Becoming a Best Place to Work: The Six Strategies That Every Great Employer Follows
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Looking to attract the top talent of your industry? Great! So does everyone else. It’s never been more important to develop a holistic HR strategy that will attract and retain great employees. Whether you need a total overhaul or you’re just missing a few key elements, this webinar will help you get started. Join us as we discuss the six critical elements of top-notch HR strategy.
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Becoming a Best Place to Work: The Six Strategies That Every Great Employer Follows
- 1. BECOMING A BEST PLACE TO WORK The Six Strategies That Every Great Employer Follows SEPTEMBER 20, 2016 Speaker: Tana Thomson, SPHR, CCP Moderator: Brandon Laws
- 2. Housekeeping • 45-minute presentation; 15-minute Q & A • Enter questions in the chat window for Q&A portion • Slides & Recording Available 24-48 hours after session • HRCI Credit pending for attendees. Email Brandon.Laws@XeniumHR.com to get certificate • Get alerts about events, webinars and podcast at xeniumhr.com
- 3. Meet your presenter, Tana Thomson. • VP of HR at Xenium HR • Currently leads Xenium’s HR service team • SPHR & CCP certifications • 20+ years of HR experience, with expertise in senior leadership, management of HR departments, compensation, culture development and delivery of leadership development programs
- 4. STRATEGY #1 Creating Your Employer Value Proposition
- 5. BECOMING A BEST PLACE TO WORK: Strategy #1 – Creating Your Employer Value Proposition
- 6. BECOMING A BEST PLACE TO WORK: Strategy #1 – Creating Your Employer Value Proposition Employer Value Proposition • Identify why the total rewards experience is superior to other organizations (e.g. comp., benefits, work-life, performance and recognition and training and development). • People practices that are unique, compelling and relevant to your organization (team community service, workplace flexibility, peer recognition programs, career development) • When an employer aligns with an employee’s personal values and they are in the right role employee loyalty grows. • Continue to reinforce and incorporate your employer value proposition in your recruitment and retention programs
- 7. BECOMING A BEST PLACE TO WORK: Strategy #1 – Creating Your Employer Value Proposition • How do I get started? • Select your project team • Start with a broad set of questions • Who are we as a organization • What do we do • Why does it matter? • What workforce will we need? • Where do we compete for talent?
- 8. STRATEGY #2 Culture and Engagement
- 9. BECOMING A BEST PLACE TO WORK: Strategy #2 – Culture and Engagement Building Culture – Key Focus Areas • Create a vision of what you are trying to accomplish and what sorts of behaviors, attitudes and approaches are and are not valued by your organization. • Get buy-in from employee groups and opinion leaders • Ensure senior leaders walk the talk • Hire as much for culture fit as skills and experience
- 10. BECOMING A BEST PLACE TO WORK: Strategy #2 – Culture and Engagement Why does engagement matter? • Recent Gallup survey - 50.6% of employees are not engaged at work • Impact of disengaged employees • Inefficiency, errors, absenteeism, negativity, lost clients, lower revenues and higher costs • Higher team engagement drives higher customer loyalty and satisfaction
- 11. BECOMING A BEST PLACE TO WORK: Strategy #2 – Culture and Engagement Link Between Feedback and Engagement • Employees are 2 times more likely to be disengaged if they are ignored by their manager • 98% of employees will fail to engage if they have little or no feedback • 14.9% lower turnover rates in companies that implement regular employee feedback
- 12. BECOMING A BEST PLACE TO WORK: Strategy #2 – Culture and Engagement Is your team engaged? • Visibility • Employee surveys • Manager training • Practice of timely feedback
- 14. BECOMING A BEST PLACE TO WORK: Strategy #3 – Workforce Planning • #1 Challenge facing CEO’s over the last three years is human capital • Workforce planning is the process that provides strategic direction to talent management activities to ensure an organization has the right people at the right time, right place and right price. • Be proactive • Determine what you will need to build, buy or borrow
- 15. BECOMING A BEST PLACE TO WORK: Strategy #3 – Workforce Planning Succession Planning • Ongoing Talent Reviews (Willing/Able) • Make development equitable not identical • Get creative • Flexible work options • Talent and skill development pipeline
- 16. BECOMING A BEST PLACE TO WORK: Strategy #3 – Workforce Planning Invest in Manager and Leadership Development Programs • Mentor programs • Assessments • Coaching
- 18. TOTAL REWARDS STRATEGY COMPENSATION BENEFITS WORK-LIFE PERFORMANCE & RECOGNITION DEVELOPMENT & CAREER OPPORTUNITIES • Caring for dependents • Supporting health and wellness • Creating workplace flexibility • Financial support programs • Creative use of paid and unpaid time off • Community involvement programs • Culture change initiatives Credit: World at Work
- 19. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards • Pay and benefits is not enough • Total rewards encompasses • Compensation • Benefits • Work-Life • Performance Management and Recognition • Development and Career Opportunities • Identify your total rewards philosophy and strategy • Tie to your employer value proposition and weave into your HR practices
- 20. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Compensation • Fixed • Variable • Commissions • Bonuses • Incentives • Profit and Performance Sharing • Equity • Determine pay strategy relative to market
- 21. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Benefits • Increase in costs and complexity • Employees with varying needs and priorities • Consider periodically surveying employee population to see what benefits are valued most • Trend to wellness and consumer driven health care • Look for creative benefits and perks that are unique to your organization
- 22. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Performance Management • 4 out of 5 employees don’t like their companies PM process • How is performance management driving organizational performance? • 97% of employers follow a traditional process • The workplace is one of the most feedback deprived in modern life – Daniel Pink
- 23. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Performance Management 1. Drive organizational performance 2. Develop talent 3. Reward for contributions
- 24. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Recognition Employee engagement surveys indicate that employees don’t feel they are adequately rewarded for the work they do.
- 25. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Strategic Recognition • Shift 1% of total payroll budget to recognition programs • Peer to peer recognition • Meaning, purpose and passion • Employee’s that are regularly recognized are • 2 times more engaged • 35% more likely to say their culture is fun • 37% more likely to say that there company cares about them as a person • Catch someone doing something right
- 26. BECOMING A BEST PLACE TO WORK: Strategy #4 – Total Rewards Development • Do you have a formal process to develop your high potentials and next leaders? • Is this part of your performance management process? • Do employees know what career pathing opportunities are available to them?
- 28. BECOMING A BEST PLACE TO WORK: Strategy #5 – HR Systems • Leverage HR technology for a competitive advantage • HRIS transforms HR function • More focus on strategic people needs • Integration in multiple areas, administration, talent acquisition and performance management • Expansion of compliance and reporting requirements • Manager and employee self-service
- 29. STRATEGY #6 Measuring the Success of your HR Function Through HR Analytics
- 30. BECOMING A BEST PLACE TO WORK: Strategy #6 – HR Analytics • Improved decision-making and performance • Metrics key for goal alignment, driving performance and hiring and retaining talent • Top metrics: • Engagement • Cost per hire • Turnover • Time to fill • Tenure • Promotions • WC • Use metrics to move your organization forward
- 31. Questions? Use the Chat Function to Ask Tana a Question in the Gotomeeting Panel Speaker Moderator
- 32. GET MORE DEVELOPMENT RESOURCES Articles, Whitepapers & other free content at xeniumhr.com/blog Podcasts on iTunes, or visit xeniumhr.com/podcast Webinar recordings at xeniumhr.com/webinars General Email: info@xeniumhr.com Molly: Molly.Kelley@xeniumhr.com Brandon: Brandon.Laws@xeniumhr.com
- 33. Disclaimer These materials are only intended to provide general information on the HR practices and legal principles that they cover, and are not intended and should not be construed to provide legal advice. Xenium has attempted to provide helpful information, but these materials do not address all of the HR considerations that might arise, nor do they set forth all of the potential legal issues or applicable statutes, regulations, or case law that might be implicated. Xenium does not assume responsibility for or liability for any reliance on the contents of these materials. Participants in Xenium workshops or programs must consult with legal counsel for legal advice on specific fact and legal issues, and when otherwise appropriate.
Notas do Editor
- People and talent issues are the most pressing issues in organizational leadership today. Strategic HR is the foundation of any organization’s success whether your organization is large, small, for profit, not for profit or start-up. Today we will review six key strategies that are essential in aligning your people practices with organizational priorities to become a great place to work.
- The first strategy is leveraging your employer value proposition to attract, engage and retain high performing employees.
- The first strategy is leveraging your employer value proposition to attract, engage and retain high performing employees.
- An employer value proposition is the collective group of programs that an organization offers in exchange for employment, also referred to as the employment deal. The EVP defines the give and get between the employee and the company, encompassing every aspect of the employment experience – from the organization’s mission, purpose, and values to its jobs, culture and people, to the full array of total rewards programs.
- Company culture is more important now that ever before. While it used to be a nice to have it have moved to a must have in order to attract the best and the brightest. Millennials have become the largest generation in the workforce making up almost 54 million employees. They grew up in a different setting from previous generations with greater financial prosperity and rapid technological advancements which contributes to the shifting employee priorities we are experiencing today. There is greater focus on company values, meaning, sense of community and culture. HR Leaders consider culture and engagement their number one challenge. The Milliennial workforce places a high value on flexibility, professional development, employer brand and social responsibility. To get started on culture….
- Higher team engagement drives higher customer loyalty and satisfaction. Makes sense, right? If your employees are happy and engaged this transcends to your customers and suppliers. A recent Gallup survey found that over half of US employees are not engaged at work. What does this mean? The impact of disengaged employees leads to greater inefficiencies, errors, absenteesim and lower revenues.
- There is a direct link between engagement and employee feedback. Employees are two times more likely to be disengaged if they are ignored by their manager. An astounding 98% of employees will fail to engage if they have little or no feedback. We need to ensure our managers are in the practice of providing regular, timely and specific feedback to their staff.
- Employee engagement surveys are a great tool to measure engagement levels. Conduct an engagement survey on a quarterly, semi-annual or annual basis and measure against the prior period. Share the feedback with your managers and identify areas to improve.
- The number one challenge facing CEO’s over the past three years is human capital. Workforce planning is the process that provides strategic direction to ensure an organization has the right people, right time, right place and price. HR leaders have an opportunity to partner with business leaders to stay ahead of the curve in determining what the organization will need to build, buy or borrow to meet future growth demands.
- HR and senior leadership need to identify critical roles and assess talent on a frequent basis. This includes identifying shortages of qualified talent to fill critical roles and succession planning. Organizations should identify what percentage of their talent could retire within the next ten years? Look at particularly job categories that me be more heavily impacted first. Create fast tracks for high potential employees demonstrating both the capabilities and drive. High performing employees are more than four times as productive. Assess the incumbents in their roles today to determine potential turnover and employee engagement levels as well as your ability to transition your organization’s workforce into the future. Treat phased retirement and flexible work options as a managed program that gives each employee a menu of options to tailor the work situation that best suits both the employee and organization’s needs.
- Create talent pipelines and skill development programs to prepare for future workforce needs. Look for ways to promote knowledge transfer and cross-training. Offer leadership development training to high potential employees who have been identified as a potential future leaders. Can leverage both internal and external training offerings.
- It has become increasingly clear that the battle involves much more than a strategically designed comp. and benefits program. While these programs remain critical the most successful companies realize that they must take a total rewards approach emphasizing attraction, motivation and retention of staff. All elements of total rewards must be operating – compensation, benefits, work-life, performance and recognition and development and career opportunities. It may not be realistic for an organization to lead in all areas. An organization should which areas they would like to lead in and incorporate in their employer value proposition and can be articulated as your total rewards philosophy and strategy and proactively communicated with employees.
- Compensation is broken down by fixed and variable pay. Fixed pay is referred to as salary or hourly rate of pay. Variable pay consists of commissions, bonuses, incentives, profit sharing, performance sharing and equity. Variable pay should be tailored to what behaviors you are trying to incent for each unique position or organizationally. It’s important to identify your organization’s pay philosophy relative to the market as a component of your total rewards strategy.
- Employer benefits continue to increase in complexity and cost. It’s important to understand what your employees value and continue to ensure that your benefit package is well aligned with employee priorities. Annual benefit surveys can be helpful in uncovering this. Also, look for creative benefit offerings that are interesting and unique to your organization.
- Ensure performance management process is accomplishing what you intended it to. Four out of five employees don’t like their companies performance management process.
- The top three goals of performance management should be to reward employees for their contributions, develop talent and drive organizational performance. Is your current performance management process accomplishing any or all of these objectives? Some leading organizations have shifted away from numeric ratings.
- Recognition can have a big impact on employee engagement and retention. Employees are motivated both intrinsically and extrinsically.
- Total rewards experts are recommended that organizations shift 1% of their total payroll budget to recognition programs. When employees are regularly recognized they are two times more engaged and 35% are more likely to say that there culture is fun and 37% are more likely to say that there company cares about them as a person.
- Development and career pathing are great retention tools. It’s important to communicate your training and development opportunities and embed into your ongoing performance management process.
- Implementing an HR Information System can enhance an organization’s long term productivity and profitability. This can tranform HR’s role in the organization to focus more on the strategic people needs. Ideally your HRIS will be fully integrated and extend to HR administrative and reporting requirements, talent acquisition and performance management.
- The last strategy we are covering today is measuring the success of your HR function through HR analytics. HR metrics are key for goal alignment, driving employee performance and hiring quality talent. Common HR metrics that are used are employee engagement, cost per hire, turnover, time to fill, tenure, promotions and worker’s compensation claims. Implementing these core HR metrics can serve as a gauge on the health of your people practices and help measure improved progress.