Post on 13-Apr-2017
5 Keys to Retain Top Talent
Mykkah Herner, MA, CCPModern Compensation Evangelist
Ashley Adair, CCP, PHRLearning & Development Strategist
www.payscale.com
www.payscale.com
Ashley Adair, CCP, PHRLearning & Development Strategist
Mykkah Herner, MA, CCPModern Compensation Evangelist
https://www.linkedin.com/in/mykkahherner
www.payscale.com
Turnover and Retention: Two Sides of a Coin
Turnover Truths
5 Keys for Retention
Retention Recommendations
Things to do today
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Turnover and RetentionTwo Sides of a Coin
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TurnoverThe rate at which people leave your organization
RetentionEncouraging people to stay at your organization
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Retention Concerns
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Greater awareness of market
2.5% Oct unemployment for college educated 25+
29% Pay boost commanded by premium skills like Scala
60% Of employees who feel underpaid intend to leave
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Turnover Truths
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Measuring Turnover Matters
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Turnover is Not Always
Bad
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Low Turnover Isn’t Always Good
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5 Keys for Retaining Employees
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Differentiate* Pay
• Performance
• Results
• Experience
• Skills
• Education
*Be aware of legal restrictions
1. Pay Fairly
Equal
Fair
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2. Invite Flexibility
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3. Encourage Respect
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4. Offer Interesting Work
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5. Inspire Autonomy
adapted by Kirsi Hall from Bill Onken
The Freedom Scale
5 Act on own; routine reporting only
4 Act, but advise at once
3 Recommend, then take resulting action
2 Ask what to do
1 Wait until told
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Retention Recommendations
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Develop a Comp Strategy
Talent Market(s)
Industry, Size,
Location
Competition
How aggressively
to pay
Reward
Performance Experience
Skills
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Get the Facts
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Start Talking
I found this report on the internet and it says I should be
paid more…
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Things to do today
• Calculate your turnover rate• Identify places with good and bad turnover in your
organization• Brainstorm retention efforts that work• Shop your ideas with leaders and employees• Evaluate your comp plan – does it reinforce the right
organizational messages?
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Visit our blog: www.payscale.com/compensation-today
Join our Group on LinkedIn: Compensation Today: HR Best Practices
Ashley Adair, CCP, PHR
Learning & Development Strategist
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
www.payscale.com