The Stay Interview Secret - A Simple Strategy to Dramatically Increase Retention & Engagement
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Is employee turnover a serious issue for your organization? Are your current engagement programs and surveys no longer effective? Chances are you have the right intentions, but just the wrong tools. In this informative webinar, Dick Finnegan, the leading Stay Interview expert and author of the best-selling SHRM book in history, The Power of Stay Interviews, will reveal how HR professionals are using Stay Interview programs to dramatically lower turnover costs and improve employee engagement for organizations of all sizes. Key takeaways will include: 1. Rethinking Retention - 3 reasons most retention programs don't work & how to avoid them. 2. Stay Interview Structure - How to build an efficient & effective Stay Interview program (that line managers will use!) 3. Stay Interview Strategy - How to use Stay Interviews to achieve strategic HR, effective line managers and engaged employees 4. Stay Interview Solutions - How to build a business case for your Stay Interview program that guarantees ROI (and makes you look like a rockstar!)
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The Stay Interview Secret - A Simple Strategy to Dramatically Increase Retention & Engagement
- 1. The Stay Interview Secret The Simple Strategy To Dramatically Increase Retention & Engagement
- 2. Our Presenters AGENDA Dick Finnegan CEO, C-Suite Analytics Author, The Power of Stay Interviews Brian Sharp Chief Marketing Officer , HRsoft The Stay Interview Secret
- 3. AGENDA Stay Interviews are here to stay! The Stay Interview Secret
- 7. Sometimes we have the right intentions & experience …just the wrong tools.
- 8. AGENDA Engagement: The results are in… The Stay Interview Secret Source: Gallup
- 9. AGENDA The Stay Interview Secret Source: Gallup Engagement: The results are in… Disengaged Employees cost U.S. businesses $450 - $550 billion every year
- 10. AGENDA Poll Question CHANGE Have your engagement scores significantly increased over the past 2 years? a. Yes b. No c. Not Sure The Stay Interview Secret
- 11. AGENDA Retention: The results are in… Employee Turnover has been increasing over the last 5 years The Stay Interview Secret
- 12. AGENDA Retention: The results are in… Employee Turnover costs up to 200% Source: The Hay Group of annual salary The Stay Interview Secret
- 13. AGENDA Poll Question CHANGE Do you know what your employee turnover cost is? a. Yes b. No c. Not Sure The Stay Interview Secret
- 14. AGENDA A New Approach High Impact Stay Interviews™ Strategic HR Effective Line Managers Engaged Employees The Stay Interview Secret
- 15. STAY INTERVIEWS The Structure
- 16. AGENDATop 3 Reasons Retention Programs Fail 1. No way to target top performers 2. No accountability 3. No solutions! The Stay Interview Secret
- 17. AGENDA Rethinking Employee Surveys Lots of data but… Tedious process No accountability No action plan No solutions The Stay Interview Secret
- 18. AGENDA The Power of Stay Interviews Stay Interviews are 1-1 meetings between leaders and their newly-hired and continuing employees to improve engagement & retention Train all leaders from executives to first-line supervisors to… Build trust Conduct stay interviews Develop stay plans Forecast each employee’s individual retention The Stay Interview Secret
- 19. AGESNtrDuActure of an Effective Stay Interview Program Cascade Tops Down Conducted by supervisors vs. HR Separate from Performance Have managers forecast retention Gather stay & leave reasons at the top Once/year continuing employees and The Stay Interview Secret twice for new hires
- 20. STAY INTERVIEWS The Strategy
- 21. AGENDA Poll Question CHANGE Who do you feel has the greatest impact on retention? a. HR b. Line Managers c. Employees d. All of the above e. None of the above The Stay Interview Secret
- 22. Big Lesson Learned First-line supervisors drive employee & company relationships.
- 23. AGENDA The Real Power of Supervision “Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees” The Stay Interview Secret (HR Consulting Survey)
- 24. AGENDA Strategy #1: Know Your Numbers The Stay Interview Secret TURNOVER COSTS = Cost Per Hire + LOST PRODUCTIVITY (Not __% of Annual Pay) Actual client turnover costs by job: Physician…$225,808 Software engineer….$131,000 Call center representative…$29,447 Truck loader/unloader…$4,955
- 25. AGENDAStrategy #2: Know Your Responsibilities The Stay Interview Secret Executives Line Managers HR
- 26. AGENDA Strategy #3: Teach the Right Skills The Stay Interview Secret 1. Asking the right questions 2. Probing 3. Building the right stay plans 4. Forecasting
- 27. STAY INTERVIEWS The Solution
- 28. AGENDA Poll Question CHANGE How much confidence do you have in your 2015 strategy to improve engagement & retention? a. Very confident b. Somewhat confident c. Not confident d. None – I’m sleepless! The Stay Interview Secret
- 29. AGENDA Making a Business Case with Costs CEO, our turnover is 19% and the benchmark is 20% OR CEO, our turnover is 19% and it’s costing us $7.9 MM each year The Stay Interview Secret
- 30. AGENDADollars Drive Retention Accountability Manager Retention Goals Results Cost of Turnover Merbach All T/O 15% 13% $105,378 1st Yr T/O 5% 3% 31,254 Finnegan All T/O 15% 10% $71,598 1st Yr T/O 5% 5% 49,560 Murphy All T/O 15% 22% $221,369 1st Yr T/O 5% 11% 88,321 The Stay Interview Secret
- 31. AGENDA Stay Interview Success Stories The Stay Interview Secret Florida Hospital Zephyrhills All turnover down 37% Nurse turnover down 70% Burcham Hills Retirement Community Nurse turnover down 70% 100% retention first 180 days Novo 1 Call Centers Agent turnover down 20%
- 32. AGENDA Stay Interview Success Stories Reduced turnover by 50% in four months… Quality measures, cost per call & average handle time much improved The Stay Interview Secret
- 33. STAY INTERVIEWS Finally…the right tool.
- 34. Talent Takeaways Structure 5 key questions & teaching the right skills Strategy Line managers are key to driving retention & engagement Solution Dollars drive retention accountability The Stay Interview Secret
- 35. STAYview™ High Impact Stay Interview System™ HRsoft.com The Stay Interview Secret
- 36. Strategy Session answer questions share resources offer solutions HRsoft.com The Stay Interview Secret
- 37. The Stay Interview Secret The Simple Strategy To Dramatically Increase Retention & Engagement