Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss
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Transcript of Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss
Beverly CrowellVice President
Career Systems InternationalSeptember 11, 2013
Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss
Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
1440 Minutes In A Day!
Why this is important
Why you should care
What you can do!
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Two weeks ago, he was your top associate…
…one week ago he resigned.
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
• Exciting work, challenge• Career growth, learning & development• Great people• Fair pay • Good boss• Recognition, valued, respect• Benefits• Meaningful work –making a difference• Pride in organization, mission, product• Great work environment, culture
Stay Factors
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
It’s Good Business
• Higher profit margin• Increased innovation• Increased market share• Greater net income per employee• Lower costs• Better asset utilization
“This is a competitive edge that is often overlooked by most organizations.”
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Let’s Do a Survey
• Get ‘em in the door• Do a survey• Get the data• Develop action plans• Check off the “to do” list• Create short-term victories• Later wonder why…nothing really changed
“For many, engagement is defined as the survey and the tedious action plan...not the realization that someone, somewhere may
need to change their ways.”©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
The Warning SignsThe Warning Signs
• Low employee engagement scores
• Increased turnover especially in first two years of hire
• Exit interview data
• Employee complaints to HR
• Decrease in productivity or quality
• People are talking
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Run the Numbers
Replacement costs for lost talent can be:
Entry Level: 30% - 50%Mid-Level Managers: 125% - 200%Software Engineers: 200% - 400%
Source: “Investing in Your Company’s Human Capital”- Jack Phillips
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
What Stops Us?What Stops Us?
• Differentiating knowing from doing• Passing the buck• Running on empty• Happy arrogance• Forgetting the basics• Assumptions• Taking a one-size-fits all approach• Lack of accountability and follow-thru
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Getting StartedGetting Started
• 80% of turnover is directly related to unsatisfactory relationships with the boss
• Most retention factors are within control of the manager
• Employees who are ignored by their boss are 40% more disengaged vs. employees who are criticized by their boss who are 20% more disengaged
• Bottom line – Bosses Matter!
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
A 25 year study of 12 million workers in 7,000 different companies discovered:
The relationship with a manager determines the length of an
employee’s stay.
-- The Gallup Organization
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
The Value of $$$The Value of $$$
New Boss You Like
Loss Trust in Boss
Variety in Your Work
High Level of Skills
Time to Finish Your Work
36% Pay Cut
36% Pay Raise
21% Pay Raise
19% Pay Raise
11% Pay Raise
Satisfaction Dimension
A 10% raise only boosts satisfaction by a fraction of a point!
Equal To:
Source: Haliwell and Huang, University of British Columbia
• Selects and develops people so they grow.
• Builds relationships that breed loyalty.
• Creates a work environment that people love.
Focus on Leaders
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
…yesterday, your competition created an opportunity for him.
Last month he researched new business opportunities …
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Prevent Quick QuitsPrevent Quick Quits
• Help build relationships– What kind of support or direction do you need from me that you
aren’t getting? What are you getting that you don’t want?
• Talk about the job– How does the job measure up to what we promised so far? Where
are we on or off? How might we course correct?
• Make it match– How can I help you get more of what you want from this workplace?
Is there anything we need to adjust?
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Extend the handshake
Support DevelopmentSupport Development
• Know Their Talents– Skills, Interests, Values
• Offer Perspective– Reflect on reputations
• Discuss Trends & Implications– Share what’s changing in their world of work
• Suggest Several Options– Up is not the only way
• Collaborate on a Plan– Provide resources, support and eliminate obstacles
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Know the OptionsKnow the Options
17
LATERAL ENRICHMENT
VERTICAL
EXPLORATORY
REALIGNMENT
RELOCATION
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Provide RecognitionProvide Recognition
Organizations that have a “recognition culture” report employees are:
• 5x more likely to feel valued• 7x more likely to stay with the company• 6x more likely to invest in the company• 11x more likely to feel committed to their jobs.
-Bob Nelson
IT POSITIVELY AFFECTS THE BOTTOM LINE!!
- Razor Suleman
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Give PraiseGive Praise
• “You really made a difference by…”• “I’m impressed with…”• “You got my attention with…”• “You’re doing top quality work on…”• “You’re right on the mark with…”• “One thing I enjoy most about you is…”• “You can be proud of yourself for…”• “We couldn’t have done it without your…”• “You’ve made my day because of…”
Sentence Starters
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Replacing a bad boss with a good one increases productivity of each subordinate’s output by more that
10%.
- Study by the National Bureau of Economic Research, The Value of Bosses, August 2012
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Demanding
Lacking patience
Blowing up
Criticizing
Withholding praise
Setting impossible deadlines
Not listening
Not caring
Distrusting
Blaming
Breaking promises
Giving mostly negative feedback
Say No to Jerks
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
It’s Easy to Be a Jerk…
If You’reDisengaged
Yourself!
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
When Managers are DisengagedWhen Managers are Disengaged
Employees are:
• 12% less likely to stay
• 13% less likely to be innovative
• 33% more likely to be frustrated with the company’s systems and processes
• 7% less likely to feel valued
• 6% less likely to feel recognized
Source: Sirota, ‘The Enthusiastic Employee’, 2009
• What do you really love to do?
• If you went back to a position in the past that you loved, what would it be? Why?
• What can I do to keep you?
• What would entice you away?
• What matters most?
Re-recruit and Try a “Stay Interview”
Re-recruit and Try a “Stay Interview”
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
When the thrill is gone, so are they!
Employees Matter Too!Employees Matter Too!
• Managers don’t hold all the cards.
• SatisfACTION requires action.
• The grass isn’t always greener.
• Waiting gets you nowhere.
• Know your equity.
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Go For It!Go For It!
• Why do you need to focus on reinvesting, re-recruiting and re-engaging your talent?
• Where and when will you start?
• How can you move it from an idea and put it into practice?
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
If you are not recruiting your best people, you’re the only one who isn’t!“ “
Thank You!
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans
Address the ThreatAddress the Threat
Talk about what matters most!
Email me at: [email protected]
©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans