Retention Challenge
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The retention challenge and how to get the best from your people.
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Retention Challenge
- 1. The Retention Challenge & How to get the best from your people www.benchstrength.com.au
- 3. Employees need to be invested in for you to make a return for their time and energy. They need to be nurtured, taught and grown and in return you receive improved; productivity, efficiency, predictability and profitability. The penalty is high if you do nothing .
- 6. Cost of High Turnover Different types of employees leave for different reasons..... Staff Staff Number of employees in Organization 40 40 Average turnover rate 30% 33% 20% Potential risk 12 8 Average Salary across all employees $70000 $70000 Average cost of replacement $50000 $50000 Financial risk of risk leavers $600000 $400000 $200000
- 8. Boomers Gen X Gen Y Technology TV, cassette Migrated into Tech VCR, walkman IBM PC Internet, email, sms, DVD, face book Music Elvis, Beatles My generation INXS, Nirvana My generation (Oasis) Eminem, Brittany, 50 My generation (Duff) TV & Movies Jaws, easy rider Hey, Hey, MTV Pay TV, Reality, Simpsons Popular Mini’s, frisbee, flared Jeans Torn jeans, rollerblades Tattoo, piercings, men’s cosmetics, hanging jeans. Social markers Vietnam, decimal, Moon, Advance Stock Market crash, Berlin wall, Challenger Columbine, Bali, 911, Y2K Influencers Evidence Practitioner Experience, peers Training Data Practical, case studies Stories, emotions, participative Learning style Formal, structured Relaxed interactive Spontaneous, multisensory. Learning environment Classroom, quiet Round table, relaxed Cafe, music, multi-modal Sales & Marketing Mass, AOL Direct, targeted BTL Viral, digital, referral. Financial values Long term, cash & credit Medium, credit savvy Short term credit dependent Shapes careers Parents and authority Advisors and experts Experience and peers Ideal leaders Command/control Thinkers Coordinate and cooperate, doers Consensus, collaborative, feelers.
- 10. Benchstrength Insights Managers and leaders need to adapt their styles to better engage new generations, don’t expect conformation to old styles ........ “if you lead and no one follows you are just out for a walk.....” What style (C,P,A,D,P,C) do you need.... Generational trends are not like a pendulum. Their current focus is on work/life balance, flexibility, flat structures, social environment, fun, culture and access to information as permanent priorities. (they are on to something...) Generation Y seek opportunity not a job... looking for a place to belong with purpose. (they need to understand not everyone is a Y) As leaders there is a need to leverage the push buttons across your generations.
- 15. Pick employability skills, can do and will do’s Entry Attraction Selection Org. Design Roles Responsibility Avoid the brats....think about where your staff are going to come from Strong cultural fit, higher satisfaction and retention Staff the work... How work gets done, with what support Scope and scale
- 17. Aligning your people (Hipo) and your teams to your Strategy Evolution Strategy Structure Goals Action Plans KPIs (Review) Development Framework explain, inform, motivate, Educate – involve, stimulate change Dashboard, processes, Roles, Resp. Systems and technology, Where you want to be, anchors activity and drives fundamentals. Who does what, when Regular rythmic review of those numbers that really count. Creating a learning and growth culture
- 19. Stay flexible in your approach. Exit Outplacement Career Planning Work/life Balance Aptitudes Counsel/coach/mentor
- 21. People Values Vision Mission Goals Strategy Structure Action Plans Communications Show genuine interest/appreciation in and outside work Personalize your relationship (DISC) Walk the talk be congruent especially when things Get tough. Do you match and mirror... Retention is everyone’s responsibility as a KPI, be a Career builder. Make work meaningful, important, making a difference Manage the meaning of change, look for signs of stress Grow competencies situationally, development plan, Coach and mentor: training = retaining. Find people doing the right thing, (VAK) Ask questions, WOYM, RU being challenged, trained Given feedback: meet 1 on 1 use 360 Why we do, what we do, where we are going be as Clear as you can be on what you expect. Review
- 23. The right team brings passion creativity and innovation to your business. The right strategy delivers a value proposition unique and profitable. The right structure gives context on how things work and delivers your value proposition to your customers What getting it right means
Hinweis der Redaktion
- We help leaders step back from their normal day to day agenda and take stock of their leadership challenges looking for hidden opportunities to improve performance. The result: sound business direction, awakening commitment and enthusiasm, organized efforts: a revitalized business
- Number of organizations have turnovers in the 30 – 50% bracket: current survey had over 55% of the workforce actively looking for new employment.... Cost to replace someone can be between 30 and 200% of someones salary depending on their role Cost of turnover can be measure in hard and soft costs. Outplacement, fees, profiling training and development, lost productivity, ramp up time IN selling terms if you have a margin of 20% you need $1M in extra sales to get the same level of cost savings.
- Generational wealth exchange about to take place. Leaders shift from boomers to X and Y.
- Builders: Hardworking, loyal, sacrifice, thrifty and conformist Boomers: Workaholic, optimistic, causes, materialistic, works efficiently. Gen X: Work-life, lives for today, independent, distrusts companies, bends rules sometimes. Gen Y: What’s next, on my terms, civic minded, works to spend, questions the status quo, purpose
- New entrants filling up the TBA voids coming from Gen Y. Generational challenge becoming more acute must be dealt with from all sides.
- Companies provide: Compelling experience that challenges individuals, creates strong teams, allows learning and risk taking. Leadership: who are passionate about their people and their importance to the teams and to the organization. Connection: supportive of sharing of information up and down stream, validating and talking about the business, its direction goals, strategies, wins. Inspiration: leaders who understand motivation and can inspire outstanding performance.
- Companies provide: Compelling experience that challenges individuals, creates strong teams, allows learning and risk taking. Leadership: who are passionate about their people and their importance to the teams and to the organization. Connection: supportive of sharing of information up and down stream, validating and talking about the business, its direction goals, strategies, wins. Inspiration: leaders who understand motivation and can inspire outstanding performance.
- Between the leadership styles, competencies and capabilities that exist versus those that need to exist. Look at your organization and its functions and processes to help determine if you have the best possible footprint for your strategy. Assess your HR processes in terms of effectiveness to know were you are most at risk. Find those key performers who deliver and are capable of taking on new challenges or leadership roles.
- Entry is about finding the right people. Attraction: Clear profile business, industry, standing, sense of culture, performance and goals. Selection: Expectations alignment, Assessments skills, attributes & competency, checks, team interviews, styles Org Design Staff the work; not the jobs. Roles Position descriptions parameters of how the work gets done, how, with what support. Responsibility Scope and Scale, decision making and upstream/downstream activities
- Pre-employment - Before arrival removes buyers remorse. Orientation- First days introduction and initiation of relationships + tools Central Messages- Core messages, mission/vision, direction, philosophy, values and rules Rotation - Opportunity to build relationships upstream & downstream Incremental Learning – Initial learning / training within the first 90 days of employment. Mger Alignment & Accessibility - The frequency and nature of contact. Business Awareness – History, products, services, customers and competitors Performance Objectives – Clear understanding about their expected performance Learning Path - Learning both formal and informal, internal & externally supported Personal Vision & Career Path - Immediate and long-term career objectives Senior Leadership - Visibility, presence and interaction with senior management Work/Life Balance- Proportional investment of time, energy and emotion into work. Co-Workers - The attitudes & behaviour sense of acceptance, belonging & trust. Physical Envir. & Resources – Access to business resources/tools Systems and Processes – Access and understanding of key business systems/processes New employees are validating what you told them at interview: if it doesn’t stack up i n the first 120 days , 50% will leave in a year…. A Vision has the power to align and unite personal, professional, & organizational missions, values, and uniqueness as it blends cultural and business environments. A Vision is our genuine expression of what we wish to create collectively. It engages our hearts and minds locally and globally enabling us to tap into the creativity of all its members to create better quality products, services, and life. Values intrinsically motivate you to achieve goals and influence the way you handle situations or people. It is your values that align you with your career choices and the people you invite into your business. What values do I hold now? What values do I require to be at my personal best? What values do my clients expect? What values do I require to create the corporate culture I desire? Values : need definition, mere lists of words are not sufficient, you need to describe what the behaviour looks like.
- Strategy: To move the business from where it is to where it should be. Structure: For getting work done, not to fill jobs Goals Common Goals, individual alignment: SMART Action Plans Who has to what, when and how it fits it. KPI’s PD skills/competency gaps, learning path (formal/informal, internal, external)
- Your business operatives in a cycle and you need to think of your talent management in the same manner. Before the drop off in performance, attitude or behaviour work out what your team wants and needs.
- EXIT – Helping people to move on gracefully.
- ( Need to speak about the Journey idea) PEOPLE Strong cultural fit, higher satisfaction and retention VALUES Should and should nots that guide decision, attitudes and behaviours VISION MISSION Answers why we do what we do, ignites passion and explains purpose GOALS Where you want the organisation to be, anchors activity and drives business fundamentals STRATEGY Specific initiatives surrounding your driving force and niche STRUCTURE Who is responsible for what, guidelines for decision making ACTION PLANS S.M.A.R.T. framed initiatives supporting the strategy REVIEW Regular rhythmic review of the KPIs COMM’S Clarity, focus on performance rewards & recognition WOYM (whats on your mind)
- The result: Lower turnover Improved leadership skills Clearly identified hi potentials to protect The ability to attract new talent Higher retention rates Higher Profitability