Retaining talented employees for longer by Toronto Training and HR April 2014
Retention April 2014
Jan 19, 2015
Half day open training event held in Toronto, Canada.
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Retaining talented employees for longer
by Toronto Training and HR
April 2014
Page 2
CONTENTS3-4 Introduction5-6 Fundamental questions to start with7-8 Measurements9-10 Costing employee turnover11-13 Improving retention rates14-16 Review the data17-18 Stay interviews19-20 Questions around commitment21-22 Generational differences23-24 Maternity leave25-27 Engagement, motivation and recognition28-29 Organizational aspects to consider around retention30-33 Employee value proposition34-36 Ways to guarantee resignations37-39 Ways to minimize attrition40-41 Management involvement in orientation
42-46 The situation in Asia47-48 Retention strategies49-50 Conclusion, summary and questions
Page 3
Introduction
Page 4
Introduction to Toronto Training and HR
Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking15 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HR are:
Training event designTraining event deliveryHR support with an emphasis on reducing costs, saving time plus improving employee engagement and moraleServices for job seekers
Page 5
Fundamental questions to start with
Fundamental questions to start with
• What constitutes a good job?
• Who are your people today?
• Who are your people tomorrow?
Page 6
Page 7
Measurements
Measurements
• Employee turnover• Employee retention
• Typical SMART objectives
Page 8
Page 9
Costing employee turnover
Costing employee turnover
• Administration of the resignation
• Recruitment and selection costs, including administration
• Covering the post during the period in which there is a vacancy
• Onboarding and orientation training for the new employeePage 10
Page 11
Improving retention rates
Improving retention rates 1 of 2
• Job previews• Make line managers
accountable• Career development
and progression• Consult employees• Be flexible• Avoid the
development of a presenteeism culture
• Job security
Page 12
Improving retention rates 2 of 2
• Treat people fairly• Defend your
organization
Page 13
Page 14
Review the data
Review the data 1 of 2
• Turnover by gender and age
• Turnover by age and job function
• Turnover by specific reason and gender
• Turnover by voluntary and involuntary
Page 15
Review the data 2 of 2
• What do employees really want?
• Why do employees really leave?
Page 16
Page 17
Stay interviews
Stay interviews
• Definition• Skills needed• Conversation opening• Questions• Actions and action
plans
Page 18
Page 19
Questions around commitment
Questions around commitment
• Affective commitment• Normative
commitment• Continuance
commitment
Page 20
Page 21
Generational differences
Generational differences
• Baby Boomers• Generation X• Millennials
Page 22
Page 23
Maternity leave
Maternity leave
COACHING• Before• During• After
Page 24
Page 25
Engagement, motivation and
recognition
Engagement, motivation and recognition 1 of 2
• Positive drivers• Negative drivers• Productive and
engaged employees• Productive and
questioning employees
• Questioning and disengaged employees
Page 26
Engagement, motivation and recognition 2 of 2
• Engagement-culture fit
• Motivation-job fit• Recognition-career fit
• Leading to IMPROVED RETENTION
Page 27
Page 28
Organizational aspects to consider around
retention
Organizational aspects to consider around retention
• Overall company business model
• Business strategy• Company values
and culture• Policies and
guidelines• Line managers
Page 29
Page 30
Employee value proposition
Employee value proposition 1 of 3
• Part of people strategy
• Framework for analysis
• Program of action
Page 31
Employee value proposition 2 of 3
Categories • Position in industry• Own and company
alignment• Environmental factors• Corporate social
responsibility
Page 32
Employee value proposition 3 of 3
Dimensions • Work• Organization and
leadership• Direct management• Opportunities• Rewards and benefits
Page 33
Page 34
Ways to guarantee resignations
Ways to guarantee resignations 1 of 2
• Treat everyone equally
• Tolerate mediocrity• Have dumb rules• Don’t recognize
outstanding performance and contributions
• Don’t have any fun at work
• Don’t keep your people informed
• MicromanagePage 35
Ways to guarantee resignations 2 of 2
• Don’t develop an appropriate attrition strategy
• Don’t undertake stay interviews
• Make the onboarding program an exercise in tedium
Page 36
Page 37
Ways to minimize attrition
Ways to minimize attrition 1 of 2
• Take and stay in control of your team
• Share your desire, purpose and vision
• Let only positive people join your team
• Your attitude is contagious so keep it positive
• Don’t waste your time on people who don’t want to be there
Page 38
Ways to minimize attrition2 of 2
• Do what is right• Respect everyone’s
opinion• Focus on the
strengths of each person
• Communicate, communicate, communicate!
• Have fun and enjoy the ride!
Page 39
Page 40
Management involvement in
orientation
Management involvement in orientation
• You were carefully chosen and we’re glad you’re here
• You’re now part of a great organization
• This is why your job is so important
Page 41
Page 42
The situation in Asia
The situation in Asia 1 of 4
• Attraction• Selection• Positions that were
difficult to retain
Page 43
The situation in Asia 2 of 4
STEPS TAKEN TO IMPROVE RETENTION• Increased pay• Improved benefits• Increased learning &
development opportunities
• Made changes to improve work-life balance
• Revised the way people are rewarded so their efforts are better recognisedPage 44
The situation in Asia 3 of 4
STEPS TAKEN TO IMPROVE RETENTION (CONT.)• Improved employee
involvement• Offered
coaching/mentoring schemes
• Improved line managers’ people skills
• Improved physical working conditionsPage 45
The situation in Asia 4 of 4
PER COUNTRY• China• Hong Kong• Malaysia• Singapore• South Korea• Taiwan
Page 46
Page 47
Retention strategies
Page 48
Retention strategies
• Underlying principles• Supervisors• People management
processes• Top management
Page 49
Conclusion, summary and questions
Page 50
Conclusion, summary and questions
ConclusionSummaryVideosQuestions
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