Retention & Engagement Version 4

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Information about Retention & Engagement Version 4

Published on April 27, 2008

Author: brandbliss

Source: slideshare.net

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http://www.employerbrand.ro/

Human Capital – Performance & Rewards Ernst & Young Romania

Employee Engagement

Retaining Employees – Business Impact Taco Bell – Top 20% employee-retention stores had double the sales and were 55% more profitable than bottom 20% employee-retention stores. Marriott -10% reduction in turnover leads to $50-$100 million increase in revenue. 1 % reduction in attrition for IBM global services India resulted in a saving of 1 mil $ per annum.

Taco Bell – Top 20% employee-retention stores had double the sales and were 55% more profitable than bottom 20% employee-retention stores.

Marriott -10% reduction in turnover leads to $50-$100 million increase in revenue.

1 % reduction in attrition for IBM global services India resulted in a saving of 1 mil $ per annum.

Key Principles of Retention Retention is fundamentally linked to engagement A few leaders/managers drive most of attrition Its important to focus on Stars & Solid Contributors

Employee Engagement & Retention are directly related to each other – IT Company Illustration

A few Leaders/Managers drive most of Attrition “ People leave managers, not companies . . . If you have a turnover problem, look first to your managers.” First, Break All The Rules, By Marcus Buckingham & Curt Coffman “ When job opportunities are plentiful, people with crummy bosses leave.” From Hidden Value: How Great Companies Achieve Extraordinary Results With Ordinary People by Charles O’Reilly III 80% of employees view their company and their supervisor the same way. University of Michigan

“ People leave managers, not companies . . . If you have a turnover problem, look first to your managers.”

First, Break All The Rules, By Marcus Buckingham & Curt Coffman

“ When job opportunities are plentiful, people with crummy bosses leave.”

From Hidden Value: How Great Companies Achieve Extraordinary

Results With Ordinary People by Charles O’Reilly III

80% of employees view their company and their supervisor the same way.

University of Michigan

Talent Watch Survey Data Indicates: Join companies for: Organization Factors: pay, benefits, reputation Job factors: Schedule, Challenge, Learning Leader factors: Trustworthy, Coach, Flexible Leave Companies for: Leader factors: Trustworthy, Coach, Flexible Job factors: Schedule, Challenge, Learning Organization factors: Pay, Benefits, Reputation

Join companies for:

Organization Factors: pay, benefits, reputation

Job factors: Schedule, Challenge, Learning

Leader factors: Trustworthy, Coach, Flexible

Leave Companies for:

Leader factors: Trustworthy, Coach, Flexible

Job factors: Schedule, Challenge, Learning

Organization factors: Pay, Benefits, Reputation

Important to focus on Stars & Solid Contributors Invest heavily in the stars (top 20-25 %) Identify the brightest talents over a period of time Give them higher responsibilities and higher variable paybacks Be conscious of not disturbing the solid contributors Grow the solidly contributing players ( 70% of the organization) They are the operational arms of the organization and its conscience in times of change Recognize and consult them Coach them on their development areas. Pay them well for their contributions Act decisively on the “disaffected marginal performers” ( bottom 5-10%) They make bad bosses & poor role models and tend to attract other sub standard performers

Invest heavily in the stars (top 20-25 %)

Identify the brightest talents over a period of time

Give them higher responsibilities and higher variable paybacks

Be conscious of not disturbing the solid contributors

Grow the solidly contributing players ( 70% of the organization)

They are the operational arms of the organization and its conscience in times of change

Recognize and consult them

Coach them on their development areas.

Pay them well for their contributions

Act decisively on the “disaffected marginal performers” ( bottom 5-10%)

They make bad bosses & poor role models and tend to attract other sub standard performers

What can we do about Engagement & Retention Engagement & Retention Diagnostics Action Steps to improve Engagement & Retention

Engagement & Retention Diagnostics

Action Steps to improve Engagement & Retention

Engagement Diagnostics Engaged employees will : Communicate: Consistently speak positively about the organization Consult & Coach: Look at solutions & work with others to tackle it Commit: Make extra effort and have an intense desire to stay Typical Surveys focus on Leadership & People Policies Types of Engagement Analysis based on Employee Satisfaction Survey: Overall Satisfaction & Correlation with past data Analysis by Experience, Level, Education, Age, Sex Analysis by Function/Department; Supervisor/Leader

Engaged employees will :

Communicate: Consistently speak positively about the organization

Consult & Coach: Look at solutions & work with others to tackle it

Commit: Make extra effort and have an intense desire to stay

Typical Surveys focus on Leadership & People Policies

Types of Engagement Analysis based on Employee Satisfaction Survey:

Overall Satisfaction & Correlation with past data

Analysis by Experience, Level, Education, Age, Sex

Analysis by Function/Department; Supervisor/Leader

Retention Diagnostics Institutionalizing Attrition Analysis - Tools Used Exit analysis for all associates Attrition Analysis Framework for Organization Data Types of data analysis Voluntary/Managed Attrition Skill Wise Attrition Experience wise, Level wise attrition Band and gender analysis Root cause analysis

Institutionalizing Attrition Analysis - Tools Used

Exit analysis for all associates

Attrition Analysis Framework for Organization Data

Types of data analysis

Voluntary/Managed Attrition

Skill Wise Attrition

Experience wise, Level wise attrition

Band and gender analysis

Root cause analysis

Actions to improve Engagement & Retention Communicate business direction & leadership expectations to employees regularly & ask for feedback Market driven Compensation revisions targeted at employee groups with high attrition levels (example employees with 2-6 years experience) Innovative long term incentives & retention programs Focus on career programs, job rotations & secondments Transparent, business driven & consistent implementation of perf. appraisal & annual awards linked to the appraisal programme Attrition & employee satisfaction figures indexed to leaders & retention /engagement of employees given 20-30% of weightage in their performance appraisal

Communicate business direction & leadership expectations to employees regularly & ask for feedback

Market driven Compensation revisions targeted at employee groups with high attrition levels (example employees with 2-6 years experience)

Innovative long term incentives & retention programs

Focus on career programs, job rotations & secondments

Transparent, business driven & consistent implementation of perf. appraisal & annual awards linked to the appraisal programme

Attrition & employee satisfaction figures indexed to leaders & retention /engagement of employees given 20-30% of weightage in their performance appraisal

Actions to improve Engagement & Retention (Contd.) Personnel policies simplified & communicated to all employees specially new employees; Improve induction/orientation programme for new hires Improve flexible working and mobility specially for working mothers Organize and track focus groups, 1-1 meetings and informal get-togethers Restructuring of the HR function to focus and measure responsiveness to resourcing, retention/engagement and transaction needs of the organization

Personnel policies simplified & communicated to all employees specially new employees;

Improve induction/orientation programme for new hires

Improve flexible working and mobility specially for working mothers

Organize and track focus groups, 1-1 meetings and informal get-togethers

Restructuring of the HR function to focus and measure responsiveness to resourcing, retention/engagement and transaction needs of the organization

Human Capital Services HR Infrastructure for Start-up Companies – Quick & effective start of business (Compensation, Recruitment, Labor compliance, Establishing the HR Function/HR Outsourcing) HR Due Diligence & Merger Integration – Managing Human Capital integration Risks (Due Diligence, Day 1 Readiness, Post Merger Integration) Total Rewards – Designing & Implementing Reward Prog. (Comp. Surveys, Performance Mgmt., Variable Pay Design & Implementation) Talent Management – Attracting, engaging and retaining talent (Diagnostics & Action Plans for Attracting, Engaging & Retaining Talent) Aligning People Strategy to Business – Improving focus & effectiveness of HR (HR Diagnostics & Restructuring/Enablement of HR) HR Outsourcing – Building scale & reducing costs in HR administration

HR Infrastructure for Start-up Companies – Quick & effective start of business (Compensation, Recruitment, Labor compliance, Establishing the HR Function/HR Outsourcing)

HR Due Diligence & Merger Integration – Managing Human Capital integration Risks (Due Diligence, Day 1 Readiness, Post Merger Integration)

Total Rewards – Designing & Implementing Reward Prog. (Comp. Surveys, Performance Mgmt., Variable Pay Design & Implementation)

Talent Management – Attracting, engaging and retaining talent (Diagnostics & Action Plans for Attracting, Engaging & Retaining Talent)

Aligning People Strategy to Business – Improving focus & effectiveness of HR (HR Diagnostics & Restructuring/Enablement of HR)

HR Outsourcing – Building scale & reducing costs in HR administration

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