Upload File

case study: hp employee retention • problem: too much voluntary turnover • “flight risk”...

  • Home
  • Documents
  • Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
45
ABOUT US Solutions designed by human resource professionals with decades of experience to be secure, effective, flexible and easy to use. Powerful employee Performance Management Software anyone can use! Salary Administration Software that Attracts & Retains Top Talent! www.hrperformancesolutions.net

Upload: others

Post on 01-Aug-2020

7 views

Category:

Documents


0 download

Report

TRANSCRIPT

Page 1: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

ABOUT USSolutions designed by human resource professionals with decades of experience to be secure, effective, flexible and

easy to use.

Powerful employee

Performance Management

Software anyone can use!

Salary Administration Software that

Attracts & Retains Top

Talent!

www.hrperformancesolutions.net

http://www.hrperformancesolutions.net/
Page 2: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

THE STICKY EMPLOYEE–how to enrich the employee experience

Page 3: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Isaac Mallory Jennifer Dickey

Director at HR Performance Solutions

HR Consultant

Interested in a copy of this presentation?

Contact us today at [email protected]

Page 4: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

How do you know if your employees are

engaged in the things that matter most?

Page 5: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Gallup’s “real unemployment” metric,

which takes into account those who are unemployed,

underemployed or who have stopped seeking

employment sits at 7.9%; down from 17.1% over the

same period.

They have

choices!

35% of employees are so unsatisfied with their salary that

will leave to get a pay increase.

In a study of over 1000 workers, 31% reported

having quit a job within their 1st

6 months.

Page 6: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Engaging Top Performers

Identifying Top Performers

Developing Top Performers

Page 7: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

GOALS –developing top performers

Page 8: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

WHY GOALS -

• Only 50% of employees know what is expected of them at work – Gallup

• Provide direction, set expectations and measure success!

• When used to drive an effective performance management strategy, you’ll see higher performance and engagement levels

GOALS

COMPENSATIONPERFORMANCE

Page 9: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

What accounts for up to 70% of

variance in employee

engagement?

• Build & Maintain Strong Employee Relationships

• Lead and coach employees to success

• Align employee goals to business outcomes

Page 10: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

GOAL ALIGNMENT

Page 11: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

GOALS & ENGAGEMENT

Page 12: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

TOP PERFORMER PROFILE EXAMPLE Takeaway -

• Customize this as you see fit and as you have data points set up within your performance management system.

• Identify areas that may be a red flag as you review your data

Page 13: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Increase in Performance &

Employee Resilience

Decrease in Motivation & Engagement

HONEST & CANDID

FEEDBACK

Keep It Human

Page 14: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

ESTABLISH A GOAL STRATEGY

When I give feedback, I’m signaling to people that I’m interested in their growth and that I see a path for their future.

- Larry Bossidy

Know how many employees have goals 1

2 Correlate the goals with your strategies

3 Put processes in place to keep things human

Page 15: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

TOP PERFORMERS

Page 16: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

QUICK PITSTOP

Footage of a pitstop right from pit row 10 yards from the vehicle. Shot at Charlotte Motor Speedway during the Bank of America 500.

TIRES GAS

Page 17: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Justo ThomasLe Bernadrin

Serena WilliamsTennis Player

Nascar Pit CrewKyle Bush

• 1000 lbs. a day

• 3 people to replace him

• Only man or woman to win 6 singles titles in GS tournaments

• 73 maneuvers in 12.12 seconds!

• Replace 1 member, the time doubles

Page 18: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Data Case Study: Hiring a Top Sales PersonA look inside a large financial institution…

Top Colleges

Top of The Class

Impeccable References

Typo-Free Resume

CollegeDegree

Home or Auto Sales Experience

$4,000,000 additional revenue in 6 months

Let’s Hire This

Or This?

Page 19: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Top Performers Strategy

USE DATA

Step 01

Find Your Top Talent

Step 02

Recognize Your Top Talent

Step 03

Build Retention Practices Top Talent

Page 20: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

COMPENSATION

Page 21: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Hir

ing

Hiring: More Difficult?

Page 22: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
Page 23: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Size of theOrganization

Availability ofSpecific SkillsLocation

What Determines A Competitive Salary

Unemployment

Page 24: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
Page 25: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Size of theOrganization

Availability ofSpecific SkillsLocation

What Det erm ines A Com p et it ive S alary

Unemployment ReplacementCosts

MacroTrends

Page 26: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
Page 27: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
Page 28: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

DATA

How do you combat these and other

challenges?

Page 29: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Qu estio n ?Ho w co mpetitive d o yo u feel

salar ies at yo u r o rg anization ar e?

TooHigh

JustRight

TooLow

Not Sure,But I Wish

I Knew!

Page 30: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

STARTCOLLECTING

DATA

Page 31: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

GRAVITY – “$70,000 FOR ALL”3 years ago, CEO Dan Price set a $70K minimum wage for his employees. WHY?

INNOVATIVE PAY PRACTICES

Page 32: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000
Page 33: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

02Long Commute

01Non-Competitive Salary

03Uninteresting Work

04No Opportunities for Growth

05Poor Management Relationship

• According to the 2017 Ceridian Pulse of Talent Report, the #1 reason high performers quit their job is because they feel their salary is not competitive.

• Find out why your top performers are leaving…dig a little deeper.

SHOW ME THE MONEY $$

Page 34: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

The #1 reason employees stay in a position is because their pay is

competitive.

Com

pens

atio

n Ph

iloso

phy

Retention

Pay for Performance

Culture

Hot/Competitive Jobs

Market

Be Intentional With Your $$’s

Page 35: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

COMPENSATION TOOLS – got data?• Benchmark jobs against

compensation surveys

• Obtain data from multiple sources

• Ensure data is relevant to your marketplace (industry & region)

• Which market data source works for you?

Page 36: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

COMPENSATION TOOLS – Compa-ratio

• Benchmark jobs against compensation surveys

• Obtain data from multiplesources

• Ensure data is relevant to your marketplace (industry & region)*

Page 37: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Case Study: HP Employee Retention

• Problem: Too much voluntary turnover• “Flight Risk” score• Low compa-ratios for recently promoted employees• Result: Worth $300,000,000 across the organization

Page 38: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

You Do What?

DIGITAL CONTENT WRITER

AND PAYROLL

AND CUSTOMER SUPPORT

AND USER INTERFACE DESIGN

HYBRID POSITIONS

Page 39: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Non-Competitive Salary

+3% annual increase ------------------------------

-Non-Competitive SalaryNon-Competitive

salaies basically negate the efforts of

PM

Page 40: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Step 03Identify the Right Tools

& Partners to Effectively Drive Your

Strategy

Step 02Create Your

Compensation Strategy

Step 01Why Are Your Top

PerformersLeaving?

COMPENSATION STRATEGY

Take a deeper dive

into why they really are leaving.

What tools support your

strategy, what tools will drive it, a

spreadsheet or technology?

Know the role you want pay to play

in your organization.

Price is what you pay. Value is what you get.- Warren Buffet

Page 41: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Isaac Mallory Jennifer Dickey

Director at HR Performance Solutions

HR Consultant

Interested in having a FREE soft skills training on performance management best practices at your organization?

Interested in a FREEcomp review of your top 10 positions?

Contact us today at [email protected]

Page 42: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

Identify good tools that will allow you to easily track goal assignment and achievement

Ensure goals/performance assignments align with business strategy

Coach to accountability to ensure success

ENRICHING THE EMPLOYEE EXPERIENCE

Develop Top Performers Identify Top Performers Use your data to find

your top talent Recognize your top talent

and communicate what puts them in this category

Create a guidepost for your top talent to map out their career strategy

Identify if your pay is competitive

Create a compensation strategy

Identify the right tools and partners to effectively drive your compensation strategy

Engaging Top Performers

Page 43: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

GOAL ASSIGNMENTS

Page 44: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

One size fits all annual engagement recommendations don’t work for today’s organizations.

GOALS & ENGAGEMENT

• Correlations between goals and employee engagement

• Link goals to other critical indicators such as performance ratings, resignations, or promotions

• Frequent pulses combined with instantaneous analytics

There is a huge gap between engagement

data and workforce outcomes.

Time for the annual survey!

Page 45: Case Study: HP Employee Retention • Problem: Too much voluntary turnover • “Flight Risk” score • Low compa-ratios for recently promoted employees • Result: Worth $300,000,000

TOOLS TO EVALUATE PAYany discrepancies?PAY FOR PERFORMANCE

Merit Matrix


Sterile Pharmaceutical Packaging: Compa tibility and Stability

HERCULES OFFSHORE, INC. - securities.clarksons.comsecurities.clarksons.com/~/media/Files/PlatouMarkets/CorporateFinance/...OFFERING MEMORANDUM STRICTLY CONFIDENTIAL $300,000,000 HERCULES

Touring Compa - University Notre Dame Archives

Euro 300,000,000 Undated Deeply Subordinated Fixed to ... · 30.11.2018  · SOLVAY SA (a société anonyme incorporated in Belgium) Euro 300,000,000 Undated Deeply Subordinated Fixed

The Year of the Virus My Model is showing 300,000,000 cases by … of the virus... · 2020-07-13 · My Model is showing 300,000,000 cases by December summary of #COVID__19 @SandroDemaio

LAWS OF MALAYSIA - AGC...Determination of promoted areas 4D. Determination of promoted activities or promoted products for selected industries 4E. Determination of promoted activities

Compa Super Adj Adv With KEY

Compa Raisons

 · (Syllabus) D D Conditional promoted I Promotion Not promoted Promoted (Not promoted F (00 D I F I O) (Probable list) College

Multinational)Pharmaceutical)Compa nies ... · 1! Multinational)Pharmaceutical)Compa nies)andtheirapproachtoIntegrating) CorporateSocial)) Responsibility)into)BusinessStrategy)! Bachelor!Thesis!submitted!in

Bio Compa Tibi Lty

Compa Muscular System

U.S. $300,000,000 TALISMAN

VRS w.e.f 01/02/2019 Expired on 07.022019 VRS 182018 Retired Promoted Retired Promoted Promoted & Retired Promoted Expired on 10.022019 Expired Retired Retired Promoted Promoted

LABEL PRINTER Compa II series - etiketi · » COMPA II SERIES The optimal matching of transfer ribbon, label and pressure power enable the Compa II to print onto type plates, adhesive

Promoted Stories

Texto Final Compa

Complete compa latest

GOVT. MODEL SR. SEC. SCHOOL, SECTOR-56, CHANDIGARH … · 17 mohd alfaid promoted 18 anshika singh promoted 19 aaisha promoted 20 nansi yadav promoted 21 tania promoted 22 siya promoted

Compa Cio Man 411

Compa Qp 1220

CandidClues Understanding Pre Employment Screening Tests [Compa

FOLLETO LOMAS C CLUB compa

748,68 mm Compa ny Profile

ABOUT Talent Pipeline COMPA NY - Illinois workNet

Applied Statistical Inference [Modo de Compa

2016-1 -7-013 2016-1- 7-014 2016-1 -7-015 2016-1- 7-016 2016-1 -7-017 2016-1 ... 3.17 Result Promoted Promoted Promoted Promoted Promoted Promoted

£300,000,000 9 3/8 per cent. Subordinated Bonds 2021 · The issue price of the £300,000,000 9 3/8 per cent. Subordinated Bonds 2021 (the ... which will be deposited with a common

Happy Map PP Presentation [Read-Only] [Compa

Compa q Armada

Compa Exoskeleton

04 RN2010EN20GLN00 Radio Resource Management v1.0 [Compa

 · thakur pallavi jivansigh vaibhav janardan pavashe manik promoted promoted promoted 19-11056 rushikesh madhuri dasharath magar prerna suresh promoted promoted second class

CompA FSI Fem

COMPA Repairs and Reinforcements with Composite Materials