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

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THE STICKY EMPLOYEE–how to enrich the employee experience

Isaac Mallory Jennifer Dickey

Director at HR Performance Solutions

HR Consultant

Interested in a copy of this presentation?

Contact us today at hello@hrperformamcesolutions.net

How do you know if your employees are

engaged in the things that matter most?

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.

Engaging Top Performers

Identifying Top Performers

Developing Top Performers

GOALS –developing top performers

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

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

GOAL ALIGNMENT

GOALS & ENGAGEMENT

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

Increase in Performance &

Employee Resilience

Decrease in Motivation & Engagement

HONEST & CANDID

FEEDBACK

Keep It Human

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

TOP PERFORMERS

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

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

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?

Top Performers Strategy

USE DATA

Step 01

Find Your Top Talent

Step 02

Recognize Your Top Talent

Step 03

Build Retention Practices Top Talent

COMPENSATION

Hir

ing

Hiring: More Difficult?

Size of theOrganization

Availability ofSpecific SkillsLocation

What Determines A Competitive Salary

Unemployment

Size of theOrganization

Availability ofSpecific SkillsLocation

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

Unemployment ReplacementCosts

MacroTrends

DATA

How do you combat these and other

challenges?

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!

STARTCOLLECTING

DATA

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

INNOVATIVE PAY PRACTICES

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 $$

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

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?

COMPENSATION TOOLS – Compa-ratio

• Benchmark jobs against compensation surveys

• Obtain data from multiplesources

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

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

You Do What?

DIGITAL CONTENT WRITER

AND PAYROLL

AND CUSTOMER SUPPORT

AND USER INTERFACE DESIGN

HYBRID POSITIONS

Non-Competitive Salary

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

-Non-Competitive SalaryNon-Competitive

salaies basically negate the efforts of

PM

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

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 hello@hrperformancesolutions.net

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

GOAL ASSIGNMENTS

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!

TOOLS TO EVALUATE PAYany discrepancies?PAY FOR PERFORMANCE

Merit Matrix