Webinar-Five Keys to Retain Top Talent
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5 Keys to Retain Top Talent Mykkah Herner, MA, CCP Modern Compensation Evangelist Ashley Adair, CCP, PHR Learning & Development Strategist
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Transcript of Webinar-Five Keys to Retain Top Talent
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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PayScale Delivers Where Other Compensation Providers Fall Short
PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 54 million salary profiles. More than 3500 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people.
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
