Use this presentation for how to improve retention
- 2. Retention Through Employee Engagement
- 3. Feeling “engaged” depends on the “strength” of the workplace not necessarily on the corporate leadership- Buckingham & Coffman, ‘First Break all the Rules’
- 4. The importance of feeling “ENGAGED”Companies do not retain people
- 5. People decide to stay
- 6. They decide to stay when they feel “engaged”
- 7. “Engaged” employees stay longerFeeling “Engaged” depends onTHE STRENGTH OF THE WORKPLACE
- 9. RESOURCES
- 10. OPPORTUNITY
- 11. RECOGNITION
- 12. CARE & CONCERN
- 13. DEVELOPMENT
- 14. PARTICIPATION
- 15. PURPOSE
- 16. QUALITY
- 17. APPRAISAL
- 18. LEARNINGIf we provide all the above, then we have built a GREATER PLACE TO WORK. Most of the above are in the hands of THE BOSS.
- 19. The BOSSThe “Boss” is the key factor in building a strong work place.
- 20. Talent retention strategy will work if we have the “Boss” in right place.
- 21. “Boss” who “nurture” and “mentor”.
- 22. Creates nurturing environment for the employees to imagine, explore, pioneer, invent etc.Growth is a pre-requisiteTalent can be retained with business growth.
- 23. New businesses provide career opportunities.
- 24. Retaining talent and growing business are therefore interdependent.
- 25. “Growth” is therefore a pre-requisite.They want to be with us. why?2/3 of the workforce have put up more than 10 years of service- BondageManagement by heart – Caring and sharing as one familyTrust Cultural fit – MNC with ‘Indian Character’140 divisions – ample learning and growth opportunities“Bosses without Bossism” - MentorsAge neutral - age diversityEmpowerment – Climate for actionWork life balance
- 26. Creating an effective Reward EnvironmentDoes the organisation’s reward and recognition policies and habits support the development of the desired culture? Is their a balance between the formal and informal reward and recognition initiatives?Is the working environment inspiring and does it make employees feel at home/special?Is it a caring environment/culture and does the organisation carry the employee’s well-being at heart?Is the management style promoting/facilitating development and growth?Do people believe in the organisation and it’s leadership?Does the organisation have formal recognition/award plans in place?
- 27. Creating an effective Reward EnvironmentRecognition Plans:Celebrate objective and/or goal achievementReinforce extraordinary performance, normally outside of job expectations.Recognise activities/ events/ milestonesPeer-to-peer, managerial recognitionAward Schemes:Cash awards (Once off bonus payment, vouchers, car-hire, etc.)Non-cash awards (Development programmes, overseas tours, trophies, certificates, etc.)Spot awardsRisk prevention awards
- 28. Creating an effective Reward EnvironmentOrganisation taking care of personal needs (Dry cleaning, shopping, etc.)Grocery delivery serviceCreche facilitiesHiring of Executive Cars for Employees (Ferrari’s, Porsche, Chauffeur-driven, etc.)Overseas toursHealth, golf, country club membershipVirtual officesSecure working environmentFlexible working hours/output based performance contractsRewarding/involving spouses/family members
- 29. What drives the Remuneration & Benefits Strategy?Reward StrategyREMUNERATIONVariable payPerformance /ResultBusiness strategyEmployeefringe benefitsDevelopment of pay according to personal performance and business resultCreating of pay structure according to business requirementsBase pay CompetenciesMarket5 4 3 2 1Development of pay according to job fulfilment and role behaviourPositioning of pay structure in the market Product Market Competition Labour Market CompetitionJOB GRADE FunctionStructuring of pay according to function value
- 30. 13Why Retention MattersCosts: 1½ - 2 times salary & benefits
- 31. Staffing costs – costs to hire
- 32. Vacancy costs – lost productivity
- 33. Training costs – to prepare new employee
- 34. “Acting” pay
- 36. Work not done, priorities not met
- 37. Impact on colleagues 14Obstacles to RetentionCompetition for the tech savvy, interpersonally skilled Declining supply of library & information science professionals More choices for both degreed and non-degreed personnelLow compensationRetirements Freezes
- 38. 15The Changed Employer-Employee RelationshipThe “contract” is brokenLife Long Employment vs. Mutuality of PurposeFree agentsFlexibility to meet diverse needsWork/life considerations
- 39. 16Why Employees StayA feeling of connectionFeeling valuedPersonal and professional growthContinuous learningMaking a differenceGood managementCan’t afford to leaveFair pay and benefits
- 40. 17Retention Begins with Orientation
- 41. 18OrientationRelationship begins before the hire
- 42. Employees value a personal connection
- 43. Accommodate different learning styles
- 44. Make it interactive and fun
- 45. Complete paperwork and procedural “stuff” in advance19Orientation Beyond the WorkplaceOffer dual career assistance
- 46. Include family in the equation, invite to orientation
- 47. Match new employees with friends and services, new neighbors, teenage babysitters, etc.
- 48. Help with relocation20Assimilation Provide a buddy/ mentoringCreate & reward best practices
- 49. Develop expectations for management21Welcome!Desk, computer, workspace ready on day one
- 50. Welcome card
- 51. Balloons, food
- 52. New employee party at work site
- 53. Formal follow-up at 30, 60, 90, 120 daysKeys to RetainingTop Talent
- 54. 23Job Satisfaction & Retention
- 55. 241. Increase OpportunityChallengeInteresting projectsResponsibilityTeam leadershipSpecial assignmentsPromotion
- 56. 25Opportunities for Employee Development Internal recruitmentSupport for educationJob rotation/cross trainingTask forces, project assignmentsAcademies of learningCareer laddersMobility among libraries
- 57. 26Cultivating ExcellenceIndividual development plansCoaching/mentoringPerformance management with real feedback and coaching360 feedbackAccelerated advancement/stepsCo-manager opportunities Shared staff opportunities
- 58. 272. Decrease StressIdentify stressors
- 62. Promote and model stress-reducing activities
- 63. 28Work/Life BalanceDefine work in terms of what is to be accomplishedProvide flexible work schedulesEvaluate alternative work places and telecommutingAppreciate dilemma of child care, elder care, multiple individual roles“Allow” voluntary demotionsAppreciate diversity of personal values and priorities
- 64. 293. Provide LeadershipBuild trust Commit to helping others succeedOffer motivationSeek excellence Take action
- 65. 304. Emphasize Work Standards Focus on taking pride
- 66. Link performance to customer satisfaction
- 67. Develop customer service and quality measures collaboratively
- 68. Be very clear on expectations
- 69. Celebrate achievements315. Provide Fair RewardsEmployees want fair rewards for the work they do, based on:Skill ResponsibilitiesEffortWorking conditionsCommunicate Reward for top performance
- 70. 32Convenience/Concierge ServicesDry cleaner pick-upSupermarket / Carry-out delivery Financial planning Passes, discounts – zoo, museum Classes on-site – educational, fitnessDiscount coupons – cleaning services, manicures, lawn careWellness, health screening
- 71. 336. Allow Adequate AuthorityEmpower employees to actEncourage employee input to decisions, goals, and direction setting
- 72. 34Retaining Talented Workers as They Near RetirementPhased retirementRe-hiring as part-timers or consultantsTemp workTraining/mentoring assignment Sabbatical
- 73. Recognizing Employees“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.”Anonymous
- 74. 36Recognition Enhances performanceHelps motivate Provides practical feedbackMakes it easier to get the work doneImproves productivity
- 75. 37Recognition UpdatedIncludes informal elementsMultiple programs & activitiesLeader-orientedFrequent & flexibleCulture of performanceUsed for everyone
- 76. 38Coworkers Recognize Colleagues DedicationAchievementCharacterService“Can do”attitudeRespectCooperationHelpfulnessFlexibility
- 77. 39Supervisors Recognize StaffHandling an emergency or difficult situation
- 78. Filling in on another job
- 79. Completing a special task
- 80. Consistently presenting a positive attitude that inspires
- 81. Giving time & assistance to an area or staff person outside dept. or responsibility40More Formal RewardsCustomer Service Award
- 82. Spirit Award
- 83. Service Awards
- 84. Retirements