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Retaining Your Top Performers

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Information about Retaining Your Top Performers

Published on February 26, 2014

Author: humancapitalmedia

Source: slideshare.net

Description

Your top performers are your organization’s most sought-after resource. With the proliferation of sources like LinkedIn, your people’s accomplishments are constantly on display to your competitors. Even in a tight economy, recruiters are doing whatever they can to woo your best employees. And while you can’t stop competitors from asking your top performers to leave, you can take steps to ensure their answer is no.

We know that pay, benefits and relationship with one’s manager all impact retention, but what employees want more than a raise is work that aligns with their skills and interests. In fact, the No. 1 influencer of job satisfaction is having the opportunity to use skills and abilities.

Join Steve Parker, SPHR, Vice President at SumTotal Systems, as he discusses:

-What your top performers truly care about and why they leave when they do.
-How learning can be a catalyst for performance, engagement and retention.
-How to avoid one-size-fits-all leadership development programs and deliver hyper-personalized experiences to drive retention.
-How to use technology as an enabler and overcome obstacles like lack of insight.
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Retaining  Your  Top  Performers   Speaker:         Moderator: Steve Parker, SPHR VP HR Solutions SumTotal Systems Max Mihelich Associate Editor Workforce magazine #WFwebinar

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Retaining  Your  Top  Performers   Max Mihelich Associate Editor Workforce magazine #WFwebinar

Retaining  Your  Top  Performers   Steve Parker, SPHR VP HR Solutions SumTotal Systems #WFwebinar

LEARNING TALENT WORKFORCE PAYROLL & EXPENSE 3,500 Customers | $250M+ Revenue | Nearly 30 Years in HR 45M Users | 17M Cloud Users | 95% Customer Retention Page 9 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Agenda "   The Real Importance of Retention "   What Your Top Performers Want "   3 Steps to Providing It "   Your Questions Page 10 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

The Real Importance of Retention Page 11 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

The War for Talent is Back Page 12 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

66% of CEOs say the lack of the right skills is their biggest challenge (Manpower, 2012) Page 13 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

3.9M jobs are open in US right now (BLS, 2013) Page 14 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

52% of jobs are going unfilled due to lack of “the right talent” to fill them (Manpower, 2012) Page 15 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

1 in 5 executives report a high negative impact on their ability to meet client needs (Manpower, 2013) Page 16 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Question: How have talent constraints impacted your company’s growth and profitability over the past 12 months? Our talent-related expenses rose more than expected Our quality standards fell We couldn't achieve growth forecasts where we are based All We couldn't achieve growth forecasts overseas US We weren't able to innovate effectively We were unable to pursue a market opportunity We cancelled or delayed a strategic initiative 0 5 10 15 20 25 30 Source: PWC 2012 Global CEO Survey Page 17 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL 35 40 45 50

71% of the workforce is not engaged (Gallup, 2012) Page 18 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Employees with lower engagement are 4x more likely to leave their jobs (Corporate Leadership Council) Page 19 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

What Your Top Performers Want Page 20 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

#1 influencer of job satisfaction is the opportunity to use skills and abilities Source: SHRM, 2012 Page 21 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Components of Engagement Autonomy Mastery Purpose •  People want to have control over their work •  People want to get better at what they do •  People want to be part of something that is bigger than they are Page 22 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Employee Expectations "   The new generation of workers want: §  Growth opportunities §  Job flexibility §  Ability to drive their own learning and receive role specific information §  Up-to-date technology that allow them to work fast Source: Forrester Research, “Transform Strategic Processes for Talent Management and Employee Engagement,” 2012 Page 23 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

#1 Really know your people Page 24 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

• Personal Attributes • Knowledge Who They Are What They Can Do • Competencies What They Know What They Have Done • Experience Page 25 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Page 26 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Poll Question What’s the state of your people data today? ①  What data? ②  We have multiple systems and lack a single source of truth ③  We have multiple systems and sources of data, but they’re integrated ④  We have a single source of truth and a comprehensive view of our people Page 27 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

75% Of organizations use more than three HR systems Source: Forrester Research, 2011 Page 28 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

LACK  OF  A  “SINGLE  SOURCE  OF   TRUTH”  OF  TALENT   CRM   LMS   RECRUITING   SUCCESSION   SUPPLY   CHAIN   CAREER  DEV   PAYROLL   HIGH  COMPLIANCE  AND   OWNERSHIP  COSTS   COMPENSATION   FINANCIAL S   PERFORMANCE   HRIS   ERP   LACK  OF  INTEGRATED   VISIBILITY  AND  ANALYTICS   Page 29 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL LACK  OF  INTEGRATED    HR  PROCESSES  

Systems Consolidation Isn’t The Answer Average HR technology consolidation Cost: $6 million Time: 3 years Organizations: “We’ll continue to need multiple systems into the foreseeable future.” Technology Vendors: “The only way to get information & value is to buy everything from us.” Data mapping is 70% of project cost Page 30 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

A  VIRTUAL  ‘SINGLE  SOURCE  OF   TRUTH’  OF  TALENT   CRM   LMS   RECRUITING   SUPPLY  CHAIN   SUCCESSION   CAREER  DEV   COMPENSATION   FINANCIALS   IMPROVE  COMPLIANCE  AND   OWNERSHIP  COSTS   INTEGRATED  HR  PROCESS   PERFORMANCE   PAYROLL   HRIS   ERP   INTEGRATED  HR  ANALYTICS   Page 31 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

#2 Provide right-time personalized experiences Page 32 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Page 33 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

“ One size fits all doesn’t work. We thought off-the-shelf was easier, but now companies are realizing that off-theshelf talent management practices are more difficult to see real results from... Source: Towers Watson Page 34 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL ”

Personalization Drives Retention In-context learning and development Productivity Instant collaboration with experts Engagement Targeted, practical career development Promotions 200% 40% Page 35 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL 75%

67% Don’t think HCM software helps them do their jobs better Source: Penn Schoen Berland, 2012 Page 36 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Poll Question What’s the highest level of value you are getting from your HR systems infrastructure today? ①  ②  ③  ④  Little or Unclear Automates Important Functions and Processes Provides Cross-Functional Insight Into Talent Capabilities Helps People Be Better At Their Jobs and Drives Productivity Page 37 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Talent Expansion is People-Centric ROI "   Increased productivity "   Improved adoption and engagement "   Nearly triple the ROI Talent Expansion Talent Management Traditional HCM Core Tracking + Reporting 1980 + Context & Pervasiveness + Improved UI 2000 2012 Page 38 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Typical UX = USABILITY Be easy to use Page 39 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Talent Expansion UX = USABILITY Be easy to use + CONTEXT Deliver immediate value to the end user Page 40 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL + PERVASIVENESS Be available where & how users already work

1.    Context Similar to Amazon and other consumer technology, the system understands the users profile and what they are trying do and can offer relevant advice and actions to help the user be more effective     Page 41 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Page 42 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Page 43 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Context-Aware User Experience Performance Improvement Page 44 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Context-Aware User Experience Manager Coaching Page 45 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Page 46 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

1.    Context Similar to Amazon and other consumer technology, the system understands the users profile and what they are trying do and can offer relevant advice and actions to help the user be more effective     2.   Pervasiveness   Instead of making users come to the system, the system can use “widgets” and mobile capabilities to deliver functionality to the user wherever they are working, even in other systems Page 47 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Mobile is Here 9 8 # (in billions) 7 6 Population 5 Mobile 4 PC 3 TV 2 1 0 1973   1993   2013   Page 48 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

62% Of workers use their own smart phone for work, and this number is expected to rise Source: Brandon Hall Group, 2013 Page 49 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Dr. Conrad Gottfredson’s 5 Moments of Learning Need Knowledge Acquisition 1.  When learning for the first time 2.  When wanting to learn more Knowledge Application 1.  Trying to remember 2.  When things change 3.  When something goes wrong m-Learning Perfect Fit Page 50 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Pervasive Access Field Sales Scenario "   Field sales employees have direct access to recommended learning and social connections relevant to their performance and the opportunity and customer type on which they are working directly from their CRM systems (like salesforce.com) Page 51 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Pervasive Access Manufacturing Scenario "   Machine Operators whose performance is below standard are given regular, hyper-personalized direction and training directly from time tracking devices as they clock in to create focus and increase performance. Page 52 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

72% Of companies use social technologies in some way, but very few achieve the full potential benefit. Source: McKinsey Global Institute 2013 Page 53 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

$1.3T Untapped value from social technologies Source: McKinsey Global Institute 2013 Page 54 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

#3 Incent Managers to Prioritize Internal Talent Mobility Page 55 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Your Managers May Be Your Biggest Obstacle Successful managers are often good at: "   Selecting great talent "   Developing great talent But not always: "   Giving up great talent Page 56 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

<3 91% of Millennials expect to stay in a job for less than 3 years Source: Forbes, 2012 Page 57 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Poll Question How does your organization treat internal talent? ①  We’re talent hoarders. We make it hard for people to move to new roles. ②  We allow people to move, but have rules to make sure it doesn’t become disruptive. ③  We encourage people to move and take on new roles. ④  We proactively manage internal talent mobility. Page 58 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

“ Facebook has not once bought a company for the company itself. We buy companies to get excellent people. ” Source: Mark Zuckerberg Page 59 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

It’s Not Just About Retention Internal Hires Produce: " Significantly higher performance in the first 2 years on the job " 20% lower turnover rates " Up to 30% less expensive Source: Matthew Bidwell, Wharton, 2012 Page 60 Copyright © 2013, SumTotal Systems, LLC. │ PROPRIETARY AND CONFIDENTIAL

Q&A Steve Parker, SPHR VP HR Solutions SumTotal Systems         sparker@sumtotalsystems.com   @stevenjparker   @sumtotalsystems   www.sumtotalsystems.com     •  Please take this time to submit your Questions •  Also please fill out the event survey. #WFwebinar

Join our next Webinar! The Datafication of HR: Graduating From Metrics to Analytics Friday, February 28, 2014         Webinars start at 2pm ET / 11am PT Register for all upcoming Workforce Webinars at www.workforce.com #WFwebinar

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