10 Things to Guarantee Turnover. October 13, :05 am 9:55 am

Transcription

1 10 Things to Guarantee Turnover October 13, :05 am 9:55 am

2 Moderator Bob Graczyk Vice President of Human Resources QuickChek Corporation Speaker Susan Stang Vice President, Leadership Services PSI Services, LLC

3 Objectives Avoid the common practices that contribute to employee turnover Follow practical recommendations to improve employee retention

4 Good Ideas Increased Turnover

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6 Top 10 Countdown: Good Ideas Ways you may be unknowingly contributing to turnover 1) The Idea 2) What Goes Wrong? 3) Best Practice & Retention Strategy Possible Next Steps Key Takeaways

7 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority

8 Clear lines of authority Create accountability Focus on problem solving Ensure consistency Direct activities

9 Clear lines of authority can also lead to Execution without explanation Work without thought Process without purpose Rigidity without reason

10 Retention Strategy: Respect employees Keep compensation and benefits current and competitive Have faith in their abilities Allow employees to contribute Ask for input Offer flexibility

11 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates

12 Hiring managers based on employees past performance will fail what percentage of time? A 20% B 40% C 60% D 80%

13 Store Manager Managing Resources Confronting Problems/Removing Obstacles Supporting Performance Excellence Creating a Culture of Accountability Building Relationships Driving for Results Sales Associate Communicating Effectively Communicating Effectively Focusing on the Customer Focusing on the Customer Being Friendly Maintaining a Positive Attitude Taking Action Being Dependable

14 Impact? You have lost a great Sales Associate and hired an ineffective Manager

15 Retention Strategy: Hire for fit Base your decision to promote on the competencies required, not performance in an entirely different role

16 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies

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18 Rules have a role, but they should be easy to follow, and transparent in purpose should be accompanied by training as well

19 Retention Strategy: Eliminate unnecessary rules Review policies and processes that have been in place for years - move away from it s the way we have always done it thinking Form teams/solicit feedback to identify and update dysfunctional processes or policies

20 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward

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23 Share conditions of employment We work while others play Disney

24 Retention Strategy: Use your word wisely Communicate with honesty, openness, and respect Allow for self selection Focus on what is possible

25 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simple

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27 Retention Strategy: Reduce boredom create fun Identify opportunities for growth Allow for laughter Prioritize happiness

28 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simple 5. Share formal feedback

29 What percentage of employees indicate that they dread the performance review process? A 29% B 54% C 73% D 98%

30 Formal Performance Evaluations Review the reason and rationale Redesign to: o minimize work required o increase meaningfulness of feedback Focus on what s working well and encourage it

31 Once a Year is Not Enough

32 Retention Strategy: Bring out the best in your employees Commit to collaboration and cooperation Identify growth opportunities Coach and develop

33 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simply 5. Share formal feedback 4. Focus on results

34 What motivates employees

35 The employees who are most engaged report that their managers: A B C D Help them to develop their weaknesses. Focus on their strengths. Accommodate their needs. Provide bonuses and perks.

36 Retention Strategy: Value employees Genuinely care Make communication a priority Express appreciation Recognize accomplishments

37 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simple 5. Share formal feedback 4. Focus on results 3. Motivate through pay

38 What do employees consider most important when looking for a job? A B C D Good wages. Meaningful work. Appreciation for a job well done. Managerial support.

39 Make it meaningful

40 Focusing employees on meaning and purpose resulted in Before After Turnover Absenteeism Minimal Focus on Meaning Turnover Absenteeism Focus on Meaning University of Alberta

41 Retention Strategy: Be inclusive Make work meaningful Share purpose and credit

42 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simple 5. Share formal feedback 4. Focus on competence and experience 3. Motivate through pay 2. Set aggressive goals

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44 Retention Strategy: Set realistic expectations Focus on what is reasonable Offer necessary tools and resources Understand what is done Collaborate instead of mandate Readjust as necessary

45 Top Ten Ways to Guarantee Turnover 10. Establish clear lines of authority 9. Promote your best sales associates 8. Create comprehensive detailed policies 7. Put your best foot forward 6. Keep the job simply 5. Share formal feedback 4. Focus on results 3. Motivate through pay 2. Set aggressive goals 1. Hire top talent

46 Out of every 3 new hires, how many will disappoint within the first 12 months? A 0 B 1 C 2 D 3

47 Average employee turnover 84.4% NACS State of the Industry Report, % of job failures are due to poor hiring decisions Harvard Business Review

48 Undeniable Truths Success is complicated Good decisions are rarely made in desperation You may not know it when you see it

49 Consider: Right Skills? Right Attitude? Fit with Culture?

50 Retention Strategy: Hire for fit Identify what differentiates your superstar performers Define the success profile the attributes, perspectives, and attitudes that drive top quality performance Select the candidates that best meet the profile

51 Practical Recommendations to Reduce Turnover and Become an Employer of Choice 1. Define a top performer What competencies and characteristics do your top performers have? 2. Evaluate the basics Benchmark your numbers, metrics, and practices 3. Communicate honestly Share information Be accountable 4. Offer meaning and alignment Ensure leaders support the culture in word and action Share purpose, focus, and strategy with all Understand your employees perspective 5. Lighten up, and have fun

52 Key Takeaways From Today Best practice retention strategies lead to employee engagement Employee engagement matters o 65% lower turnover o 48% fewer safety incidents o 37% lower absenteeism o 28% less shrinkage o 22% higher profitability Number 1 strategy to reduce turnover hiring right o If you select the wrong manager, nothing can compensate not pay, not benefits, not hours o High engagement starts with hiring for fit (putting people in the jobs that are right for them) Gallup (2013) State of the American Workplace: Employee Engagement Insights for U.S. Business Leaders

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