With millions of open jobs, you would think that companies would look to fill them with people who are out of work but that’s not the case. They are actively pursuing top talent who can contribute more from the outset. Top talent has never been in more demand.
As your competitors look to pick off your best employees you need to protect yourself. Don’t lose them because they felt underappreciated.
In this SlideShare, Madison explores:
The immediate economic advantages of retaining top talent
How you can protect yourself (and your employees) from competitive poaching by following our seven-step process
How Madison makes that all happen with Maestro, the most configurable cloud-based SaaS Social Recognition Technology
2. COSTS OF REPLACING
top employees
COSTS OF REPLACING
top employees
150%
annual salary for
Mid-Level Employees
annual salary for
Specialized Workers
400%
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
$$$$$$$$$$
TRAINING
COSTS
PRODUCTIVITY
SOCIAL
CURRENCY
YOUR BIZ
COMPETITOR
“A”
INCREASED
CUSTOMER DEFECTION
More than 60% of HR professionals have
reported an increase in the number of employees
receiving an offer from rivals.
3. MADISON’S 7 STEP APPROACHMADISON’S 7 STEP APPROACH
So what should you be doing to
prevent employee poaching?
So what should you be doing to
prevent employee poaching?
4. CHECK YOUR
TOTAL rewards PORTFOLIO
CHECK YOUR
TOTAL rewards PORTFOLIO
Is it on par with competitors? While workers may
say a higher salary compelled them to quit, it’s often
a lack of recognition that moves them to leave.
In other words, they go elsewhere because they
are not getting the emotional payoff they desire
where they are currently.
5. CHECK YOUR
“psychological COMPENSATION”
CHECK YOUR
“psychological COMPENSATION”
Compensation goes beyond pay. A-players need
feedback and recognition.
They want their work to be acknowledged
and appreciated and if you are like the majority
of companies you don’t recognize top
performers enough.
6. EXAMINE YOUR
FUNDING allocations
EXAMINE YOUR
FUNDING allocations
If you are not in the 1-2% payroll range across all
employees, you are underfunding recognition.
You need to do more than account for your
investment, you also need to analyze where it’s
going. Without that insight you can’t be sure if
you are directing it for maximum return.
$$
$$
$$$$
7. DIAGNOSE vulnerability GAPS
WITH TOP PERFORMERS
DIAGNOSE vulnerability GAPS
WITH TOP PERFORMERS
Consider “stay surveys” to learn more about
what top talent thinks today about the work and
the opportunities it offers.
This will help you understand how individuals
perceive their jobs, what they value from their work,
and what they want to be recognized for.
8. BUILD & EXECUTE A
recognition/retention STRATEGY
BUILD & EXECUTE A
recognition/retention STRATEGY
With the right social recognition technology,
you will have a wider range of communication
and recognition tools at your disposal.
Combine them all to show top performers that
the attributes they value exist in your environment.
9. Getting better at what they do is what drives
high performers. They are always looking for new
ways to master their craft and are attracted to
environments that help them do so.
Help your people see the potential that exists within
your environment by helping them to learn and grow.
OFFER
THEM more
OFFER
THEM more
10. TRACK, EVALUATE &
THEN reevaluate RESULTS
TRACK, EVALUATE &
THEN reevaluate RESULTS
Real-time and accurate analytical tools will help
you compare and contrast data sets and gauge
recognition activity against retention goals.
Use the intelligence gained to modify your
messages and improve your offerings across
the most vulnerable employee segments.
11. SummarySummary
With millions of open jobs, you would think that companies would
look to fill them with people who are out of work but that’s not the
case. They are actively pursuing top talent who can contribute more
from the get-go.
Top talent has never been in more demand. They represent immediate
economic advantages. Don’t lose them to your competitors because
they felt underappreciated. Protect them from being poached with our
seven-step process and with Maestro, the most configurable cloud-
based SaaS Social Recognition Technology.