How to Turn Managers Into Retention Rockstars

TalentTakeawayswebinar & podcast series

AGENDA

Brian SharpChief Marketing Officer , HRsoft

Dick FinneganCEO, C-Suite AnalyticsAuthor, The Power of Stay Interviews

Our Presenters

How to Turn Managers Into Retention Rockstars

AGENDAThe HR Secret

Managers drive who quits and who stays.

How to Turn Managers Into Retention Rockstars

AGENDAThe Retention Solution

Engage the employee.

Engage the manager.

Stay Interviews.

How to Turn Managers Into Retention Rockstars

AGENDAThe Retention Revolution

How to Turn Managers Into Retention Rockstars

AGENDARetention Rockstar Roadmap

How to Turn Managers Into Retention Rockstars

1. How to calculate & understand the true cost of turnover

2. Key areas of focus for effective Stay Interviews

3. Driving retention success with better skills and stay plans

4. Set effective retention goals using turnover forecasting

Why Managers Struggle with Turnover

AGENDARetention Results Workflow

How to Turn Managers Into Retention Rockstars

“Finnegan offers fresh thinking for solving the turnover problem in any economy.”

The True Cost of Employee Turnover

AGENDATurnover Costs & the C-Suite

How to Turn Managers Into Retention Rockstars

1. Turnover percentages don’t show value

2. Convert mindset to dollars: adds urgency & action

3. Right Action: retention goals for managers

AGENDACalculating True Turnover Costs

How to Turn Managers Into Retention Rockstars

TURNOVER COSTS = Cost Per Hire + LOST PRODUCTIVITY

(Not __% of Annual Pay)

Actual client turnover costs by job: Physician…$225,808 Software engineer….$131,000 Call center representative…$29,447 Truck loader/unloader…$4,955

AGENDAManagers Drive Retention

How to Turn Managers Into Retention Rockstars

A global consulting firm interviewed 1,000 recently-quit employees and found supervisor relationships influenced all other opinions, concluding…

“Offering a higher salary or developmental/advancement

opportunity may not be enough to retain employees”

AGENDATurnover Costs & the C-Suite

How to Turn Managers Into Retention Rockstars

Short TermUse cost dollar values to get executives’ attention

Resulting StepSet retention goals with managers

AGENDARetention Results Start with Trust

How to Turn Managers Into Retention Rockstars

The Driver2/3 of score is based upon how much you trust your boss

The Statistic366% more shareholder value

The LessonGetting employees to trust supervisors generates more profits

AGENDABuilding Trust 1-1 Builds Profits

How to Turn Managers Into Retention Rockstars

AGENDAPoll Question

How to Turn Managers Into Retention Rockstars

What percent of your managers are able to build trust with their teams?

a. 20%

b. 50%

c. 70%

d. 100%

Effective Stay Interview Skills

AGENDAThe Manager Mindset

How to Turn Managers Into Retention Rockstars

HR is product development. Managers are sales people. Managers “own” retention for their teams

AGENDAStay Interview Definition

How to Turn Managers Into Retention Rockstars

Stay Interviews are 1-1 meetings between leaders and their newly-hired and continuing employees to improve engagement & retention.

Train all leaders from executives to first-line supervisors to…

Build trust Conduct Stay Interviews Develop stay plans Forecast each employee’s individual retention

AGENDA4 Core Stay Interview Skills

How to Turn Managers Into Retention Rockstars

1. Listen

2. Take Notes

3. Probe

4. Support Company

AGENDAOvercoming Stay Interview Objections

How to Turn Managers Into Retention Rockstars

1. Our managers are way too busy to meet with employees one-on-one. They don’t have time.

2. We don’t want to hear about things we can’t fix. Everyone will want a raise.

3. If we’re going to do stay interviews, shouldn’t HR do them instead of managers?

4. Do you really think employees are going to look their supervisors in the eye and tell them what they want? What if they don’t trust them?

5. This just doesn’t seem like a fit with our culture.

Retention Success with 5 Key Questions, Probing & Stay Plans

AGENDAStay Interview Questions

How to Turn Managers Into Retention Rockstars

When you travel to work each day,what things do you look forward to?

PROBING QUESTIONSWhat do you like most about working here?

What parts are the most challenging?

What do you like least about working here?

#1

AGENDAStay Interview Questions

How to Turn Managers Into Retention Rockstars

#2 What are you learning here?

PROBING QUESTIONSIs there anything else you’d like to be learning here but are not?

How do you learn best? By doing? By observing? By attending training?

Do you feel like you can advance your career here if you want to?

AGENDAStay Interview Questions

How to Turn Managers Into Retention Rockstars

#3 Why do you stay here?

PROBING QUESTIONSIs that the only reason?

How much does the type of work you do impact your decision to stay?

How much do you stay because you like working with our customers? Our team?

AGENDAStay Interview Questions

How to Turn Managers Into Retention Rockstars

#4 When was the last time you thought about leaving our team? What prompted it?

PROBING QUESTIONSDoes this still concern you?

On a scale from one to ten with ten being “I’m staying for the foreseeable future” and one being, “I’m leaving ASAP,” how would you rate your intention to leave?

What’s the single most meaningful action I could take to address this issue?

AGENDAStay Interview Questions

How to Turn Managers Into Retention Rockstars

#5 What can I do to make your experience at work better for you?

PROBING QUESTIONSWhat should I do more of? Less of? What do I do that frustrates you?

Is there anything I do that strikes you as particularly unfair or unreasonable?

Do you feel like I truly hear your concerns when you have them?

AGENDAPoll Question

How to Turn Managers Into Retention Rockstars

Which of the following do employees ask for most often during Stay Interviews?

a. Better work processes so they can achieve more work

b. Career coaching & promotion

c. Significant pay increases

d. Better employee benefits (especially vision care)

AGENDA5 Keys of Successful Stay Plans

How to Turn Managers Into Retention Rockstars

1. The objective for each initiative (no more than 3)

2. Actions you as the manager will take

3. Ideally, actions the employee will take

4. Dates for each, and in some cases multiple dates for multiple activities

5. Everything put in writing with copies given to you and the employee

Retention Goals & Turnover Forecasting

AGENDAStay Interview Sequence

How to Turn Managers Into Retention Rockstars

1. Executives leverage costs to establish goals

2. Managers accountable for 1st year/all turnover goals

3. Managers conduct stay interviews

4. Managers forecast each employee's retention

5. Executive accountability trackingGoalsStay plansForecasts

AGENDARetention Goals

How to Turn Managers Into Retention Rockstars

Dollars drive executive urgency

Retention goals drive manager activity & accountability

AGENDARetention Forecasting Groups

How to Turn Managers Into Retention Rockstars

More than 1 year

6-12 Months

0-6 Months

Employee is likely to stay:

Leader: Rodriguez

Perf Rating/ 5 Hi, 1 Lo

Green 1+ yrs

Yellow 6-12 Months

Red 0-6 Months

Retention Plan

Kim Johnson

4 Provide mentor for…

Burt Brown

5 Develop skills for possible promotion to…

Cindy Stone

3 Pleased with current role & circumstance

Ralph Jimenez

2 Coaching for performance

AGENDARetention Heat Map

How to Turn Managers Into Retention Rockstars

AGENDARetention Results Workflow

How to Turn Managers Into Retention Rockstars

“Finnegan offers fresh thinking for solving the turnover problem in any economy.”

Talent Takeaways

AGENDATalent Takeaways

How to Turn Managers Into Retention Rockstars

Main reason people leave: their boss.

Simple most important manager skill: trust.

Retention = Goals + Tools And tools become processes

STAYview™High Impact Stay Interview System™

20% Retention Improvement Guaranteed!

How to Turn Managers Into Retention Rockstars

STAYview™High Impact Stay Interview System™

How to Turn Managers Into Retention Rockstars

AGENDARetention Resources

How to Turn Managers Into Retention Rockstars

answer questions

share resources

offer solutions

Strategy Session

How to Turn Managers Into Retention Rockstars

TalentTakeawayswebinar & podcast series

AGENDAPresented By

Dick FinneganChief Executive Officer

 DFinnegan@C-SuiteAnalytics.com

pub/dick-finnegan/6/874/a71

@dick_finnegan

How to Turn Managers Into Retention Rockstars

AGENDAPresented By

Brian SharpChief Marketing Officer

Brian.Sharp@HRsoft.com

/in/bsharponline

@bsharponline | @hrsoft_inc

How to Turn Managers Into Retention Rockstars