the power of stay interviews - iare 9.19 · 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006...
TRANSCRIPT
DickFinnegan
Copyright2017allrightsreserved
BringbroadreachworkingwithscoresofUSCompaniesandacross6continents,withtargetedretentionandengagement
techniquesformanyindustries
Business-drivenbytranslatingturnover%sandsurveyscorestothelanguageofCEOswhich
isDollar$
Improvedretention20-70%basedonourfounder’stop-selling,industry-changingbooks
EndorsedbyChiefExecutiveMagazine,ConsultingMagazine,andBusinessWeekwhichsaid,“Offersfreshthinkingforsolvingtheturnover
probleminanyeconomy”
C-SuiteAnalytics&TheFinneganInstitute
ThePowerofStayInterviews
AStayInterviewisastructured discussionaleader conductswitheachindividualemployeetolearnthespecificactionsshemusttaketostrengthenthatemployee’sengagementandretentionwiththeorganization
StayInterviews…
Bringinformationthatcanbeusedtoday
Focusonindividualemployeesincludingtopperformers
Putmanagers inthesolutionseat
ProvenApproachThatCutsTurnover
µ CaseStudiesComingµ CaseStudiesComingµ CaseStudiesComing
IndianaManufacturing 67%
FloridaHospitalNurses 70%
Hilton’sCallCenters 50%
0
5
10
15
20
25
30
2009 2010 2011 2012 2013 2014 2015 2016
U.S.VoluntaryQuitPercentages,Post-Recession…U.S.BureauofLaborStatistics
YoungU.S.workerswillhold10-14jobsbyage38
EngagementStuck…per Gallup/Deloitte0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
ENGAGED
NOTENGAGED
ACTIVELYDISENGAGED
U.S.spends$1.53Billioneachyeartoimproveengagement
^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Dollars
ReportTurnoverinDollar$
Actualclientturnovercostsbyjob:
üPhysician…$225,808üSoftwareengineer….$131,000üCallcenterrepresentative…$29,447üTruckloader/unloader…$4,955
HowMuchDoesItCosttoLoseATopPerformer?
^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Goals
RetentionProgramsaredrivenfromthesideliketownhallmeetings,employeeappreciationweek,newsletters
BusinessAccountabilitiesaredrivenbyexecutivesfromthetoplikesales,service,quality,&safety
86%ofthetime
AreYourRetentionEffortsDrivenby…Accountabilities Programs
“Ifyouhaveaturnoverproblem,lookfirsttoyourmanagers”…Gallup
Employeesstayformanagersfirstandco-workerssecond…salary.com
Employees’levelsofengagementhigherwhentheirsupervisorshadhigherlevelsofengagement…DDI
“Whenemployeesstay,itisbecauseoftheirimmediatemanagers”…NationalEducationAssociation
Employeeswhostayprimarilyfortheirsupervisorsstaylonger,performbetter,andaremoresatisfiedwiththeirpay…TalentKeepers
Supervisor’sImpactonEngagement&Retention
TheRealPowerofSupervision
Kenexainterviewed1,000recently-quitemployeesandaskedabout pay,benefits,development,advancementandrelationshipswithsupervisors…andfoundsupervisorrelationshipsinfluencedallotheropinions,concluding…
“Offeringahighersalaryordevelopmental/advancement
opportunitymaynotbeenoughtoretainemployees”
IntroducingthePowerOfTrust
WhyWasYourBestBossYourBestBoss?
WhyWasYourWorstBossYourWorstBoss?
TheFortuneTop100#12012-2016
Babybondingbucks,12weekspaidparentalleave,horseshoepits,Africavolunteering,subsidizedmassages,3wellnesscenters,bikerepairshop,3organicmealsperday,artisantea&coffee,25free
cafeterias…andfreeeyebrowshaping
“Two-thirdsofacompany’sscoreis
basedontheresultsoftheGreat
PlaceToWork’sTrustIndexSurvey”
“Anycompanycanbeagreatplacetowork.Ourapproachisbasedonthemajorfindingsof20yearsofresearch– thattrustbetweenmanagersandemployeesistheprimarydefiningcharacteristicoftheverybestworkplaces.”
TheGreatPlacetoWorkInstitute
BuildingTrust1-1BuildsProfits
OneBigLessonLearned
It’snotwhatyougivethem,it’showyoutreatthem…andfirstlinesupervisorsmostinfluenceemployees’relationshipswithmanagers,colleagues,andduties Insanity:Doingthesamething
overandoveragainandexpectingdifferentresults
^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
StayInterviews
StayInterviewsAStayInterviewisastructured discussionaleader conductswitheachindividualemployeetolearnthespecificactionsshemusttaketostrengthenthatemployee’sengagementandretentionwiththeorganization
StayInterviews…
Bringinformationthatcanbeusedtoday
Focusonindividualemployeesincludingtopperformers
Putmanagers inthesolutionseat
StayInterviewProcessKeyIngredients
21
Conductedbysupervisorsvs.HR
SeparatefromPerformanceReview
Repeatatleast1X/yrforallexistingemployees/2timesayearfornewhires
CreateindividualStayActionPlans
ManagersForecastRetention
Top-SellingSHRM-PublishedBookinHistory
StayInterview5Questions
1. Whatdoyoulookforwardtoeachdaywhenyoucommutetowork?
2. Whatareyoulearninghere?Wanttolearn?
3. Whydoyoustayhere?
4. Whenisthelasttimeyouthoughtaboutleavingus?Whatpromptedit?
5. WhatcanIdotomakeyourjobbetterforyou?
^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Forecast
YourRole:ForecastRetention
Likelytoleaveina6monthsorless
Mayleavein6– 12months
Likelytostaygreaterthana1year
Canbechangedatanytimeifnewinformation
RetentionForecast“HeatMap”Leader:Rodriguez
PerfRating/5Hi,1Lo
Green1+yrs
Yellow6-12Months
Red0-6Months
RetentionPlan
KimJohnson
4 Providementorfor…
BurtBrown 5 Developskillsforpossiblepromotionto…
CindyStone 3 Pleasedwithcurrentrole&circumstance
RalphJimenez
2 Coachingforperformance
^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Accountability
TheIncrediblePowerofAccountability&First-LineRetentionGoals
StrategyAGroupofhospitals“solved”nurseturnoverwithonsitechildcare&flexiblescheduling
StrategyBOutlierhospitalassignedretentiongoalstomanagersandreportedprogressmonthly
OneYearLater:“A”turnover%identical,“B”down41%,savedmillionsof$s
ü Local/nationaltalentshortage,initialturnover100%+ü Hands-onmanufacturingofrecreationalvehiclesü LeaderstaughttoconductStayInterviews,learnedemployees’1-1needsü Retentionaccountabilityreportwithleaders’namesdistributedmonthly
67%CaseStudy#1:IndianaManufacturing
Turnoverreduced67%within5months
ü Demandfornursesmuchhigherthansupplyü Ruralhospital,paybetterincommutableTampaü CNOchallengedtoretainmorenursesü NursemanagerstrainedtoconductStayInterviews,acceptgoalsü CEOdiscussedmonthlyretentionreportagainstgoals
70%CaseStudy#2:FloridaHospitalNurses
Nurseturnoverreducedby70%within6months
ü 5domesticcallcenters,50%90-dayturnoverü Payfor4weeksoftrainingwithnoROIü CEOtoldcentermanagersgoaltoretain75%after90days;recruiters&
trainerssamegoalü ManagerstoptobottomconductedStayInterviewsü 91-daymeetingsincreasedaccountability
50%CaseStudy#3:Hilton’sCallCenters
Turnoverfellbyhalfacrossall5centerswithin4months
Gallup’s100YearCommitmentSurveyingcitizensoftheworldtolearnwhatbringsmosthappinessover100years.Sofartheansweriswhich…
a.Goodhealth?b.Agoodjob?c.Loveandrespectfromothers?d.Moneyforneedsandmore?e.Betterlifeforyourchildren?
Gallup’s100YearCommitment
a.Goodhealth
b.Agoodjobc.Loveandrespectfromothersd.Moneyforneedsandmoree.Betterlifeforyourchildren
ToObtain
[email protected]#ofemployees
ü FreeOnlineStayInterviewTrainingModule
ü HowtoCostTurnover&Engagementü EngagementCorrelationstoProductivity
ü TheStayInterviewManagerTrainingGame