The Power of Stay Interviews - Lorman Education Services · The Power of Stay Interviews Presented...

The Power of Stay Interviews

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Richard Finnegan, C-Suite Analytics


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mail: P.O. Box 509 Eau Claire, WI 54702-0509 • telephone: 866-352-9539 • fax: 715-833-3953email: [email protected] • website: www.lorman.com • seminar id: 392290

Prepared By:Richard Finnegan, C-Suite Analytics

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Lorman

Dick Finnegan

1

Finnegan Background

“Recovering HR director” solved turnover for Siberian banks, African gold mines, Chinese multi‐national corporations…and the CIA

Author, Rethinking Retention in Good Times and Bad, endorsed by BusinessWeek as offers “fresh thinking for solving the turnover problem in any economy”

Author, The Power of Stay Interviews for Engagement & Retention,

top‐selling SHRM‐published book 2012 & 2013

Noted expert by BusinessWeek, Chief Executive Magazine, & Consulting Magazine

www.c‐suiteanalytics.com

Copyright C-Suite Analytics, 2014All Rights Reserved

2

3www.c-suiteanalytics.com

Today’s Agenda

Turnover and Disengagement Are On The Rise

The Rethinking Retention Model®

The Most Essential Skill for Retaining and Engaging Is Trust

Stay Interviews Connect All The Dots

Free White Papers

3

Bad News or Good News?

The Economist Intelligence Unit survey of C‐

Suite Executives:

What is most likely to harm your organization

financially over the next 12 months? 53% say

insufficient talent

HR survey: Which top priority do you solve

least effectively? Engagement & Retention



0

5

10

15

20

25

2009 2010 2011 2012 2013

U.S. Voluntary Quit Percentages, Post‐Recession…U.S. Bureau of Labor Statistics

4

Actual client turnover costs by job:

Physician…$225,808

Software engineer….$131,000

Call center representative…$29,447

Truck loader/unloader…$4,955


No Engagement/High CostGallup/Bersin

7

U.S. Companies on Track to Spend $1.53 Billion Each Year to Improve Engagement…on Surveys & Programs


5

How Much More Do Engaged Employees Produce?

Gallup: 22% more profitability/lower turnover (TO)/higher earnings per share (EPS)

GPTW Institute: 20% more productivity/lower TO/higher EPS

Hewitt: % engaged correlates with higher shareholder returns (S/H)

Kenexa: double S/H returns

WorkUSA/Watson Wyatt: 26% more revenue per employee



Line of Sight

Revenue$ – Expense$ = Profit$

6



Engagement Scores + Turnover %s = ?

Line of Sight



Engagement Scores + Turnover %s = ?

Line of Sight

7


Benchmark means standard, average, mediocre…so which statement drives more action?

CEO, our turnover is 19% and the benchmark is 20%

CEO, our

turnover is 19%

and it’s costing

us $7.9 MM

each year

OR

Are Your Retention Efforts Driven By

Accountabilities or Programs?

Business Accountabilities driven by executives from the top like sales, service, quality, & safety

www.c‐suiteanalytics.com 13

8



Retention Programs driven from the side like town hall meetings, employee appreciation week, newsletters





Retention Programs driven from the side like town hall meetings, employee appreciation week, newsletters



86% of the time

9

Supervisors’ Impact on Engagement & Retention

“If you have a turnover problem, look first to your managers”…Gallup

Employees stay for managers first and co‐workers second…salary.com

Employees’ levels of engagement higher when their supervisors had higher levels of engagement…DDI

“When employees stay, it is because of their immediate managers”… National Education Association

Employees who stay primarily for their supervisors stay longer, perform better, and are more satisfied with their pay…TalentKeepers

16www.c‐suiteanalytics.com

The Real Power of Supervision

Kenexa interviewed 1,000 recently‐quit employees and asked about pay, benefits, development, advancement and relationships with supervisors…and found supervisor relationships influenced all other opinions, concluding…

“Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”


10

Do Clinical Directors Really Drive Retention?

Recommendation: Hold clinical directors accountable for achieving retention goals


Compared one hospital that held nurse managers accountable for retention versus others that implemented various programs & found ‘Accountable hospital nurse turnover down 41% vs. others stayed the same.’

‐ Hardwiring Right Retention, the Advisory Board Company’s Health Care Advisory Board

One Big Lesson Learned

It’s not what you give them, it’s how you treat them. And first‐line supervisors are the primary deliverers of how you treat them.


11



Research‐Driven, Process‐Based


21

3 Principles…

Point #1. Employees quit jobs because they can

Point #2. Employees stay for things they get uniquely from you

Point #3. Supervisors build unique relationships that drive retention…

or turnover

12


22

Strategies For Supervisors…

Point #4. Hold supervisors accountable for achieving retention goals

Point #5. Develop supervisors to build trust with their teams

Strategies For People Management Processes…

Point #6. Narrow the front door to close the back door

Point #7. Script employees’ first 90 days

Point #8. Challenge policies to ensure they drive retention

Strategies For Top Management…

Point #9. Calculate turnover’s cost to galvanize retention as a business issue

Point # 10. Drive retention from the top, as executives have the greatest impact on achieving retention goals

Exercise: The Rethinking Retention Model®


13

Which Side Matters More?

Pay, benefits, bonuses,Employee appreciation week,Employee of the month,Brown bag lunches,Leaderboard winners, careerLadders, employee surveys,Exit surveys, onboarding,Training monitoring sessions,Team meetings, all‐handsMeetings…and almost everything else

www.c-suiteanalytics.com 24

Which Side Matters More?

Pay, benefits, bonuses,

Employee appreciation week,

Employee of the month,

Brown bag lunches,

Leaderboard winners, career

Ladders, employee surveys,

Exit surveys, onboarding,

Training monitoring sessions,

Team meetings, all‐hands

Meetings…and almost everything else

Employees trust their direct supervisor


14

Supervisors vs Programs

Good Programs + Good Supervisors =

Retention & Engagement

Good Programs + Poor Supervisors =

Turnover & Disengagement


Engaged

Are You A Believer?

How do we know supervisor trust is the absolutely most important retention & engagement skill?

Best Boss?

Worst Boss?


15

The Fortune Top 100, 2014


“Google donates $50 for every five hours an employee volunteers. Last year a new program sent employees to Ghana and India to work on community projects.”

#1:



“The Internet juggernaut takes the Best Companies crown for the fourth time, and not just for the 100,000 hours of subsidized massages it doled out in 2012. New this year are three wellness centers and a seven‐acre sports complex, which includes a roller hockey rink; courts for basketball, bocce, and shuffle ball; and horseshoe pits”

#1:

16


#1:


“Employees rave about their mission, the culture, and the famous perks of the Plex: bocce courts, a bowling alley, eyebrow shaping…25 cafes, all gratis”

“Two‐thirds of a company’s score is based on the results of the Great Place To Work’s Trust Index Survey”

“Any company can be a great place to work. Our approach is based on the major findings of 20 years of research – that trust between managers and employees is the primary defining characteristic of the very best workplaces.”

The Great Place to Work Institutewww.c-suiteanalytics.com 31

17

Google’s Quest To Build A Better Boss

What Makes A Great Boss At

?

As published in The New York Times, March 12th, 2011


Google’s Quest to Build A Better Boss

“Technical expertise – the ability, say, to write computer code in your sleep – ranked dead last among Google’s big eight. What employees valued most were (1) even‐keeled bosses who made time for one‐on‐one meetings, (2) who helped people puzzle through problems by asking questions, not dictating answers, and (3) who took an interest in employees’ lives and careers.”


18

Stay Interviews


Structured discussion a leader conducts with each individual employee to learn the specific actions she must take to strengthen that employee’s engagement and retention with the organization…

Bring information that can be used today

Focus on individual employees including top performers

Put managers in the solution seat

Stay Interviews Vs Survey Staples

Exits

Too long

Don’t reveal truths

“Better opportunity”

No follow‐up

No changes…autopsies!

Engagement

Average thinking vs topperformers

Opinions vs importance

Long delays

Annual temperature checks

Short‐term, feel‐good programs…don’t build sup skills


19

Problem Is Clear


Exit Surveys

Employee Surveys

Engagement Surveys

Data? Yes

Problem Is Clear


Exit Surveys

Employee Surveys

Engagement Surveys

Data? Yes

Solutions? No!

20

Problem Is Clear


Exit Surveys

Employee Surveys

Engagement Surveys

Data? Yes

Solutions? No!

Imagine…

Your supervisor schedules a meeting to ask:

“Why do you stay?”

“What can I do to make you stay longer?”

“How can I make your working so hard here feel better?”

“What do you want that you are reluctant to ask about?

•New role? •Stop doing? •Start doing? •Learn something new?”

Has your supervisor ever asked you to have a meeting just to talk about you…throughout your career?

How would you feel if your supervisor made just one thing better?


21

Stay Interview Key Ingredients


Cascade Tops Down

Conducted by supervisors vs. HR

Separate from Performance

Have managers forecast retention

Gather stay & leave reasons at the top

Once/year continuing employees and twice for new hires

Top‐Selling SHRM‐Published Book2012 & 2013

40

3 Stay Interview Success Stories

Florida Hospital Zephyrhills…All turnover 37%; nurse turnover 70%

Burcham Hills Retirement Community…Nurse turnover

70%; 100% retention first 180 days

Novo 1 Call Centers…Agent turnover 20%


22

Begin With The End in Mind

Stay Interviews as a process include…

Skills

Schedule

Plans

Forecasts


The 4 Stay Interview Skills

1. Skill #1: Always take notes

2. Skill #2: Be a great listener

3. Skill #3: Remember to probe

4. Skill #4: Take responsibility


23

Stay Interview Schedules

Immediately and at least once annually

New hires at 60 and 120 days

Disconnected from performance discussions


Stay Interview Action Plans

What I will do…

What employee will do…

By when…

And we meet again on…


24

Retention Forecast “HeatMap”


Leader: Rodriguez

PerfRating/ 5 Hi, 1 Lo

Green 1+ yrs

Yellow 6‐12 Months

Red 0‐6 Months

Retention Plan

Kim Johnson

4 Provide mentor for…

Burt Brown

5 Develop skills for possible promotion to…

Cindy Stone

3 Pleased with current role & circumstance

Ralph Jimenez

2 Coaching for performance

46

47

“Fresh‐thinking for solving the turnover problem in any economy”…BusinessWeek

Accountability‐Driven like Sales & Service to…

Reduce Cost of Turnover Improve Employee Engagement Improve Revenue & Profitability

Dollars Goals Stay Interviews

ForecastsAccount‐ability


25

Gallup’s 100‐Year Commitment


Surveying citizens of the world to learn what brings most happiness over 100 years. So far the answer is…

a. Good health?

b. A good job?

c. Love and respect from others?

d. Money for needs and more?

e. Better life for your children?

Gallup’s 100‐Year Commitment


Surveying citizens of the world to learn what brings most happiness over 100 years. So far the answer is…

a. Good health?

b. A GOOD JOB

c. Love and respect from others?

d. Money for needs and more?

e. Better life for your children?

26


To Obtain

How to Cost Turnover & Engagement

Engagement Correlations to Productivity

The Stay Interview Manager Training Game

Please Email Me/Include # of

Employees

DFinnegan@C‐

SuiteAnalytics.com

27

The Power of Stay Interviews - Lorman Education Services · The Power of Stay Interviews Presented...

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