RN Retention: How to Reduce RN
Turnover with Effective Total
Rewards
Guest Presenter: Tony KerekesCHRL| NVision Consulting LTD.
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AGENDAWebinar Info
We are informal (and fun)
Ask Questions!
Q&A Session at end
HRCI Credit
Slides will be available after
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AGENDAAGENDA
Talent Management for Healthcare
Recruiting
Compensation & Total Rewards
HR Service Delivery
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AGENDAThe Speaker
Tony Kerekes
In twenty years of consulting, Tony has completed over
two hundred consulting initiatives - providing strategic
and implementation guidance for a wide variety of
industries and sectors from aviation, hospitality,
manufacturing to technology. His clients range from
growth companies to Fortune 500. He works with senior
leaders and alongside HR to understand challenges,
develop and lead initiatives in structure, compensation,
rewards, performance management, change, process
and organizational effectiveness.
Prior to starting NVision Consulting, Tony served on the
management team of a national retailer and previously
managed benefits, pension, and communication in
financial services.
He frequently presents at industry forums, is active on HR
Boards and committees and currently teaches
compensation at the University of Toronto.
Healthcare Software Series
Committed People. Infinite Possibilities.
How to Increase the Perceived Value of Your Total Rewards
Tony Kerekes
NVision Consulting Ltd.
416-406-2308
© 2017
© 2011 (416) 466-3010
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Session Outline/Outcomes
• Keys to building an effective total rewards engagement strategy (for employees, contractors and freelancers)
• How to turn total rewards into retention
• How to develop a calendar of just-in-time communication (that you can keep up with)
• Tips and strategies for communicating total rewards to today’s workforce
• How to leverage varied communication styles and approaches
• You signed up to have a few tips or nuggets to try!
© 2011 (416) 466-3010
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Why Communicate?
?
Raise The Perceived Value
© 2011 (416) 466-3010
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We Have To But Low Response/Complex
© 2011 (416) 466-3010
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Drive Business Goals – KISS Dashboards
• Connect business plan and bonus
• Align sales comp plan with goals and CRM
• Practical Examples:
Performance management
Celebrate goals visibly like LTA
Recognize desired behaviours
© 2011 (416) 466-3010
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Raise Perceived Value
• Quantify and compare
Manage employees’ perceptions (hard to value “Total Comp”)
Communicate philosophy (e.g. competitive, market leader)
If there is trust, its believed, if not – bigger issues
• Advertise the “product” – the recruiters do with theirs
© 2011 (416) 466-3010
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Raise Perceived Value - Managers
• The surveys say...
Best way to get a raise – switch employers?
Poor link between good performance and pay increases - low pay differentials – do you pay 5X
Pay administration could be better (Steve Carrell)
Rank work/life as #1 or #2 reason in taking a job – are your managers your rewards brokers? Give them tools to KYC.
© 2011 (416) 466-3010
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Raise Perceived Value - Rewards
Total Value Statement – Employee vs Contractor
Base
+ Bonus pay
+ Government benefits
+ Time off
+ Benefits
+ Pension
+ Other (L&D, enviro)
= Total
100%________
________
________
________
________
________
________
________
Paid Degree
© 2011 (416) 466-3010
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Breaking through the Barriers to Communication
?
© 2011 (416) 466-3010
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Ask Employees – Set Goals
• How employees perceive the current program
• How well they understand it
• How they get information about pay and benefits (formal and informal)
• What are their communication preferences?
• Tools: surveys, focus groups, interviews, anecdotes
• Set goals to improve (SMART)
© 2011 (416) 466-3010
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Identify Audiences and Needs
• Identify the needs and characteristics at each target audience (including concerns, sensitivities, dual roles, etc.)
• Consider learning styles (giving directions) and focus eg USA Today
• Look at demographic bands - age, level, salary, other
• Consider the effect you want to create.
• Consider contractors/freelancers
© 2011 (416) 466-3010
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Poll Question
Are you currently using contractors/freelancers
in your department?
© 2011 (416) 466-3010
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Reaching “Mobile” Employees
• Look at novel ways to reach employees without a desk
Online
Cafeteria tray liners
Parking/shuttles/cars
Podcasts
• Consider contractors/freelancers – new talent pool
© 2011 (416) 466-3010
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Lead The Work
SHRM study of C-Level executives, including HR executives, in
which 40 percent anticipated that a non-
traditional employment model (or project-
based employment) would be the employment
model in the next decade.
© 2011 (416) 466-3010
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Lead The Work
• Marketing has used freelancers for years
• Can deconstruct roles like JE eg compensation manager
Other
High End
WorkLow end
Work
© 2011 (416) 466-3010
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Offer and Communicate TR to HIPO Pool?
21
Eg Wonolo
© 2011 (416) 466-3010
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Identify Tactics and Tools
?
© 2011 (416) 466-3010
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Planning – Provide a Roadmap
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Make it Visual
• Headlines get 5 times the readership
• Twice as many people read photo captions
• Headlines, subheads, menus and bold text should tell the reader what is being explained in the text
• Illustrations and graphics — simple & catch the eye
• Look beyond the individual page - telling a story (deal pitches)
© 2011 (416) 466-3010
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KISS – The One Minute News Cast
• Promise the reader:
a benefit (WIIFM)
news
helpful information
• Make your promise specific, for example:
“With the improved incentive plan, your income could increase by 10%. Let’s see how.”
or
“No one will be disadvantaged by this change.”
KISS - “Short words are best, and the old
words when short are best of all”
W. Churchill
© 2011 (416) 466-3010
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Use Characters
• Rather than a complex pension formula, use an identifiable character, e.g.a “Rick”
• Employees can generalize personal circumstances from the character presented. Therefore, the characters should be:
Specific (provide details)
Relevant to audience (age, income)
Easy to understand
© 2011 (416) 466-3010
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How is Your TR Content Organized
Build e-bridges among HR dept functions to showcase TR
401K Work ExpLearning Policy Benefits
HR
© 2011 (416) 466-3010
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Summary – Connect Dots
?
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