Winning Employee Retention Tactics for Managers [webcast]

Winning Employee Retention Tactics for Managers

August 25, 2016

Hi! It’s nice to meet you.

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Stephanie BevegniContent Marketing Manager

linkedin.com/in/stephhowellbevegni

Suzanne TranSr. Marketing Manager

linkedin.com/in/suztran

Today’s session will cover:

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① Business impact: How poor employee retention can make or break SMBs

② Areas of focus:5 core areas to focus on to achieve higher employee retention

③ Inspirational retention examples:See tips, tricks, and creative employee retention programs

Business impact:How poor employee retention can make or break SMBs

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expensive and can drain limited resources

$11 billion

lost annually

Entry:

30-50% annual salary

150% annual salary

Senior:

400% annual salary

Sources: Bloomberg BNA, ERE Media

Turnover is

1 of 3 new hires quit

6+ mo.

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2.5x to stay at work

5xlikely to refer candidates

27%more likely

have “excellent”

performance by company

2016 Global Recruiting Trends, Temkin Group, Gallup

reduce costs plus increase productivity/revenueEmployee 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

Areas of focus:5 key areas

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Top 5 reasons employees turnover

Mismatch between job and hire Misalignment or change in the original job description can lead to mistrust

Lack of work / life culture29% of American employees resign due to work overload and lack of healthy work-life balance (Cornerstone)

Below market compensation packages66% of employees whose offices provide free snacks or beverages report being extremely or very happy with their current job (PeaPod)

Feeling undervalued75% of employees receiving at least monthly recognition (even if informal) are satisfied with their job (BambooHR)

Stunted growth + lack of coaching, guidance, and leadership51% 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)

Inspirational programsTips, tricks, and real examples that will inspire

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Job mismatch Lack work/life Poor compensation Feeling undervalued Stunted growth

Consistent and honest communication about the job

Problem #1: Mismatch between job and hire

Information Collection

1bit.ly/2016_SMB_Toolbox

Writing The Job Description

bit.ly/JobPostingKit

Phone Screening

bit.ly/2016_SMB_Toolbox

In-person Interviews

bit.ly/30InterviewQuestions

Information CollectionDrill 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)

Writing the Job DescriptionInclude all of the important elements

Writing The Job Description

Include all pertinent information(See checklist)

Use other examples with similar roles for inspiration

Phone ScreeningStay 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

In-person InterviewsTeam 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:①Understanding of the role②Case examples③Greatest success④Example of what he/she would do differently⑤Assign a homework assignment

BEHAVIORAL:①Ability to lead②Judgment & prioritization③Achievements④Work relationships⑤Accountability⑥Growth⑦Integrity⑧Collaboration

Encourage and communicate work/life balance

Problem #2: Poor work/life balance

1. Keep a pulse on

burnout2.

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)

CommunicateWork / Life Balance

Inspiration

Sources: The Muse

Ascend HR Corp embraces flextime, telecommuting, and home to work

Inspiration

Sources: The Muse

Fetch Robotics encourages time out for office play

Inspiration

Sources: The Muse

Windsor balances work/play with community service (as a team)!

Inspiration

Sources: The Muse

Plated fosters a health and wellbeing

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 LaMotteFounder 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

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

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

Inspiration

AddThis gains benefits from free food/drinks in more ways than one

Sources: The Muse

Omnigon plans monthly outings and hosts happy hours

Inspiration

Elevate and celebrate your team members

Problem #4: Feeling undervalued

Be sincereOffering your sincere gratitude for their efforts.

Publicize achievementsSpread the word about the individual / team’s accomplishments in meetings or to the entire company

Highlight work towards the bigger pictureShare information about the business and how their standout efforts impacts the company’s overall goals

Treat your team members every once in awhileWhether it be an individual or team effort, treat them to dinner, lunch, an outing

5Management alignment on workplace environmentOffice culture has a big impact on feeling valued. Managers can set the style for a culture of appreciation and elevating/celebrating their team

Inspiration

UC Davis Medical Center Uber

Celebrate career achievements

Inspiration

Google Act-on Software

Show public displays of appreciation Allow employees to announce big wins

Inspiration

Facebook Starbucks, PlayStation

Honor work anniversaries Create award programs

Encourage growth with your supportProblem #5: Lack of growth, coaching, guidance, and leadership

Regular employee pulse check-insCollect feedback from the employee on how he/she is feeling, what is needed, questions, etc.

Career developmentConduct bi-annual career development sessions to discuss and detail career growth plans and development needs

Support employee goalsBuilding new skills and experience can motivate teams. Consider organizing training and development opportunities, paying for Lynda subscriptions, have a ½ day for learning

Mentorship programsSenior staff can share their experience to help junior employees gain new leanings / skills and it also helps make senior staff feel valued

Encourage growth with your supportInspiration

① Think of team members as allies on a tour of duty

② Have courage to discuss that someday your team may decide to work outside of the company

③ Discuss how you can work together to transform their career and the company while they’re with you

④ Model honesty by communicating your own dreams and aspirations

⑤ Ensure your team is building their skillset on their tour of duty

Summary

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5 areas to focus onSummary

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 cultureUnhappy and burnt out employees result in a continuous revolving door that costs more money and time

Attractive compensation packagesOffer above industry average OR add creative benefits to sweeten the package

Make employee recognition a priorityElevate and celebrate your employees which makes them feel valued and helps prolongs their tenure at the company

Stay consistent with coaching, guidance, and leadershipEncourage career growth and development with consistent coaching, guidance, and open communication

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

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