use this presentation for how to improve retention

Retention Through Employee

Engagement

Feeling “engaged” depends on the “strength” of the workplace not necessarily on the corporate leadership

- Buckingham & Coffman, ‘First Break all the Rules’

The importance of feeling “ENGAGED”

Companies do not retain people

People decide to stay

They decide to stay when they feel “engaged”

“Engaged” employees stay longer

THE STRENGTH OF THE WORKPLACE

CLEAR EXPECTATIONS

RESOURCES

OPPORTUNITY

RECOGNITION

CARE & CONCERN

Feeling “Engaged” depends on

DEVELOPMENT

PARTICIPATION

PURPOSE

QUALITY

APPRAISAL

LEARNING

If we provide all the above, then we have built a GREATER PLACE TO WORK. Most of the above are in the hands of THE BOSS.

The BOSS The “Boss” is the key factor in building a strong work place.

Talent retention strategy will work if we have the “Boss” in right place.

“Boss” who “nurture” and “mentor”.

Creates nurturing environment for the employees to imagine, explore, pioneer, invent etc.

Growth is a pre-requisite

Talent can be retained with business growth.

New businesses provide career opportunities.

Retaining talent and growing business are therefore interdependent.

“Growth” is therefore a pre-requisite.

They want to be with us. why?

• 2/3 of the workforce have put up more than 10 years of service- Bondage

• Management by heart – Caring and sharing as one family

• Trust

• Cultural fit – MNC with ‘Indian Character’

• 140 divisions – ample learning and growth opportunities

• “Bosses without Bossism” - Mentors

• Age neutral - age diversity

• Empowerment – Climate for action

• Work life balance

Creating an effective Reward Environment

1. Does the organisation’s reward and recognition policies and habits support the development of the desired culture?

2. Is their a balance between the formal and informal reward and recognition initiatives?

3. Is the working environment inspiring and does it make employees feel at home/special?

4. Is it a caring environment/culture and does the organisation carry the employee’s well-being at heart?

5. Is the management style promoting/facilitating development and growth?

6. Do people believe in the organisation and it’s leadership?7. Does the organisation have formal recognition/award plans in

place?

Creating an effective Reward Environment

1. Recognition Plans:• Celebrate objective and/or goal achievement• Reinforce extraordinary performance, normally outside of job

expectations.• Recognise activities/ events/ milestones• Peer-to-peer, managerial recognition

2. Award Schemes:• Cash awards (Once off bonus payment, vouchers, car-hire, etc.)• Non-cash awards (Development programmes, overseas tours,

trophies, certificates, etc.)• Spot awards• Risk prevention awards

Creating an effective Reward Environment

– Organisation taking care of personal needs (Dry cleaning, shopping, etc.)

– Grocery delivery service– Creche facilities– Hiring of Executive Cars for Employees (Ferrari’s, Porsche,

Chauffeur-driven, etc.)– Overseas tours– Health, golf, country club membership– Virtual offices– Secure working environment– Flexible working hours/output based performance contracts– Rewarding/involving spouses/family members

Structuring of pay according to function value

Development of pay according to job fulfilment and role behaviour

Development of pay according to personal performance and business result

Performance /Result

Competencies

Positioning of pay structure in the market

• Product Market Competition• Labour Market Competition

Business strategy

Creating of pay structure according to business requirements

Variable pay

JOB GRADE

REM

UN

ERAT

ION

5 4 3 2 1

Reward Strategy

Function

Base pay

Employeefringe benefits

Market

What drives the Remuneration & Benefits Strategy?

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Why Retention MattersCosts: 1½ - 2 times salary & benefits

Staffing costs – costs to hireVacancy costs – lost productivityTraining costs – to prepare new employee“Acting” pay

Loss of knowledgeWork not done, priorities not metImpact on colleagues

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Obstacles to Retention• Competition for the tech savvy,

interpersonally skilled • Declining supply of library & information

science professionals • More choices for both degreed and non-

degreed personnel• Low compensation• Retirements • Freezes

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The Changed Employer-Employee Relationship

• The “contract” is broken• Life Long Employment vs.

Mutuality of Purpose• Free agents• Flexibility to meet diverse

needs• Work/life considerations

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Why Employees Stay

• A feeling of connection• Feeling valued• Personal and professional growth• Continuous learning• Making a difference• Good management• Can’t afford to leave• Fair pay and benefits

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Retention Begins with Orientation

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Orientation

Relationship begins before the hire Employees value a personal connection Accommodate different learning styles Make it interactive and fun Complete paperwork and procedural

“stuff” in advance

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Orientation Beyond the Workplace

Offer dual career assistanceInclude family in the equation, invite to

orientationMatch new employees with friends and

services, new neighbors, teenage babysitters, etc.

Help with relocation

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Assimilation

Provide a buddy/mentoring

Create & reward best practices Develop expectations for management

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Welcome!

Desk, computer, workspace ready on day one

Welcome card Balloons, food New employee party at work site Formal follow-up at 30, 60, 90, 120

days

Keys to RetainingTop Talent

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Job Satisfaction & Retention

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1. Increase Opportunity

–Challenge–Interesting projects–Responsibility–Team leadership–Special assignments–Promotion

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Opportunities for Employee Development

• Internal recruitment• Support for education• Job rotation/cross training• Task forces, project assignments• Academies of learning• Career ladders• Mobility among libraries

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Cultivating Excellence

• Individual development plans• Coaching/mentoring• Performance management with real

feedback and coaching• 360 feedback• Accelerated advancement/steps• Co-manager opportunities • Shared staff opportunities

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2. Decrease Stress

Identify stressors Distribute work evenlyEliminate red tapeManage interruptionsPromote and model stress-reducing activities

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Work/Life Balance• Define work in terms of what

is to be accomplished• Provide flexible work schedules• Evaluate alternative work places and

telecommuting• Appreciate dilemma of child care, elder care,

multiple individual roles• “Allow” voluntary demotions• Appreciate diversity of personal values and

priorities

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3. Provide Leadership

–Build trust –Commit to helping others succeed–Offer motivation–Seek excellence –Take action

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4. Emphasize Work Standards

Focus on taking pride Link performance to customer

satisfactionDevelop customer service and

quality measures collaborativelyBe very clear on expectationsCelebrate achievements

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5. Provide Fair Rewards

• Employees want fair rewards for the work they do, based on:

–Skill –Responsibilities–Effort–Working conditions

–Communicate –Reward for top performance

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Convenience/Concierge Services

• Dry cleaner pick-up• Supermarket / Carry-out delivery • Financial planning • Passes, discounts – zoo, museum • Classes on-site – educational, fitness• Discount coupons – cleaning services,

manicures, lawn care• Wellness, health screening

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6. Allow Adequate Authority

• Empower employees to act

• Encourage employee input to decisions, goals, and direction setting

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Retaining Talented Workers as They Near Retirement

• Phased retirement• Re-hiring as part-timers or consultants• Temp work• Training/mentoring assignment • Sabbatical

Recognizing Employees

“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.”

Anonymous

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Recognition

• Enhances performance

• Helps motivate • Provides practical

feedback• Makes it easier to get

the work done• Improves productivity

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Recognition Updated

• Includes informal elements• Multiple programs & activities• Leader-oriented• Frequent & flexible• Culture of performance• Used for everyone

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Coworkers Recognize Colleagues

• Dedication• Achievement• Character• Service• “Can do”attitude

• Respect• Cooperation• Helpfulness• Flexibility

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Supervisors Recognize Staff

Handling an emergency or difficult situation

Filling in on another jobCompleting a special taskConsistently presenting a positive attitude

that inspiresGiving time & assistance to an area or staff

person outside dept. or responsibility

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More Formal Rewards

Customer Service AwardSpirit Award Service AwardsRetirements