6 keys of employee success

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6 Keys of Employee Success: Why it matters for business growth

6 Keys of Employee SuccessW H Y I T M AT T E R S F O R B U S I N E S S G R O W T H



Ben PetersonC O - F O U N D E R A N D C E O ,

B A M B O O H R

Chad HalvorsonF O U N D E R A N D C E O ,

W H E N I W O R K


J O I N T H E C O N V E R S A T I O N O N T W I T T E R U S I N G # B A M B O O H R



1. Employee turnover is expensive.

2. Unhappy employees are dangerous.

3. Successful employees → business growth

Why We’re Talking About

Employee Success



For all jobs earning less than $50,000 per year, or more than 40 percent of

U.S. jobs, the average cost of replacing an employee amounts to 20 percent

of the person's annual salary.

Among positions earning $30,000 or less, which includes more than half of

all U.S. workers, the typical cost of turnover is 16 percent of annual salary.

—Center for American Progress, 2012

Employee Turnover

Is Expensive



U N H A P P Y E M P L O Y E E S A R E :

Unhappy Employees

Are Dangerous

Unproductive

Disengaged, unhappy employees cost the American economy up to $350 billion per year due

to lost productivity. —Gallup

Disloyal

90% of employees are willing to consider changing jobs, and unsatisfied employees are 11

times more likely to move to a new organization in the next year. —24 Seven

Disengaged

63% of employees are "not engaged," meaning they lack motivation and are less likely to

invest discretionary effort in organizational goals or outcomes. And 24% are "actively

disengaged," indicating they are unhappy and unproductive at work and liable to spread

negativity to coworkers.



Research indicated a distinct link between employee

attitudes and a company’s financial performance,

employee retention and customer loyalty.

—Gallup

Successful Employees

= Business Growth!



6 Things Your Employees

Need to Succeed

1. Onboarding

2. Mentorship

3. The Right Position

4. Training and Education

5. Reward and Recognition

6. Ownership and Purpose



Onboarding

Accommodate

Assimilate

Accelerate

G E O R G E B R A D T ’ S T H R E E ‘ A ’ S O F O N B O A R D I N G :

1



ac·com·mo·date

59 percent of employees say accommodations—like a company

tour, equipment setup and review of procedures—are one of the

most important things to receive in the first week on a new job.

—BambooHR Onboarding Study



as·sim·i·late

Company expectations

23 percent of employees who left companies early on would have stayed if

they had “received clear guidelines on what their responsibilities were.”


Company culture

“People will typically be more enthusiastic where they feel a sense of

belonging and see themselves as part of a community than they will in a

workplace in which each person is left to his own devices.”

―Alfie Kohn



ac·cel·er·ate

The top things new hires said would help them be productive

more quickly were:

1. On-the-job training

2. Review of the company’s policies

3. Review of administrative procedures

4. Assignment of an employee “buddy” or mentor




Mentoring

Mentoring helps make employees more successful in their roles

and careers:

According to a national survey of Fortune 500 executives, 96 percent said

mentoring is an important developmental tool, and 75 percent said it played a

key role in their personal career success.

2



• 77 percent of companies reported that mentoring increased retention.

• 35 percent of employees who receive no mentoring will look for a

different job within 12 months.

—Pew Public/Private Ventures Impact Study

Mentoring promotes loyalty

and retention:



Employees who received mentoring were promoted FIVE

times more often than people who didn’t have mentors.

Mentors were SIX times more likely to have been promoted

to a bigger job.

—Sun Microsystems

Mentoring makes

stronger teams:



The Right Position

“Job fit isn’t one of those warm and fuzzy concepts that you

implement because it makes people feel better…job fit positively

affects performance, eliminates costly mistakes in hiring, lessens

turnover, and can even be used to attract talent.”

—Pamela Holloway, co-founder About People

3



Keys to finding the

right fit:

1. Exceptional, continuous communication

2. Mapping skills and capacity

3. Culture fit



Employee Alignment:

“An aligned organization gets things done faster, with less effort,

and with better results, and is more agile and responsive to

changing business conditions.”

—Torben Rick

Linking of organizational goals with the employees' personal goals.

Requires common understanding of purposes and goals of

the organization, and consistency between very objective and plan.

—Business Dictionary



Companies investing $1,500 or more per employee per year on

training average 24 percent higher profit margins than

companies with lower yearly training investments.

—HR Magazine

Training and Education

4



• Have 218 percent higher income per employee than those with

less comprehensive training.

• Generate a 6 percent higher shareholder return if the training

expenditure per employee increases by $680.

—The American Society for Training and Development (ASTD)

Companies that offer

comprehensive training:



40% of employees who receive poor job training leave

their positions within the first year.

—Go2HR

Training increases

retention:



Reward and Recognition

“Whenever you’re recognized and praised for any accomplishment

by someone whose opinion you hold in high regard, your self

esteem goes up along with your eagerness and enthusiasm to do

an even better job.”

—Brian Tracy

5



Reward and recognize

the right things.

“We are what we repeatedly do. Excellence then, is not

an act, but a habit.”

—Aristotle



It’s not

all about the money.

44 percent of employees say financial rewards increase their

engagement at work; while 63 percent said intangible

(recognition) increases their engagement.

—“A SHRM Perspective on International Compensation” Hay Group



73 percent of employees who say they work at a "purpose-

driven" company are engaged, compared to just 23 percent

of those who don't.

—Deloitte

Ownership and Purpose

6



90% of people who believe their organization has a strong sense

of purpose also report a strong financial showing in the business

over the past year. They also report high employee and customer

satisfaction.

Only 65% of respondents who say they work for an organization

without a strong culture of purpose report a good financial

performance in the company.

—Deloitte

Purpose increases

financial performance.



“Employees thrive when they are given a sense of ownership to

accomplish their work with fewer approvals and checkpoints,

and with a smaller degree of intervention and oversight.

Company leadership and workers both succeed when employees

are allowed to own and solve problems in an innovative way.

Giving someone the opportunity to “break the mold” and create

new ways to address a challenge is highly fulfilling.”

—Josh Cohen, Forbes Contributor



6 Things Your Employees

Need To Succeed

1. Onboarding

2. Mentorship

3. The Right Position

4. Training and Education

5. Reward and Recognition

6. Ownership and Purpose



What can I do today to

increase employee success?

H R ’ S K E Y P E R F O R M AN C E I N D I C AT O R S



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