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Retention April 2014
This document discusses strategies for improving employee retention rates. It begins by outlining fundamental questions around what constitutes a good job and who your current and future employees are. It then discusses measuring retention, the costs of employee turnover, and ways to improve retention such as career development opportunities, fair treatment, and flexible work arrangements. The document also covers reviewing retention data, conducting stay interviews, addressing different types of employee commitment, and generational differences. Overall, the document provides an overview of factors to consider and strategies companies can implement to better retain talented employees.
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Retention April 2014
- 1. Retaining talented employeesfor longer by Toronto Training and HR April 2014
- 2. CONTENTS 3-4 Introduction 5-6 Fundamentalquestions to start with 7-8 Measurements 9-10 Costing employee turnover 11-13 Improving retention rates 14-16 Review the data 17-18 Stay interviews 19-20 Questions around commitment 21-22 Generational differences 23-24 Maternity leave 25-27 Engagement, motivation and recognition 28-29 Organizational aspects to consider around retention 30-33 Employee value proposition 34-36 Ways to guarantee resignations 37-39 Ways to minimize attrition 40-41 Management involvement in orientation 42-46 The situation in Asia 47-48 Retention strategies 49-50 Conclusion, summary and questions Page 2
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- 4. Page 4 Introduction toToronto Training and HR Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 15 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training and HR are: Training event design Training event delivery HR support with an emphasis on reducing costs, saving time plus improving employee engagement and morale Services for job seekers
- 5. Page 5 Fundamental questionsto start with
- 6. Fundamental questions to start with •What constitutes a good job? • Who are your people today? • Who are your people tomorrow? Page 6
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- 8. Measurements • Employee turnover •Employee retention • Typical SMART objectives Page 8
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- 10. Costing employee turnover • Administration ofthe resignation • Recruitment and selection costs, including administration • Covering the post during the period in which there is a vacancy • Onboarding and orientation training for the new employee Page 10
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- 12. Improving retention rates 1 of2 • Job previews • Make line managers accountable • Career development and progression • Consult employees • Be flexible • Avoid the development of a presenteeism culture • Job security Page 12
- 13. Improving retention rates 2 of2 • Treat people fairly • Defend your organization Page 13
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- 15. Review the data 1of 2 • Turnover by gender and age • Turnover by age and job function • Turnover by specific reason and gender • Turnover by voluntary and involuntary Page 15
- 16. Review the data 2of 2 • What do employees really want? • Why do employees really leave? Page 16
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- 18. Stay interviews • Definition • Skillsneeded • Conversation opening • Questions • Actions and action plans Page 18
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- 20. Questions around commitment • Affective commitment •Normative commitment • Continuance commitment Page 20
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- 22. Generational differences • Baby Boomers •Generation X • Millennials Page 22
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- 24. Maternity leave COACHING • Before • During •After Page 24
- 25. Page 25 Engagement, motivation andrecognition
- 26. Engagement, motivation and recognition 1 of 2 •Positive drivers • Negative drivers • Productive and engaged employees • Productive and questioning employees • Questioning and disengaged employees Page 26
- 27. Engagement, motivation and recognition 2 of 2 •Engagement-culture fit • Motivation-job fit • Recognition-career fit • Leading to IMPROVED RETENTION Page 27
- 28. Page 28 Organizational aspectsto consider around retention
- 29. Organizational aspects to consider around retention • Overallcompany business model • Business strategy • Company values and culture • Policies and guidelines • Line managers Page 29
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- 31. Employee value proposition 1 of 3 •Part of people strategy • Framework for analysis • Program of action Page 31
- 32. Employee value proposition 2 of 3 Categories •Position in industry • Own and company alignment • Environmental factors • Corporate social responsibility Page 32
- 33. Employee value proposition 3 of 3 Dimensions •Work • Organization and leadership • Direct management • Opportunities • Rewards and benefits Page 33
- 34. Page 34 Ways toguarantee resignations
- 35. Ways to guarantee resignations 1 of2 • Treat everyone equally • Tolerate mediocrity • Have dumb rules • Don’t recognize outstanding performance and contributions • Don’t have any fun at work • Don’t keep your people informed • Micromanage Page 35
- 36. Ways to guarantee resignations 2 of2 • Don’t develop an appropriate attrition strategy • Don’t undertake stay interviews • Make the onboarding program an exercise in tedium Page 36
- 37. Page 37 Ways tominimize attrition
- 38. Ways to minimize attrition 1 of2 • Take and stay in control of your team • Share your desire, purpose and vision • Let only positive people join your team • Your attitude is contagious so keep it positive • Don’t waste your time on people who don’t want to be there Page 38
- 39. Ways to minimize attrition 2 of2 • Do what is right • Respect everyone’s opinion • Focus on the strengths of each person • Communicate, communicate, communicate! • Have fun and enjoy the ride! Page 39
- 40. Page 40 Management involvement inorientation
- 41. Management involvement in orientation • Youwere carefully chosen and we’re glad you’re here • You’re now part of a great organization • This is why your job is so important Page 41
- 42. Page 42 The situationin Asia
- 43. The situation in Asia1 of 4 • Attraction • Selection • Positions that were difficult to retain Page 43
- 44. The situation in Asia2 of 4 STEPS TAKEN TO IMPROVE RETENTION • Increased pay • Improved benefits • Increased learning & development opportunities • Made changes to improve work-life balance • Revised the way people are rewarded so their efforts are better recognised Page 44
- 45. The situation in Asia3 of 4 STEPS TAKEN TO IMPROVE RETENTION (CONT.) • Improved employee involvement • Offered coaching/mentoring schemes • Improved line managers’ people skills • Improved physical working conditions Page 45
- 46. The situation in Asia4 of 4 PER COUNTRY • China • Hong Kong • Malaysia • Singapore • South Korea • Taiwan Page 46
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- 48. Retention strategies • Underlying principles •Supervisors • People management processes • Top management Page 48
- 49. Page 49 Conclusion, summaryand questions
- 50. Page 50 Conclusion, summaryand questions Conclusion Summary Videos Questions