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Winning Employee Retention Tactics for Managers [webcast]

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You’ve invested a lot of time and money recruiting and hiring the right talent for your small to mid-sized businesses (SMB). The last thing you want to do is let all that hard work go down the drain when an employee leaves for another opportunity.
But, many SMBs ask, “How do I keep the talent I worked so hard to recruit?” Borrowing “big company” tactics can help you build a truly effective employee retention program.
In this Slideshare, you’ll learn:
- Eye-opening statistics on employee attrition’s business impact
- How to be an effective manager that keeps teams happy
- Tangible tips, tricks, and examples of employee retention programs companies have used

Publicada em: Recrutamento e RH
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Winning Employee Retention Tactics for Managers [webcast]

  1. 1. Winning Employee Retention Tactics for Managers August 25, 2016
  2. 2. Hi! It’s nice to meet you. #hiretowin Stephanie Bevegni Content Marketing Manager LinkedIn linkedin.com/in/stephhowellbevegni Suzanne Tran Sr. Marketing Manager LinkedIn linkedin.com/in/suztran
  3. 3. Today’s session will cover: #hiretowin a. Business impact: How poor employee retention can make or break SMBs b. Areas of focus: 5 core areas to focus on to achieve higher employee retention c. Inspirational retention examples: See tips, tricks, and creative employee retention programs
  4. 4. Business impact: How poor employee retention can make or break SMBs #hiretowin 1
  5. 5. 5#hiretowin expensive and can drain limited resources $11 billion lost annually Entry: 30-50% annual salary Mid: 150% annual salary Senior: 400% annual salary Sources: Bloomberg BNA, ERE Media Turnover is 1 of 3 new hires quit 6+ mo.
  6. 6. 6#hiretowin 2.5x to stay at work late 5x likely to refer candidates 27% more likely have “excellent” performance by company 2016 Global Recruiting Trends, Temkin Group, Gallup reduce costs plus increase productivity/revenue Employee retention & engagement programs can 59% less likely to look for a job in next 12 mo. 45% more likely to report high adaptability during change 21% higher productivity
  7. 7. Areas of focus: 5 key areas #hiretowin 2
  8. 8. 8#hiretowin Top 5 reasons employees turnover 1 2 3 4 5 Mismatch between job and hire Misalignment or change in the original job description can lead to mistrust Lack of work / life culture 29% of American employees resign due to work overload and lack of healthy work-life balance (Cornerstone) Below market compensation packages 66% of employees whose offices provide free snacks or beverages report being extremely or very happy with their current job (PeaPod) Feeling undervalued 75% of employees receiving at least monthly recognition (even if informal) are satisfied with their job (BambooHR) Stunted growth + lack of coaching, guidance, and leadership 51% of employees report they receive “no input” or “input only once in a while” from superiors on how to perform better in their roles (Mercer)
  9. 9. Inspirational programs Tips, tricks, and real examples that will inspire #hiretowin 3 Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  10. 10. Consistent and honest communication about the job Problem #1: Mismatch between job and hire Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Information Collection 1 bit.ly/2016_SMB_Toolbox Writing The Job Description bit.ly/JobPostingKit 2 Phone Screening bit.ly/2016_SMB_Toolbox 3 In-person Interviews bit.ly/30InterviewQuestions 4
  11. 11. Information Collection Drill down on the core elements of the job Information Collection  Answer key questions to describe the role (See InTake Form)  Review with key stakeholders (Sanity check) Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  12. 12. Writing the Job Description Include all of the important elements Writing The Job Description  Include all pertinent information (See checklist)  Use other examples with similar roles for inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  13. 13. Phone Screening Stay consistent and look for a “good” to “great” fit Phone Screening  Review the job description (align with job description)  Be honest, open, and upfront about any potential changes in the role  Ask the right interview questions Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  14. 14. In-person Interviews Team alignment In-person Interviews  Provide team with the job description and candidate resume/LinkedIn profile  Ask what does the candidate know about the role  Highlight/prescribe key areas to focus during interview  Be honest, open, and upfront about any potential changes in the role ROLE-BASED: a.Understanding of the role b.Case examples c.Greatest success d.Example of what he/she would do differently e.Assign a homework assignment BEHAVIORAL: a.Ability to lead b.Judgment & prioritization c.Achievements d.Work relationships e.Accountability f.Growth g.Integrity h.Collaboration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  15. 15. Encourage and communicate work/life balance Problem #2: Poor work/life balance Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth 1. Keep a pulse on burnout 2. Embrace flextime & telecommuting 3. Bring home to work 4. Promote health initiatives 5. Lead by example (e.g. stay to work hours, leave at reasonable hour) Communicate Work / Life Balance
  16. 16. Encourage and communicate work/life balance Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Sources: The Muse Ascend HR Corp embraces flextime, telecommuting, and home to work
  17. 17. Encourage and communicate work/life balance Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Sources: The Muse Fetch Robotics encourages time out for office play
  18. 18. Encourage and communicate work/life balance Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Sources: The Muse Windsor balances work/play with community service (as a team)!
  19. 19. Encourage and communicate work/life balance Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Sources: The Muse Plated fosters a health and wellbeing
  20. 20. Compensation can be more than just salary Problem #3: Less than competitive compensation package “Our strategy is to hit 75 percent of what the market is paying…” Susan Strayer LaMotte Founder of Exaqueo. Competitive salary: Includes salaries that are “at market” or above  Establish salary ranges to match open roles  Research and analyze competitive salary ranges & what your competition is doing  Consider incentive pay (reward top performers), bonuses, equity, sign-on bonus, and/or commissions Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Insurance benefits + 401K: Try to offer dental, vision, and medical insurance  Evaluate if company can cover 100% or a portion of costs or consider voluntary benefits  Consider covering employee or employee + family  Consider add-on benefits like long-term disability, 401K, etc.  Employers can deduct contributions made to employees’ 401(k) accounts
  21. 21. Compensation can be more than just salary Problem #3: Less than competitive compensation package Paid time off: Average employer provides 9 paid holidays  Consider reserving all major holidays with buffer days  Allow 1+ “floating holiday each year  Some companies have Discretionary Time Off Indirect compensation benefits: •Flexible working schedules •Elder / child care •Moving expenses •Tickets to events (ball games, concerts) •Office food/snacks •Recognition and rewards for performance •Annual trips •Office toys / games (ping pong table) •Amenities Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  22. 22. Compensation can be more than just salary Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth AddThis gains benefits from free food/drinks in more ways than one
  23. 23. Sources: The Muse Omnigon plans monthly outings and hosts happy hours Compensation can be more than just salary Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  24. 24. Elevate and celebrate your team members Problem #4: Feeling undervalued Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth 1 2 3 4 Be sincere Offering your sincere gratitude for their efforts. Publicize achievements Spread the word about the individual / team’s accomplishments in meetings or to the entire company Highlight work towards the bigger picture Share information about the business and how their standout efforts impacts the company’s overall goals Treat your team members every once in awhile Whether it be an individual or team effort, treat them to dinner, lunch, an outing 5 Management alignment on workplace environment Office culture has a big impact on feeling valued. Managers can set the style for a culture of appreciation and elevating/celebrating their team
  25. 25. Elevate and celebrate your team members Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth UC Davis Medical Center Uber Celebrate career achievements
  26. 26. Elevate and celebrate your team members Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Google Act-on Software Show public displays of appreciation Allow employees to announce big wins
  27. 27. Elevate and celebrate your team members Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth Facebook Starbucks, PlayStation Honor work anniversaries Create award programs
  28. 28. Encourage growth with your support Problem #5: Lack of growth, coaching, guidance, and leadership 1 2 3 4 Regular employee pulse check-ins Collect feedback from the employee on how he/she is feeling, what is needed, questions, etc. Career development Conduct bi-annual career development sessions to discuss and detail career growth plans and development needs Support employee goals Building new skills and experience can motivate teams. Consider organizing training and development opportunities, paying for Lynda subscriptions, have a ½ day for learning Mentorship programs Senior staff can share their experience to help junior employees gain new leanings / skills and it also helps make senior staff feel valued Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth
  29. 29. Encourage growth with your support Inspiration Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth a. Think of team members as allies on a tour of duty b. Have courage to discuss that someday your team may decide to work outside of the company c. Discuss how you can work together to transform their career and the company while they’re with you d. Model honesty by communicating your own dreams and aspirations e. Ensure your team is building their skillset on their tour of duty
  30. 30. Summary #hiretowin 4
  31. 31. 31#hiretowin 5 areas to focus on Summary 1 2 3 4 5 Prevent any misalignment between job to hire Be specific about the job role and responsibilities and open / honest about any changes that could happen Encourage work / life culture Unhappy and burnt out employees result in a continuous revolving door that costs more money and time Attractive compensation packages Offer above industry average OR add creative benefits to sweeten the package Make employee recognition a priority Elevate and celebrate your employees which makes them feel valued and helps prolongs their tenure at the company Stay consistent with coaching, guidance, and leadership Encourage career growth and development with consistent coaching, guidance, and open communication
  32. 32. LinkedIn Talent Solutions offers a full suite of tools to help you find, attract, and hire top candidates. Contact us to learn more. Call 855-655-5653 or visit bit.ly/contacttalentsolutions #hiretowin

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