The Power of Stay Interviews - Jax SHRM 3.31...The Power of Stay Interviews A Stay Interview is a...
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Dick Finnegan Copyright 2017 all rights reserved SHRM Jacksonville 9 th Annual Conference Moving HR Forward #SHRMJax17
Transcript of The Power of Stay Interviews - Jax SHRM 3.31...The Power of Stay Interviews A Stay Interview is a...
DickFinnegan
Copyright2017allrightsreserved
SHRMJacksonville9th AnnualConferenceMovingHRForward
#SHRMJax17
FinneganBio
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“RecoveringHRdirector” solvedturnoverforSiberianbanks,Africangoldmines,Chinesemulti-nationalcorporations…andtheCIA
Author,RethinkingRetentioninGoodTimesandBad,excerptedbyBusinessWeek;“freshthinkingforsolvingtheturnoverprobleminanyeconomy”
Author,ThePowerofStayInterviewsforEngagement&Retention,top-sellingSHRM-publishedbookinhistory
Author,TheStayInterview,publishedin20languages+audiobook
Author,HR’sGreatestChallenge,distributedfreetotopglobalHRexecutives
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Whatdoyoulookforwardtoeachdaywhenyoucommutetowork?
Discussthiswitha partner
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ThePowerofStayInterviews
AStayInterviewisastructured discussionaleader conductswitheachindividualemployeetolearnthespecificactionsshemusttaketostrengthenthatemployee’sengagementandretentionwiththeorganization
StayInterviews…
Bringinformationthatcanbeusedtoday
Focusonindividualemployeesincludingtopperformers
Putmanagers inthesolutionseat
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^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Dollars
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2009 2010 2011 2012 2013 2014 2015 2016
U.S.VoluntaryQuitPercentages,Post-Recession…U.S.BureauofLaborStatistics
YoungU.S.workerswillhold10-14jobsbyage38
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ReportTurnoverinDollar$
Actualclientturnovercostsbyjob:
üPhysician…$225,808üSoftwareengineer….$131,000üCallcenterrepresentative…$29,447üTruckloader/unloader…$4,955
HowMuchDoesItCosttoLoseANurse?
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EngagementStuck…per Gallup/Deloitte0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
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2003
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ENGAGED
NOTENGAGED
ACTIVELYDISENGAGED
U.S.spends$1.53Billioneachyeartoimproveengagement
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HowMuchMoreDoEngagedEmployeesProduce?
qGallup:22%moreprofitability/lowerturnover(TO)/higherearningspershare(EPS)
qGPTWInstitute:20%moreproductivity/lowerTO/higherEPS
qHewitt:%engagedcorrelateswithhighershareholderreturns(S/H)
qKenexa:doubleS/Hreturns
qWorkUSA/WatsonWyatt:26%morerevenueperemployee
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^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Goals
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RetentionProgramsaredrivenfromthesideliketownhallmeetings,employeeappreciationweek,newsletters
BusinessAccountabilitiesaredrivenbyexecutivesfromthetoplikesales,service,quality,& safety
86%ofthetime
AreYourRetentionEffortsDrivenby…Accountabilities Programs
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ExitSurveys
EmployeeSurveys
EngagementSurveys
Data…Yes
“Theydon’tgenerallygetinvolvedintheactionstakenbyanorganizationinresponsetotheengagementresults– reallyjustdeliveryofthesurveyandthenreporting.”
TopEmployeeSurveyCompanyExecutive
ProblemisClear
Solutions…No!
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“Ifyouhaveaturnoverproblem,lookfirsttoyourmanagers”…Gallup
Employeesstayformanagersfirstandco-workerssecond…salary.com
Employees’levelsofengagementhigherwhentheirsupervisorshadhigherlevelsofengagement…DDI
“Whenemployeesstay,itisbecauseoftheirimmediatemanagers”…NationalEducationAssociation
Employeeswhostayprimarilyfortheirsupervisorsstaylonger,performbetter,andaremoresatisfiedwiththeirpay…TalentKeepers
Supervisor’sImpactonEngagement&Retention
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TheRealPowerofSupervision
Kenexainterviewed1,000recently-quitemployeesandaskedabout pay,benefits,development,advancementandrelationshipswithsupervisors…andfoundsupervisorrelationshipsinfluencedallotheropinions,concluding…
“Offeringahighersalaryordevelopmental/advancement
opportunitymaynotbeenoughtoretainemployees”
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TheIncrediblePowerofAccountability&First-LineRetentionGoals
StrategyAGroupofhospitals“solved”nurseturnoverwithonsitechildcare&flexiblescheduling
StrategyBOutlierhospitalassignedretentiongoalstomanagersandreportedprogressmonthly
OneYearLater:“A”turnover%identical,“B”down41%,savedmillionsof$s
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WhichSideMattersMore?
Pay,benefits,bonuses,Employeeappreciationweek,Employeeofthemonth,Brownbaglunches,Leaderboardwinners,careerLadders,employeesurveys,Exitsurveys,onboarding,Trainingmonitoringsessions,Teammeetings,all-handsMeetings…andalmosteverythingelse
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WhichSideMattersMore?
Pay,benefits,bonuses,Employeeappreciationweek,Employeeofthemonth,Brownbaglunches,Leaderboardwinners,careerLadders,employeesurveys,Exitsurveys,onboarding,Trainingmonitoringsessions,Teammeetings,all-handsMeetings…andalmosteverythingelse
Employeestrusttheirdirectsupervisorsonalllevelsthroughoutyourorganization
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IntroducingthePowerOfTrust
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WhyWasYourBestBossYourBestBoss?
WhyWasYourWorstBossYourWorstBoss?
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TheFortuneTop100#12012-2016
Babybondingbucks,12weekspaidparentalleave,horseshoepits,Africavolunteering,subsidizedmassages,3wellnesscenters,bikerepairshop,3organicmealsperday,artisantea&coffee,25free
cafeterias…andfreeeyebrowshaping20
“Two-thirdsofacompany’sscoreis
basedontheresultsoftheGreat
PlaceToWork’sTrustIndexSurvey”
“Anycompanycanbeagreatplacetowork.Ourapproachisbasedonthemajorfindingsof20yearsofresearch– thattrustbetweenmanagersandemployeesistheprimarydefiningcharacteristicoftheverybestworkplaces.”
TheGreatPlacetoWorkInstitute
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BuildingTrust1-1BuildsProfits
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OneBigLessonLearned
It’snotwhatyougivethem,it’showyoutreatthem…andfirstlinesupervisorsmostinfluenceemployees’relationshipswithmanagers,colleagues,andduties Insanity:Doingthesamething
overandoveragainandexpectingdifferentresults
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^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
StayInterviews
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StayInterviewsAStayInterviewisastructured discussionaleader conductswitheachindividualemployeetolearnthespecificactionsshemusttaketostrengthenthatemployee’sengagementandretentionwiththeorganization
StayInterviews…
Bringinformationthatcanbeusedtoday
Focusonindividualemployeesincludingtopperformers
Putmanagers inthesolutionseat
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3StayInterviewSuccessStories
Novo1CallCentersAgentturnoverdown20%
FloridaHospitalZephyrhillsAllturnoverdown37%Nurseturnoverdown70%
BurchamHillsRetirementCommunityNurseturnoverdown70%100%retentionfirst180days
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StayInterviewProcessKeyIngredients
Conductedbysupervisorsvs.HR
SeparatefromPerformanceReview
Repeatatleast1X/yr forallexistingemployees/2timesayearfornewhires
CreateindividualStayActionPlans
ManagersForecastRetention
Top-SellingSHRM-PublishedBookinHistory
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StayInterview5Questions
1. Whatdoyoulookforwardtoeachdaywhenyoucommutetowork?
2. Whatareyoulearninghere?Wanttolearn?
3. Whydoyoustayhere?
4. Whenisthelasttimeyouthoughtaboutleavingus?Whatpromptedit?
5. WhatcanIdotomakeyourjobbetterforyou?
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^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Forecast
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YourRole:ForecastRetention
Likelytoleaveina6monthsorless
Mayleavein6– 12months
Likelytostaygreaterthana1year
Canbechangedatanytimeifnewinformation
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RetentionForecast“HeatMap”Leader:Rodriguez
PerfRating/5Hi,1Lo
Green1+yrs
Yellow6-12Months
Red0-6Months
RetentionPlan
KimJohnson
4 Providementorfor…
BurtBrown 5 Developskillsforpossiblepromotionto…
CindyStone 3 Pleasedwithcurrentrole&circumstance
RalphJimenez
2 Coachingforperformance
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^ ReduceCostofTurnover^ ImproveEmployeeEngagement^ ImproveRevenue&Profitability
Accountability
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Gallup’s100YearCommitmentSurveyingcitizensoftheworldtolearnwhatbringsmosthappinessover100years.Sofartheansweriswhich…
a.Goodhealth?b.Agoodjob?c.Loveandrespectfromothers?d.Moneyforneedsandmore?e.Betterlifeforyourchildren?
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Gallup’s100YearCommitment
a.Goodhealth
b.Agoodjobc.Loveandrespectfromothersd.Moneyforneedsandmoree.Betterlifeforyourchildren
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ToObtain
[email protected]#ofemloyees
ü FreeOnlineStayInterviewTrainingModule
ü HowtoCostTurnover&Engagementü EngagementCorrelationstoProductivity
ü TheStayInterviewManagerTrainingGame
