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Equinox Partners - 15Five Leader's Guide

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PAGE 1
The Strategic People
Leader’s Guide:
Creating a Positive
Employee Experience
In the Digital Age, technology has com...
PAGE 2
Table of Contents
THE CURRENT STATE OF THE WORKPLACE
THE COST OF A DISENGAGED EMPLOYEE
DATA REVEALS OUR BIGGEST PAI...
PAGE 3
In recent years, the percentage of engaged employees
within the U.S. and Canada has stayed stagnant, hovering
in th...
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Equinox Partners - 15Five Leader's Guide

  1. 1. PAGE 1 The Strategic People Leader’s Guide: Creating a Positive Employee Experience In the Digital Age, technology has completely shifted the world of work as we know it. People don’t merely work to live anymore; they work to learn new skills, feed their passions, and become better humans. This change in employees has triggered an even bigger shift in the workplace. To provide an environment that attracts and retains employees and brings out their best performance, companies must focus on providing a uniquely impressive and holistic employee experience. But providing an excellent employee experience isn’t a quick or easy process. 15Five’s spot on Inc. Magazine’s Best Workplaces list and Glassdoor’s Best Places to Work weren’t earned by implementing generic, one-size-fits-all plans; we took our years of performance management experience and paired it with evidence-backed data to create a successful strategy and we help our customers do the same. This comprehensive guide can be used as a model when developing your own strategy, and tailoring it to your people’s unique needs. Below, we share proven methods and best practices for designing an extraordinary employee experience, along with insight into how each individual contributor has the power to impact your company’s bottom line. Contact: Equinox Partners Ltd Metro City Business Center 51, Alexander Malinov Blvd Sofia, Bulgaria Plamen Petrov plamen.petrov@equinox-partners.bg +359 899 826 714
  2. 2. PAGE 2 Table of Contents THE CURRENT STATE OF THE WORKPLACE THE COST OF A DISENGAGED EMPLOYEE DATA REVEALS OUR BIGGEST PAIN POINTS BRINGING YOUR WHOLE SELF TO WORK THE POWER OF PROFESSIONAL DEVELOPMENT UPSKILLING YOUR EMPLOYEES CONDUCTING EFFECTIVE 1-ON-1S TIPS FOR GUIDING YOUR NEXT 1-ON-1 THE IMPACT OF EMPLOYEE LOYALTY NEXT STEPS: CREATING AN EXPERIENCE THAT BRINGS OUT YOUR BEST SELF HOW 15FIVE HELPS ITS CUSTOMERS 3 4 5 6 7 8 8 9 9 10 14
  3. 3. PAGE 3 In recent years, the percentage of engaged employees within the U.S. and Canada has stayed stagnant, hovering in the lower 30s with no jump in either direction. While the percentage of actively disengaged workers is at an all-time low, still, an astounding 13 percent of U.S. workers claim to be miserable in their role. This leaves a significant percentage (53 percent) who are not engaged, and instead showing up to work simply going through the motions. This data tells us that an overwhelming majority of people don’t feel an innate connection to their role or company, putting most companies at risk of high employee turnover rates. The newer generation of employees require more than a pat on the back to show up to work day-in and day-out to perform at their best. Businesses are now feeling the pressure from this group and have begun recognizing the importance of work-life synergy and modifying their learning and development efforts to fit. This can include online learning offerings, personal and professional development stipends, and services to help people manage stress, such as guided meditations. Work-life balance, while nice in theory, is a myth. It’s safe to say that, for many, work occupies about half of our waking hours, but work and personal life are not easily compartmentalized. To balance work and life implies the separation of the two, but new technology and evolving workplace environments are conflating business and pleasure. Instead of work-life balance, modern workers have subscribed to the idea of work-life synergy. Technology, flexible working hours, and office design have made progress in reaching these needs— management styles, however, have not. The current state of the workplace Work-life synergy is a mutually beneficial relationship between your personal and work life, where both complement the other. When a person is fully supported to be their whole self, and do work in alignment with their strengths, they feel engaged and empowered in other aspects of their life.
  4. 4. PAGE 4 Would you be relieved if you heard your manager was leaving? 32% would be. Do you believe you could do your manager’s job better? Almost half of the respondents think so. When a culture change is needed in an organization, HR is often expected to lead the charge. Although many of these moves intuitively feel right, HR leaders need more to convince the C-suite, employees, and even themselves that the ROI from the change will be beneficial. A Gallup study found that a positive employee experience led to higher profitability, productivity, safety, quality, and customer ratings, and decreases turnover, safety incidents, shrinkage, absenteeism, and patient safety incidents. Studies also examine the cost of not investing in the employee experience. Disengaged employees cost organizations $3,400 for every $10,000 in annual salary and cost the American economy as much as $350 billion each year in lost productivity. $350 BILLION EACH YEAR IN LOST PRODUCTIVITY $3,400 FOR EVERY $10,000 IN ANNUAL SALARY THE COST OF DISENGAGED EMPLOYEES At 15Five, we wanted to fully understand where companies are falling short and how we can better serve companies to fill those gaps, so we conducted a data study of what we call The Next Generation Workplace. We surveyed 1,000 full-time U.S. employees and 500 U.S. managers to capture insights about the landscape of today’s workplace. We asked questions that helped us further understand the support requirements of workers, their relationships with their leaders, and their plans. HERE ARE A FEW EXAMPLES OF QUESTIONS WE ASKED AND THE ANSWERS WE FOUND: Would you like your company to offer more leadership and manager training opportunities? Three quarters of managers say they would. How honest do you think your direct report(s) are with you during your check-ins? Almost half of managers believe their employees withhold some sensitive or negative feedback. The cost of a disengaged employee Data reveals our biggest pain points 48% 75% 47% 32%
  5. 5. PAGE 5 Companies can empower work-life synergy by offering benefits like flexible work arrangements, family leave, support for mental and emotional wellness, or an à la carte menu of options that allow employees to tailor benefits to their needs. As part of this integration between personal and professional lives, employees increasingly want to work for companies where their values align. But feeling that alignment can be difficult when only 2 percent of employees can name their companies’ top three priorities... At 15Five, we use OKRs (objectives and key results) in performance management to set individual, department, and company-wide goals. This process helps employees tie their work directly to the company mission, which helps them feel more embedded in the organization. Our research found that when leaders check in with employees in 1-on-1s at least once a week, employees have more confidence in leadership, are more transparent, feel their suggestions are heard, and are more likely to ask for help when needed. Opening the line of communication paves the way for more honest and vulnerable conversations. Having these meaningful discussions at work not only break down any previous silos, but can allow employees to show up as their whole, authentic selves.
  6. 6. PAGE 6 Within the last few years, we’ve watched millennials’ share of the workforce increase dramatically. This generation of workers has now taken the spot as the largest living adult generation, and many have already worked their way up into leadership roles. With more boomers retiring each year, millennials are on track to make up 75 percent of the workforce by 2030 and continue to heavily influence employee experience trends. Businesses seeking to motivate employees in their work will now have to tailor their employee engagement strategies to this group. Research suggests that they are driven by open communication, a great work culture, involvement with causes, and achieving purpose and fulfillment. Despite the flack they receive from previous generations, millennials are enthusiastic about learning and thrive in collaborative work environments that value psychological safety. This paradigm shift in organizations’ people management practices doesn’t just benefit one generation of employees. While millennials perform at their peak when given regular feedback, flexibility in how they work, and growth opportunities, these practices have been proven to unlock engagement no matter when an employee was born. As the newer generations come into roles of leadership, they are redirecting focus onto the people that make up their companies, and the cultures they co-create with them. Creating a culture of engaged, loyal, and productive employees begins with a hyper-focus on the individual. Tending to the specific needs and wants of your people can be the difference between scraping by or excelling. To successfully do this, you must understand the whole employee. When a company hires a person, they aren’t just hiring a set of skills; they are hiring a human being— one who has positive and negative traits. When companies embrace the whole person, that employee feels a deeper connection to the organization and their role. They become more comfortable speaking up, sharing ideas, collaborating with team members, and being creative—necessary actions for companies to succeed in today’s business world. Bringing your whole self to work Psychological safety is a shared belief that the team is safe for interpersonal risk-taking. It can be defined as “being able to show and employ one’s self without fear of negative consequences or self-image, status or career.”
  7. 7. PAGE 7 Creating a deep sense of belonging with each employee isn’t achieved through company offsites or generous PTO, it’s a commitment from the leadership team and each manager to focus on the specific needs of every employee and empowering them to learn, grow, and develop. Fortunately, the desire to learn is strong. Employees of all generations want career growth, with millennials valuing the learning of new skills most. One study found 72 percent of millennials look for these opportunities, versus 52 percent of boomers and 64 percent of Gen Xers. The desire to learn isn’t limited to entry-level employees; seventy-five percent of managers surveyed state they want more managerial and leadership training. But this means there is a significant need still waiting to be met. Making personal and professional development a priority in your company can greatly improve employee experience, productivity, and retention. While there is a financial cost of providing these types of opportunities, the cost of not doing it may be higher. A Bridge study found that 67 percent of millennials would leave a job that didn’t offer growth or development opportunities. According to Gallup, when an employee quits, it can take upwards of 2x of their salary to find a replacement. Given the average turnover rate of 26 percent, for a company of 100 employees with an average salary of $50,000, it can potentially add up to $2.6 million a year to replace workers. LinkedIn’s 2019 Workplace Learning Report found that more executives than ever (82 percent) are championing employee engagement through professional development. L&D professionals are now proactively seeking skill gaps in various ways, such as conducting internal assessments and making room in meetings with senior executives. As the progression of technology speeds up, new pathways for personal development in the workplace begin to take shape. Because of these opportunities, more dollars are being shifted to online learning solutions, according to LinkedIn’s 2019 Workplace Learning Report. Nothing can fully replace the value of face-to-face learning environments, but no one can deny the benefits of online learning tools. They are quicker, more personalized, and fit into any schedule. At 15Five, we make full use of our incredible resources, both on and offline. Not only do we offer them to our employees, but take measures to ensure they are using them consistently. Some examples are: The power of professional development 75% OF MANAGERS SURVEYED WANT MORE MANAGERIAL AND LEADERSHIP TRAINING 75% GENERATIONS LOOKING FOR CAREER GROWTH GEN XERS | 64% BOOMERS | 52% MILLENNIALS | 72% A wellness stipend is given to every employee that allows them to use it on anything from a gym membership to a massage appointment. A personal development activity allowance so employees can seek out any personal growth or learning they desire. A Genius-Styles Analysis, which is a two-hour private coaching session helping individuals discover innate talents and develop custom strategies to unlock their full potential.
  8. 8. PAGE 8 Although employees want their companies to provide development opportunities, employees will look for their own opportunities for growth. We’ve already noted how development is critical for retention, but nearly 60 percent of millennials say that career opportunities are a factor during the recruiting process. In recruiting sessions, employees often ask about L&D programs, so providing those programs can influence your ability to attract top tier talent. While it’s refreshing to know many employees are seeking ways to improve themselves, in an Udemy survey, 84 percent of U.S. workers still believe there is a skills gap among employees in the workplace. Allowing upskilling is necessary for two reasons; your company won’t keep up with its competitors, and employees are demanding it. The same Udemy survey found that at least 51 percent of people say they would quit a job that didn’t provide additional training. Upskilling isn’t just the act of completing a new certification; it’s promoting a growth mindset, the quest for continual learning and evolution—and creating the right behaviors to match. Allowing employees to take charge of their own learning path can give a new sense of confidence and autonomy, which can improve the employee experience. Still, managers must provide guidance so that employees know where to focus their development. The thought of a 1-on-1 meeting with an employee can strike anxiety in even the most seasoned managers. The problem is that most people don’t know how to lead productive conversations in these moments. Most managers aren’t trained on how have this discussion and make it useful, so they lean on the ones they’ve experienced, perhaps basing their conversations on unsatisfactory examples from their past. A 1-on-1 meeting is one of the most important tools managers has available. This time with an individual employee provides an opportunity to build a relationship, establish goals and check progress, discuss any stumbling blocks or opportunities, and provide valuable coaching. Unfortunately, as powerful as 1-on-1s are, they are often one of the first meetings to get canceled during busy weeks or months. Since employees are more likely to leave a company because of the manager, having regular 1-on-1s can build a connection that increases retention, streamline work processes, and boosts the employee’s overall experience. Keep in mind that 1-on-1s are dynamic; they’re not one- size-fits-all and will depend on many unique factors, such as how the other person prefers to receive feedback and the level of trust and transparency that is developed. It seems counterintuitive that spending time will free up time, but that’s exactly what these meetings can do. 1-on- 1s help managers avoid overwhelm by making sure that every employee focuses on the most impactful tasks. Taking a few minutes to coach employees frees up your time to focus on your work with the confidence that you won’t be putting out fires later. Upskilling your employees Conducting effective 1-on-1s The Growth Mindset, which was coined by Carol Dweck, is the belief that you are a work in progress and, with enough focus and attention, you can control things like I.Q., competence, and so on. This view creates a love of learning and a resilience that is essential for great accomplishment.
  9. 9. PAGE 9 In your 1-on-1s with your employees, ask them specific questions regarding their interest in learning and development. “What hard skill, if improved, would make the biggest difference?” Knowing what drives your people can allow you the chance to connect with them. Through this connection, you can begin linking ways to incorporate their passions into their work to offer the opportunity to flex their strengths. ESTABLISH A REGULAR CADENCE. Make sure that conversations are consistent. Try 30 minutes once a week to start ENCOURAGE TWO-WAY COMMUNICATION. Discussions are only effective when both parties are engaged and participatory PREPARE AN AGENDA. Use time effectively by having a concept of the conversation flow before meeting DO YOUR HOMEWORK. Come with talking points, objectives and priorities gathered from the previous week BEGIN BY TOUCHING BASE. Get a pulse on how both of you are feeling. Building trust will encourage honesty END WITH ACTION ITEMS. Assemble key takeaways from the conversation as objectives for the next 1-on-1 Tips for guiding your next 1-on-1 1-ON-1 MEETING CHECKLIST: Numerous studies show that a positive employee experience increases loyalty and retention. The key to keeping your rockstar talent is giving them opportunities to grow, not only within the company but as an individual. By paying close attention to your employees’ personal strengths, you can help them create an aspirational job description that fully aligns with their passion and keep them highly engaged, productive, and loyal to the company. When new employees are onboarded into their new role at 15Five, we provide them access to a Gallup Strengthsfinder assessment. This online survey is the holy grail of talent discovery and can help you uncover what you naturally do best. We also encourage each employee to take the VIA Character Strengths test, created by the father of Positive Psychology, Martin Seligman, and backed by years of scientific research to help you find your unique positive personality traits. The impact of employee loyalty
  10. 10. PAGE 10 By creating the space and offering the right resources for people to discover their natural talents, those at the top can help to develop leadership strengths on every level. Unfortunately, companies often fall short of actually utilizing the strengths of their people because they aren’t taking the time to discern their personal talents. Some organizations focus on the shortcomings of their people instead of seeking out their best traits. They do this as a way to “fix the bad” rather than to grow the good. When this is the case, an employee’s sense of satisfaction at work can take a steep decline. It turns out that employees are not motivated to improve themselves by fixating on what is wrong. They are deeply encouraged by the strengths they already have and using them to create real, positive change. Those in leadership positions have the unique opportunity to discover and understand the strengths of their employees and apply them to create better- performing teams. Yet, occasionally, employees still leave. But when they do, they can take their loyalty and become brand ambassadors, touting the power of your company for years to come—both to prospective candidates and customers. The reality is, of course, employees will come and go. But by establishing a memorable employee experience, you will create a community of alumni that support your business no matter where their passions take them. This long view is valuable in an environment where employees increasingly job hop. Managers may question the viability of developing the workforce when employees may leave in a few years. It is inevitable that once we invite employees to bring their whole selves to work and encourage them to explore their passions, some employees will discover that their path is no longer with the company. This doesn’t mean the manager’s support or employee’s development was wasted. Instead of focusing on the employee’s departure, recognize that by creating a positive employee experience, you’ll gain unwavering loyalty that can bring rewards for years to come. At 15Five, we are on a mission to help you unlock the potential of every one of your employees. We aim to achieve this through the use of our Best-Self Management methodology, Best-Self Kickoff, and Best-Self Review. Our primary focus is on the individual, ensuring that each employee’s needs are fully met and that their passions align with the work they produce. Through this understanding, we are able to help you build better manager/employee relationships and create a workplace that supports learning and development on every level. Next steps: Creating an experince that brings out your best self
  11. 11. PAGE 11 Our Best-Self Management is a philosophy and methodology that allows you to address the hidden factors that stimulate sustainable growth and development in each employee. In turn, this level of personal development can help your employees become far more creative and productive than you ever thought possible. Because today, what organizations need most are people who tap into their greatest gifts and strengths, who are passionate, committed to the mission, and able to express genius-level performance through their work. These people are anything but easily replaceable. First, it’s about creating a culture that brings out the best in who your people are today, and second, it’s about supporting people in learning, growing, developing, evolving, and becoming their best over time. We’re all works in progress. We all have a unique set of talents, passions, and perspectives. When we take the time to understand what those are and allow someone to align their work with those talents and passions such that they’re able to make the greatest contribution possible, they can’t help but grow quickly. Best-Self Management By helping your employees develop a clearer vision of who their best self is, you can more easily create actionable plans to achieve that vision. Each people manager must understand what the biggest priorities are in their employees’ lives. Being your best self doesn’t start and end within the walls of the office; therefore, Best-Self Management focuses on the whole employee, not just the parts that fit a job description. IF YOUR DIRECT REPORT IS HAVING TROUBLE PAINTING THE PICTURE OF BEST-SELF, TRY ASKING SOME OF THESE QUESTIONS: -- When do you feel at your best? -- What does being your best self mean to you? -- What conditions or resources do you need to be your best self? TIP
  12. 12. PAGE 12 Our Best Self Kickoff is a guided two-hour meeting between an employee and their direct manager designed to clarify expectations, strengthen their bond, and to understand each other’s needs. The Best-Self Kickoff’s bread-and-butter is a clearly defined job description. Role clarity paves the way for psychological safety in the workplace, which is a major factor of high performing teams. Leaders can further create environments that are psychologically safe by asking the right questions regularly and applying actions to those insights. The Best-Self Kickoff is a way to jumpstart this process and create a strong foundation from the get-go. It begins with each person filling out a worksheet before the meeting, and using it as a guide during the discussion. It can also be used with existing team members to confirm or reset expectations and is particularly useful when roles or teams have undergone some change. The Best-Self Kickoff aims to give clear benchmarks that guide the employee’s growth in the role. Without this outline, employees will work towards a path they can only assume is correct. Often, these insinuations turn into misalignment, and employee development can become stifled. For the employee, this kickoff provides clear instructions for which skills they should leverage, the expectation for how they will spend their time, goals they must accomplish, and more. In essence, this discussion defines what success looks like for their role. These can ease any sense of anxiety and give peace of mind to all parties involved. For managers, the Best-Self Kickoff is an upfront investment for future excellent performance. Best-Self Kickoff Role clarity paves the way for psychological safety in the workplace, which is a major factor of high performing teams. COURTNEY BIGONY, DIRECTOR OF PEOPLE SCIENCE, 15FIVE “
  13. 13. PAGE 13 Next, the Best-Self Review fills the gap between infrequent, tactical weekly check-ins, and annual reviews, and by creating a quarterly cycle of strategic performance assessments. The focus of this meeting is to realign and intention set. By asking meaningful questions, you can help employees further capitalize on being and becoming their best selves. Backed by science, and incorporating this strengths- based philosophy, the Best-Self Review is a 360 degree performance management practice that gathers feedback from the employee, manager, peers, and others. The result is a well-rounded view of your employee’s impact and gives the basis for a development conversation. According to Gallup, employees who use their strengths every day are 6x more likely to be engaged, 8 percent more productive, and 15 percent less likely to quit their jobs. Supporting the development of your employees’ strengths in and outside of the workplace will allow them to build on their most beneficial traits and create a more efficient, cohesive work environment. This kind of focus and attention on the individual can lead to a company made up of better collaborators, strong executors, and influential leaders. By establishing a foundation for strengths-based development in every Best-Self Review, you can help each employee become the very best version of themselves. A person’s best self is ever-evolving and means different things at various points in time. Consider your best-self a moving target; this requires frequent realignment and introspection. While this process is a vastly different way of managing people than many are used to, it allows both the employee and their manager to personalize a growth track together that furthers personal and professional development. 15Five’s Best-Self Review
  14. 14. PAGE 14 15Five is a people management solution dedicated to bringing out the best in every single employee. Uniquely aligned with the science of human thriving, 15Five holistically improves performance, engagement, and company culture through a continuous focus on personal strengths, business objectives, and valuable feedback. Our customers have used 15Five to improve different facets of their employee experience. When Credit Karma wanted to broaden its service beyond consumer credit score reporting into a new lending service, without sacrificing quality, they turned to 15Five to change the way performance reviews were conducted. With a regular cadence of check- ins and communication, Credit Karma achieved its focus on ensuring employees felt part of the team. Pendo, a product cloud, wanted to maintain its company culture through its rapid expansion. They used 15Five to help communication and transparency as all employees shared their goals. As a bonus, Pendo used custom features to get feedback on topics, which allowed the company to identify a hidden quality issue. Hunter Warfield, a revenue recovery agency, wanted to improve its performance review cycle and revive its extraordinary culture. 15Five’s continuous management solution made reviews simpler and more focused, so they were conducted regularly. This improved employee engagement metrics, created greater visibility into company goals, produced higher quality 1-on-1 conversations, and increased positivity levels with peer recognition. How 15Five helps its customers HERE ARE SOME EXAMPLES: We are passionately dedicated to bringing out the best in every single employee SHANE METCALF, CHIEF CULTURE OFFICER, 15FIVE “
  15. 15. PAGE 15 The dynamic changes in employees and the way they work require new ways of communicating, developing, and supporting them to create an environment where they will thrive. Ensuring these changes can improve your company’s bottom-line significantly by creating a culture with genius levels of productivity, loyalty, and passion. There are virtually endless possibilities for how your company can create robust employee experiences for each individual. The most important thing to do is to keep your people top-of-mind. Always. Designing a positive employee experience that inspires creativity, connectedness, and growth will pay off in more ways than one. Conclusion Ready to put these practices into action? 15Five is a continuous performance management solution that not only guides employee growth and development but empowers people to become their best selves. Through strategic weekly check-ins, 15Five delivers everything a manager needs to maintain visibility and impact employee performance, including continuous feedback, objectives (OKR) tracking, recognition, 1-on-1s, and 360° reviews. Over 2,100 forward-thinking companies use the solution to bring out the best in their people, including Credit Karma, WPEngine, and Spotify. TO LEARN MORE, VISIT 15FIVE.COM LET 15FIVE HELP JUMPSTART YOUR COMPANY’S PATH TO THRIVING TODAY GET STARTED

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