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

JDF@StrategicInnovation.Consulting