The Stay Interview Secret - A Simple Strategy to Dramatically Increase Retention & Engagement

The Stay Interview Secret

The Simple Strategy To Dramatically Increase Retention & Engagement

AGENDA

Brian SharpChief Marketing Officer , HRsoft

Dick FinneganCEO, C-Suite Analytics

Author, The Power of Stay Interviews

Our Presenters


AGENDAStay Interviews are here to stay!


Sometimes we have the right intentions & experience

…just the wrong tools.

AGENDAEngagement: The results are in…


Source: Gallup

AGENDA


Source: Gallup

Engagement: The results are in…

Disengaged Employees cost U.S. businesses $450 - $550 billionevery year

AGENDA

Poll Question

CHANGE

Have your engagement scores

significantly increased over the past

2 years?

a. Yes

b. No

c. Not Sure


AGENDARetention: The results are in…


Employee Turnover has been increasing over the last 5 years

AGENDA


Source: The Hay Group

Retention: The results are in…

Employee Turnover costs up to 200%of annual salary

AGENDA

Poll Question

CHANGE

Do you know what your employee

turnover cost is?

a. Yes

b. No

c. Not Sure


AGENDAA New Approach

High Impact

Stay Interviews™

Strategic HR

Effective Line Managers

Engaged Employees


STAY INTERVIEWS

The Structure

AGENDATop 3 Reasons Retention Programs Fail


1. No way to target top performers

2. No accountability

3. No solutions!

AGENDA Rethinking Employee Surveys

Lots of data but…

Tedious process

No accountability

No action plan

No solutions


AGENDA The Power of Stay Interviews


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

AGENDAStructure of an Effective Stay Interview Program


Cascade Tops Down

Conducted by supervisors vs. HR

Separate from Performance

Have managers forecast retention

Gather stay & leave reasons at the top

Once/year continuing employees and twice for new hires

STAY INTERVIEWS

The Strategy

AGENDA

Poll Question

CHANGE

Who do you feel has the greatest impact

on retention?

a. HR

b. Line Managers

c. Employees

d. All of the above

e. None of the above


First-line supervisors drive employee & company relationships.

Big Lesson Learned

AGENDA The Real Power of Supervision


“Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”

(HR Consulting Survey)

AGENDA Strategy #1: Know Your Numbers


Actual client turnover costs by job:

Physician…$225,808

Software engineer….$131,000

Call center representative…$29,447

Truck loader/unloader…$4,955

TURNOVER COSTS =

Cost Per Hire + LOST PRODUCTIVITY (Not __% of Annual Pay)

AGENDAStrategy #2: Know Your Responsibilities


Executives

Line Managers

HR

AGENDA Strategy #3: Teach the Right Skills


1. Asking the right questions

2. Probing

3. Building the right stay plans

4. Forecasting

STAY INTERVIEWS

The Solution

AGENDA

Poll Question

CHANGE

How much confidence do you have in

your 2015 strategy to improve

engagement & retention?

a. Very confident

b. Somewhat confident

c. Not confident

d. None – I’m sleepless!


AGENDA Making a Business Case with Costs

CEO, our turnover is 19% and the benchmark is 20%

CEO, our turnover is 19% and it’s costing us $7.9 MM each year

OR


AGENDADollars Drive Retention Accountability

Manager Retention Goals Results Cost of Turnover

Merbach All T/O 15% 13% $105,378

1st Yr T/O 5% 3% 31,254

Finnegan All T/O 15% 10% $71,598

1st Yr T/O 5% 5% 49,560

Murphy All T/O 15% 22% $221,369

1st Yr T/O 5% 11% 88,321


AGENDA Stay Interview Success Stories


Florida Hospital ZephyrhillsAll turnover down 37%Nurse turnover down 70%

Burcham Hills Retirement CommunityNurse turnover down 70%100% retention first 180 days

Novo 1 Call CentersAgent turnover down 20%

AGENDA Stay Interview Success Stories


Reduced turnover by 50% in four months… Quality measures, cost per call & average handle time much improved

STAY INTERVIEWS

Finally…the right tool.

Structure5 key questions &teaching the right skills

StrategyLine managers are key to driving retention & engagement

SolutionDollars drive retention accountability

Talent Takeaways


STAYview™

High Impact Stay Interview System™

HRsoft.com


Strategy Session

HRsoft.com

answer questions

share resources

offer solutions



The Simple Strategy To Dramatically Increase Retention & Engagement

The Stay Interview Secret - A Simple Strategy to Dramatically Increase Retention & Engagement

Business

Transcript of The Stay Interview Secret - A Simple Strategy to Dramatically Increase Retention & Engagement