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Strategies for Recruiting & Retaining Your Best Employees to ACCELERATE Business Growth
John Di Frances
Strategic Innovation Consulting (www.StrategicInnovation.Consulting)
Copyright 2020 by John Di Frances ALL RIGHTS RESERVED
The Problem of Turnover Today
The Problem of Turnover Today
2019 turnover across Wisconsin, Illinois, Minnesota and Iowa increased from 22% to 24.3%.
Production and Maintenance workers had the highest turnover rate at 31.4%, up from 28% in 2018 and 21.9% in 2015.
Managerial and professional employees have also seen a steady increase in turnover for the last five years, from 12% in 2015 to 16.5% last year.
Office and Technical is up from 15.6% in 2015 to 18.3% last year.
The executive employee category, introduced to the survey in 2018, was down slightly from 9% to 8.9%.
The top reasons given for voluntary departures:Another employerHigher salary or better benefitsPersonal issues
The top reasons given for involuntary departures:Employee performanceAttendance
Two-thirds of employers respond to turnover by:
• Conducting new hire, stay and/or exit interviews• Plan to review/improve their workplace culture• 41% includes investing in Learning and Development
The Problem of Turnover Today
Frequent employee complaints point to these areas:
• Lack of clarity about expectations• Lack of clarity about earning potential• Lack of feedback about performance• Failure to hold scheduled meetings• Failure to provide a framework within which the employee
perceives they can succeed
The Problem of Turnover Today
OR NOT
An alarming 70% of American employees aren't working to their full potential, and they're slowing economic growth
Workers are not showing up to work committed to delivering their best performance, and this has serious implications for the bottom line of individual companies and the U.S. economy as a whole.
EMPLOYEE SATISFACTION
Gallup estimates that actively disengaged employees cost the U.S. $450 billion to $550 billion in lost on the job productivity per year.
• Lost productivity from being shorthanded• Advertising open positions• Time spent screening, interviewing and comparing candidates• Conducting background checks• On-boarding new employees• Time spent administering and filing paperwork• Time spent training new employees• Lost productivity due to new employees’ inexperience
Additionally, it can take as long as 1-2 years before your new employee is fully productive.
Plus all the factors involved in Turnover
Yet, although 70% are unhappy, only 25% of employees dislike their work.
SO WHERE’S THE DISCONNECT AND WHAT IS THE CURE?
Are Your PEOPLE Your GREATEST Asset?
REALLY???????
MILLENNIALS Want Employment as an
EXPERIENCE
To successfully recruit new employees in our very tight labor market, you must first focus on retaining your present employees. Why? Your present employees are your best source of quality new recruits.
Help Your Employees Become Brand Ambassadors. Broadcast Your Benefits and Perks.
Let your employees be your first recruiter.
Become a “Magnetic Company.”
STRATEGIC PEOPLE Thinking
=
MUTUAL $UCCE$$
A Strategic v. Tactical Response
Work with employees in a collaborative manner to:
Boost retention by:•improve the quality of the work experience, and•Maximize the mutual benefit of employment for both the employee and the employer.
A recent study found that 46% of all new hires fail within their first 18 months, according to Leadership IQ. Of those, 89% fail because of a poor personality fit – not skills.
Create a Stellar Organizational CULTURE
When you create a company culture that provides thesetypes of opportunities for your employees, you’re creating aworkplace where your employees want to be. They’re no longer just there to collect a paycheck.
They’re doing something that makes them feel good about themselves.They feel valued and can see how day-to-day projects contribute to the greater good of the company.
It’s no longer just a job, it’s an experience that will help them grow and achieve their own goals.
Cultivate a Culture of Cooperation
Not MistrustNot Competition
We, Not Me
In return, you get a more productive workforce; a team who is willing to give it their all and has a vested interest in the success of your business.
* Study by Aberdeen Group
WHAT MILLENNIALS VALUE
HIRINGSet SMART expectations:SpecificMeasurableActionableReasonable andTimely
This will minimize your employees’ frustration and any confusion so they can stay focused on their goals and help your business forge ahead.
Select the right people. Take care to only hire “A” players —
Focusing on CHARTER in the hiring process
Be TRANSPARENT — INDIVIDUALLY AND ORGANIZATIONALLY
Promote from within whenever possible.
Use free job boards
Advertise locally on social media
Attend Job Fairs
Hire from outside your industry - Christy
Grab Talent Whenever Possible, Even if You Don’t Need It.
Provide Small Perks
Employee Benefits
Taylor benefits to what is most important to your employees
Empower Employees to SucceedUse contests and incentives to help keep workers motivated and feeling rewarded.
Foster employee development.
Require Leaders and Managers to Personally Invest in Employees.
Create open communication between employees and management - Ban Alien abductions — Utilize Effective Exit Interviews.
Establish & Maintain Fair Compensation & Benefit Plans Tied to Achievement
Encourage & Reward Innovation
Establish a Companywide Profit Sharing Plan
Empower Employees to SucceedWhenever possible, make work fun.
Have a formal Mentoring program that focuses on relationships and not only job skills and proficiency. Encourage Your Best Employees to Become Mentors
Say thank you in meaningful ways, Mean it, and Focus.
Pay attention —LISTEN, LISTEN and then LISTEN some more.
Be flexible, especially with high performing employees — Hours, Work from Home Days, etc..
Treat employees like adults — Responsibility leads to caring more
Empower Employees to Succeed
Encourage Employees to Employ ALL of Their Talents & Skills
Develop great managers
Create a values-driven culture
Empower your team in the decision making process
Let your employees be their true selves at work
Encourage Strong Workplace Friendships
Foster Organizational Traditions
Empower Employees to SucceedEncourage Friendly Competition
Build a Team Mentality
Consider increasing vacations and days off - Flexible schedules, Closing Friday afternoon in summer.
Create a culture of ownership
Seek Employees’ Input, Then Apply It
Invest in personal(ized) growth and development
Celebrate anniversaries & EVERYTHING
CELEBRATE Successes
Empower Employees to Succeed
Cultivate a culture of cooperation, not mistrust not competition —We, not Me
Empower employees by offering support and security.
Whenever Possible, Use Multiple Interviews - Interview off-site as well as onsite.
Alternately, do enough people QUIT your company?
Don’t keep everyone! — Terminate Poor Performers, Critical and Disrespectful Employees, and Actors.
Clear Out the Dead Wood
Empower Employees to Succeed
Communicate Expectations Clearly and Honestly
Interact Openly with All Employees
Use informal one-on-one’s.
Practice Fairness & Equal Treatment
Create a Interesting Encouraging Work Environment
What you can do is only limited by your IMAGINATION
with or without $$$$$$$$$$
Start Small
HAVE FUN!!!!!
262.922.1101