, development, advancement and relationships with supervisors… and found supervisor relationships influenced all other opinions, concluding… “Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”
  • 20. The Incredible Power of Accountability & First-Line Retention Goals Strategy A Group of hospitals “solved” nurse turnover with onsite child care & flexible scheduling Strategy B Outlier hospital assigned retention goals to managers and reported progress monthly One Year Later: “A” turnover % identical, “B” down 41%, saved millions of $s
  • 22. Why Was Your Best Boss Your Best Boss? And Why Was Your Worst Boss Your Worst Boss?
  • 23. The Fortune Top 100, 2012 - 2016 “ Baby bonding bucks…100,000 hours subsidized massages…subsidized wash & fold…virtual doctor visits…3 prepared organic meals a day…artisan tea & coffee…onsite oil changes/haircuts/spa truck/bike repair truck…nap pods…volunteers to Ghana & India…7-acre sports complex…horseshoe pits…free eyebrow shaping”
  • 24. “Two-thirds of a company’s score is based on the results of the Great Place To Work’s Trust Index Survey” “Any company can be a great place to work. Our approach is based on the major findings of 20 years of research – that trust between managers and employees is the primary defining characteristic of the very best workplaces.” The Great Place to Work Institute
  • 25. Building Trust 1-1 Builds Profits
  • 26. One Big Lesson Learned It’s not what you give them, it’s how you treat them…and first line supervisors most influence employees’ relationships with managers, colleagues, and duties And MUST build trust Insanity: Doing the same thing over and over again and expecting different results
  • 27.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Stay Interviews
  • 28. The Power of Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific actions she must take to strengthen that employee’s engagement and retention with the organization Stay Interviews… Bring information that can be used today Focus on individual employees including top performers Put managers in the solution seat
  • 29. 3 Stay Interview Success Stories Novo 1 Call Centers Agent turnover down 20% Florida Hospital Zephyrhills All turnover down 37% Nurse turnover down 70% Burcham Hills Retirement Community Nurse turnover down 70% 100% retention first 180 days
  • 30. Top-down, Cascading Implementation Stay Interview Process Key Ingredients Executives w/ Managers Managers w/ Supervisors Supervisors w/ Ind. Contributors Time
  • 31. Stay Interview Process Key Ingredients Conducted by supervisors vs. HR Separate from Performance Review Repeat at least 1X/yr for all existing employees / 2 times a year for new hires Script opening, questions, probes, closing Create individual Stay Action Plans Managers Forecast Retention Top-Selling SHRM-Published Book in History
  • 32. Stay Interview 5 Questions (1) To Build Trust & (2) Gather Data 1. When you travel to work each day, what things do you look forward to? 2. What are you learning here? 3. Why do you stay here? 4. When was the last time you thought about leaving our team? What prompted it? 5. What can I do to make your experience at work better for you?
  • 33. Poll Question #2 In Stay Interviews, what do employees ask for the most? More pay Development Work/life balance Better work processes Promotions
  • 34. What Do Employees Ask For The Most? Better work processes! Please eliminate this report/improve equipment/get others to be more accountable Employees most want to be more productive & eliminate sacred cows
  • 35.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Forecast
  • 36. Managers Forecast Retention Likely to leave in a 6 months or less Might leave in 6 – 12 months Likely to stay greater than 1 year Can be changed at any time if new information
  • 37. Retention Forecast “HeatMap” 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
  • 38.  Reduce Cost of Turnover  Improve Employee Engagement  Improve Revenue & Profitability Accountability
  • 39. “A” turnover % identical, “B” down 41%, saved millions of $s The Incredible Power of Accountability & First-Line Retention Goals Group of hospitals “solved” nurse turnover with onsite child care & flexible scheduling STRATEGY A Outlier hospital assigned retention goals to managers and reported progress monthly STRATEGY B one year later…
  • 40. The Power of Retention Accountability MANAGER RETENTION GOALS YTD ACTUAL TURNOVER % COST OF TURNOVER Bob Jones All T/O 15% 13% $105,378 1st Yr T/O 5% 3% 31,254 Sue Michaels All T/O 15% 10% $71,598 1st Yr T/O 5% 5% 49,560 Ray Murphy All T/O 15% 22% $221,369 1st Yr T/O 5% 11% 88,321
  • 41. How To Build Stay Plans  Development  New Role/Promotion  Pay
  • 42. Subject Probes Solutions Development If you could learn about one additional topic related to your job, what would that one topic be? How do you learn best? By reading? Listening? Observing? Doing? How can I know that our plan is working, that you are learning what we both want you to learn? Assign a mentor for a specific number of hours each week for a specific period of weeks Ask employee to identify relevant books and websites Recommend internal and/or external courses
  • 43. Subject Probes Solutions New Role/Promotion Tell me the perfect job for you Why is that job so appealing to you? What SKILLS do you have that qualify you for that job? What SKIILLS would you have to build? Ask employee to meet with/shadow incumbent and report back on 5 most important SKILLS Give employee specific feedback on her SKILL levels and SKILLS needed Build plan to develop SKILLS via mentoring, coursework, and feedback
  • 44. Subject Probes Solutions Pay How much money do you think you should be making? What actions do you see that you can take to increase your pay? What SKILLS can you build that would make you more valuable to our company? Check employee’s pay against same-performing peers to verify it is right Design development plan that is targeted toward a different role for more pay if employee has talent to qualify Ensure employee knows all incentive opportunities that might provide shorter-term rewards
  • 45. Vado Stay Interview ToolKit Contents 1. Introduction to the Stay Interview 2. Preparing to Conduct Stay Interviews 3. Essential Stay Interview Skill #1: Listening 4. Essential Stay Interview Skill #2: Taking Notes 5. Essential Stay Interview Skill #3: Probing 6. Essential Stay Interview Skill #4: Taking Notes 7. Managing the Stay Interview 8. Developing A Stay Plan 9. Closing & Moving Forward 10 – 12. Avoiding Stay Interview Traps
  • 46. Gallup’s 100 Year Commitment Surveying citizens of the world to learn what brings most happiness over 100 years. So far the answer is which… a. Good health? b. A good job? c. Love and respect from others? d. Money for needs and more? e. Better life for your children?
  • 47. Poll Question #3 Which is the greatest driver of global happiness? Good health A good job Love and respect from others Money for needs and more Better life for your children
  • 48. Gallup’s 100 Year Commitment a. Good health b. A good job c. Love and respect from others d. Money for needs and more e. Better life for your children
  • 49. Feel free to contact me… DFinnegan@C-SuiteAnalytics.com LinkedIn Profile: https://www.linkedin.com/pub/dick -finnegan/6/874/a71 Speaker video: http://c- suiteanalytics.com/solutions/keynot e-speaking/
  • 51. Stay Interviews Toolkit 12-part eLearning course from Vado 1. Introduction to the Stay Interview 2. Essential Stay Interview Skill #1: Listening 3. Essential Stay Interview Skill #2: Take Notes 4. Essential Stay Interview Skill #3: Probing 5. Essential Stay Interview Skill #4: Taking Responsibility 6. Preparing to Conduct Stay Interviews 7. Avoiding Stay Interview Preparation Traps 8. Managing the Stay Interview 9. Avoiding Stay Interview Meeting Traps 10. Developing a Stay Plan 11. Avoiding Stay Interview Post-Interview Traps 12. Closing and Forecasting
  • 52. Leadership Fundamentals 7-part video course 7-part video course 1. Introduction to Leadership 2. Leadership Throughout the Organization 3. What is Leadership? 4. Styles of Leadership 5. Management vs. Leadership 6. Traits of Successful Leaders 7. How Leaders Get Followers
  • 53. Try out these video lessons and more! Let us know through the poll if you’d like a free trial of BizLibrary’s online course collection. www.bizlibrary.com/free-trial