Did you know?

79 % of organizations report difficulty finding qualified employees for high-skill and technical positions (Talent Management magazine) 17 % of COOs at high-tech companies said they were well-positioned to attract and retain talent (Accenture, December 2010) 84% of people already employed are open to a new job at another company if offered in 2011. This number is up from 60% the previous year, and it is the highest percentage ever recorded. (Manpower, Jan 2011)

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Employee Retention Strategies 1

www.retensa.com (212) 545-1280

The 7 Steps to Attract, Motivate and Retain Top Talent

Sponsored by:
www.retensa.com (212) 545-1280

June 15, 2011 Employee Retention Strategies Chason Hecht, President

Who is Retensa?
Internationally recognized as employee retention experts by:

Employee Retention Strategies

www.retensa.com (212) 545-1280

What does Retensa do?

Retensa combines social science and web-based technology to develop, motivate, and retain a organizations best employees. Retensa builds solutions and metrics to help firms reduce employee issues and create a high-performing workforce.

What is Retensas Vision?

To create workplaces where every employee is engaged by what they do, and inspired by who they work for.
Employee Retention Strategies

www.retensa.com (212) 545-1280 www.retensa.com (212) 545-1280

Objectives of this Webinar

1. Understand and establish employee retention strategies at your organization
2. Measure the impact of employee turnover on your organizations bottom line

3. Compare your organizations HR Practices with others competing for the same candidates
4. Pinpoint why employees Join, Stay, and Leave your organization 5. Create action plans and tools that are tailored to your workplace

Employee Retention Strategies

www.retensa.com (212) 545-1280

Employee-Organization Barrier

Permeable
---------------------------------------------------------

Immune
Employee Retention Strategies

www.retensa.com (212) 545-1280

Employee Retention
Retaining individuals, who you want to work in your organization, to be loyal and motivated to work in your organization.
GOAL: Employees stay because of the value they receive, and you value their contribution

Why is Retaining High Performers still a challenge?

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www.retensa.com (212) 545-1280

Challenges in Employee Retention

Top Talent Realities 1. 2. 3. 4. Population Forecast Skills Gap Education requirements Global demand

A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was. Joseph Hall
Employee Retention Strategies

www.retensa.com (212) 545-1280

Cost of Turnover
Extensive research estimates turnover cost for one employee is 20 200% of annual salary.
Average Turnover Cost by Company Size and Turnover Rate
Number of Employees 10% Turnover 15% Turnover 20% Turnover 25% Turnover 40% Turnover

25 50 100 175 250

$26,563 $53,125 $106,250 $185,938 $265,625

$39,844 $79,688 $159,375 $278,906 $398,438

$53,125 $106,250 $212,500 $371,875 $531,250

$66,406 $132,813 $265,625 $464,844 $664,063

$106,250 $212,500 $425,000 $743,750 $1,062,500

Figures above used $42,500 Avg salary and 25% cost = $10,625/employee
Employee Retention Strategies

www.retensa.com (212) 545-1280

7 Steps to Retaining Great Employees

1
2 3 4 5 6

Benchmark Metrics
Identify the Root Causes Map the Employee Life-Cycle

Prioritize Solutions
Present Solutions (to Managers and Workforce) Integrate Solutions into Business Review Metrics to Refine Solutions
Employee Retention Strategies

www.retensa.com (212) 545-1280

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Benchmark Metrics
1. What is important to Executives? 2. What is important to line managers? 3. What does the organization already measure? 4. What do executives want to improve/increase or reduce/decrease? 5. How are managers successes measured? 6. How will your success be recognized?
Employee Retention Strategies 11

www.retensa.com (212) 545-1280

Employee Turnover
Employee turnover rate: the ratio of the number of workers that separated in a given time period (usually one year) to the average number of workers during the same period.

Who leaves your organization? A specific title, generation, location?

Employee Retention Strategies

www.retensa.com (212) 545-1280

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7 Steps to Retaining Great Employees

1

Benchmark Metrics

2
3 4 5 6 7

Identify the Root Causes

Map the Employee Life-Cycle Prioritize Solutions Present Solutions (to Managers and Workforce) Integrate Solutions into Business

Review Metrics to Refine Solutions

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Identify the Root Causes

Commitment Indicators
Dedication Performance Communication

Negative Phrases
put me through so much I dont know anymore harder than it should be so different no support does not make sense

Positive Phrases
could depend on them devoted have everything feel right at home no hassle crystal clear

Trust

not what I expected let me down

overlooked dont care

kept everything transparent

feel closer constant contact

Connected

Engagement

not my someone else later whatever

we our future can

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Identify the Root Causes

Why Employees Stay

Recruitment Strategy

Motivation Strategy

Retention Environment
Attraction Strategy Why Employees Join Why Employees Leave
Employee Retention Strategies

www.retensa.com (212) 545-1280

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7 Steps to Retaining Great Employees

1

Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover) Identify the Root Causes

3
4 5 6 7

Map the Employee Life-Cycle

Prioritize Solutions
Present Solutions (to Managers and Workforce) Integrate Solutions into Business Review Metrics to Refine Solutions
Employee Retention Strategies

www.retensa.com (212) 545-1280

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Framework for Talent Management

Employee Retention Strategies

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Demotivating Factors
1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) Unclear "Rules of the Game" Lack of Priorities/Goals Lack of Success: Overwhelmed by Complexity/Quantity of Work Not Feeling Responsibility for the Job No Challenge in Work Breakdown of Manager-Employee Relationship Problems with Physical or Emotional Health False Perceptions (others salary, career opportunities, future, etc.) Poor Work Environment Insufficient Training Poor Interpersonal Relationships Belief that They do not Make a Difference

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Rewards and Recognition

Monetary Rewards
Non-Monetary Rewards
The ROI of Recognition
Employee Retention Strategies

www.retensa.com (212) 545-1280

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7 Steps to Retaining Great Employees

1

Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover) Identify the Root Causes Map the Employee Life-Cycle

2 3

4
5 6 7

Prioritize Solutions
Present Solutions (to Managers and Workforce) Integrate Solutions into Business Review Metrics to Refine Solutions
Employee Retention Strategies

www.retensa.com (212) 545-1280

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Prioritize Solutions
1. Establish Cost/Benefit Analysis for each Action Plan
a. b. c. d. Identify all possible solutions What does each solution cost? What does each solution generate/save? How long does each solution take to produce results?

2. Associate Benchmarked Metrics 3. Establish buy-in and budget from Leadership

Employee Retention Strategies

www.retensa.com (212) 545-1280

21

7 Steps to Retaining Great Employees

1

Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover) Identify the Root Causes Map the Employee Life-Cycle

2 3 4

Prioritize Solutions

5
6 7

Present Solutions (to Managers and Workforce)

Integrate Solutions into Business Review Metrics to Refine Solutions
Employee Retention Strategies

www.retensa.com (212) 545-1280

22

Present Solutions
Present to Managers and Workforce Deliver the truth (Good, Bad, and Ugly) Present the outcomes that solutions deliver Present solution options

Critical Success Factors Develop a one-page workforce strategy/blueprint Establish clear goals for each phase Correlate solutions with data (quantitative + qualitative) Change before you have to
Employee Retention Strategies

www.retensa.com (212) 545-1280

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7 Steps to Retaining Great Employees

1

Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover) Identify the Root Causes Map the Employee Life-Cycle

2 3 4 5

Prioritize Solutions
Present Solutions (to Managers and Workforce)

6
7

Integrate Solutions into Business

Review Metrics to Refine Solutions
Employee Retention Strategies

www.retensa.com (212) 545-1280

24

Integrate Solutions
Automating Retention Practices
Include manager suggestions

Include manager accountability (rewards/compensation)

Identify and empower champions Recognize retention goals Continuous employee feedback
Employee Retention Strategies 25

www.retensa.com (212) 545-1280

7 Steps to Retaining Great Employees

1

Benchmark Metrics (Calculate Baselines for HR Metrics and Cost of Turnover) Identify the Root Causes Map the Employee Life-Cycle

2 3 4 5 6

Prioritize Solutions
Present Solutions (to Managers and Workforce) Integrate Solutions into Business

Review Metrics to Refine Solutions

Employee Retention Strategies 26

www.retensa.com (212) 545-1280

Retaining your Best Employees

Goal of Retention: Employees stay because its of value to them How it Occurs: Keep Talent engaged, challenged, focused and productive The Ideal: Create an Environment where the people you want to be there, want to be there

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Q&A
Disclosure: This presentation is not endorsed by Empire BlueCross BlueShield. The presentation contains proprietary information and any redistribution or other use is strictly forbidden. Not for distribution to the general public; nor for solicitation purposes.

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Beyond Motivation: Ignite Your Employees & Watch Profits Grow

Wednesday, June 22, 2011 | 8:00am 10:30am | NYC1

nyreport.com/motivate
In this unique event, four successful business owners will present real-world strategies and tactics to help business owners motivate and retain their employees in order to increase the bottom line. Attendees will learn: Why ordinary motivation strategies are not enough to produce results How to transform your employees thinking into an entrepreneurs mindset Strategies to attract, motivate, and retain a killer workforce How to turn your employees into high performers

EXPERT SPEAKERS Rachael Chong, Founder & CEO, Catchafire Chason Hecht, President, Retensa Gretchen Shugart, CEO, TheaterMania Jennifer Prosek, Founder and CEO, CJP Communications

Webinar attendees can save 50%, Pay only $20 with promo code web50

Employee Retention Strategies

www.retensa.com (212) 545-1280

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Thank You
Find FREE Resources on-line:
www.ExitPro.com www.Retensa.com www.BiggestQuits.com www.HRMetricsPro.com

Employee Retention Strategies

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