how to turn managers into retention rockstars
TRANSCRIPT
How to Turn Managers Into Retention Rockstars
TalentTakeawayswebinar & podcast series
AGENDA
Brian SharpChief Marketing Officer , HRsoft
Dick FinneganCEO, C-Suite AnalyticsAuthor, The Power of Stay Interviews
Our Presenters
How to Turn Managers Into Retention Rockstars
AGENDAThe HR Secret
Managers drive who quits and who stays.
How to Turn Managers Into Retention Rockstars
AGENDAThe Retention Solution
Engage the employee.
Engage the manager.
Stay Interviews.
How to Turn Managers Into Retention Rockstars
AGENDAThe Retention Revolution
How to Turn Managers Into Retention Rockstars
AGENDARetention Rockstar Roadmap
How to Turn Managers Into Retention Rockstars
1. How to calculate & understand the true cost of turnover
2. Key areas of focus for effective Stay Interviews
3. Driving retention success with better skills and stay plans
4. Set effective retention goals using turnover forecasting
Why Managers Struggle with Turnover
AGENDARetention Results Workflow
How to Turn Managers Into Retention Rockstars
“Finnegan offers fresh thinking for solving the turnover problem in any economy.”
The True Cost of Employee Turnover
AGENDATurnover Costs & the C-Suite
How to Turn Managers Into Retention Rockstars
1. Turnover percentages don’t show value
2. Convert mindset to dollars: adds urgency & action
3. Right Action: retention goals for managers
AGENDACalculating True Turnover Costs
How to Turn Managers Into Retention Rockstars
TURNOVER COSTS = Cost Per Hire + LOST PRODUCTIVITY
(Not __% of Annual Pay)
Actual client turnover costs by job: Physician…$225,808 Software engineer….$131,000 Call center representative…$29,447 Truck loader/unloader…$4,955
AGENDAManagers Drive Retention
How to Turn Managers Into Retention Rockstars
A global consulting firm interviewed 1,000 recently-quit employees and found supervisor relationships influenced all other opinions, concluding…
“Offering a higher salary or developmental/advancement
opportunity may not be enough to retain employees”
AGENDATurnover Costs & the C-Suite
How to Turn Managers Into Retention Rockstars
Short TermUse cost dollar values to get executives’ attention
Resulting StepSet retention goals with managers
AGENDARetention Results Start with Trust
How to Turn Managers Into Retention Rockstars
The Driver2/3 of score is based upon how much you trust your boss
The Statistic366% more shareholder value
The LessonGetting employees to trust supervisors generates more profits
AGENDABuilding Trust 1-1 Builds Profits
How to Turn Managers Into Retention Rockstars
AGENDAPoll Question
How to Turn Managers Into Retention Rockstars
What percent of your managers are able to build trust with their teams?
a. 20%
b. 50%
c. 70%
d. 100%
Effective Stay Interview Skills
AGENDAThe Manager Mindset
How to Turn Managers Into Retention Rockstars
HR is product development. Managers are sales people. Managers “own” retention for their teams
AGENDAStay Interview Definition
How to Turn Managers Into Retention Rockstars
Stay Interviews are 1-1 meetings between leaders and their newly-hired and continuing employees to improve engagement & retention.
Train all leaders from executives to first-line supervisors to…
Build trust Conduct Stay Interviews Develop stay plans Forecast each employee’s individual retention
AGENDA4 Core Stay Interview Skills
How to Turn Managers Into Retention Rockstars
1. Listen
2. Take Notes
3. Probe
4. Support Company
AGENDAOvercoming Stay Interview Objections
How to Turn Managers Into Retention Rockstars
1. Our managers are way too busy to meet with employees one-on-one. They don’t have time.
2. We don’t want to hear about things we can’t fix. Everyone will want a raise.
3. If we’re going to do stay interviews, shouldn’t HR do them instead of managers?
4. Do you really think employees are going to look their supervisors in the eye and tell them what they want? What if they don’t trust them?
5. This just doesn’t seem like a fit with our culture.
Retention Success with 5 Key Questions, Probing & Stay Plans
AGENDAStay Interview Questions
How to Turn Managers Into Retention Rockstars
When you travel to work each day,what things do you look forward to?
PROBING QUESTIONSWhat do you like most about working here?
What parts are the most challenging?
What do you like least about working here?
#1
AGENDAStay Interview Questions
How to Turn Managers Into Retention Rockstars
#2 What are you learning here?
PROBING QUESTIONSIs there anything else you’d like to be learning here but are not?
How do you learn best? By doing? By observing? By attending training?
Do you feel like you can advance your career here if you want to?
AGENDAStay Interview Questions
How to Turn Managers Into Retention Rockstars
#3 Why do you stay here?
PROBING QUESTIONSIs that the only reason?
How much does the type of work you do impact your decision to stay?
How much do you stay because you like working with our customers? Our team?
AGENDAStay Interview Questions
How to Turn Managers Into Retention Rockstars
#4 When was the last time you thought about leaving our team? What prompted it?
PROBING QUESTIONSDoes this still concern you?
On a scale from one to ten with ten being “I’m staying for the foreseeable future” and one being, “I’m leaving ASAP,” how would you rate your intention to leave?
What’s the single most meaningful action I could take to address this issue?
AGENDAStay Interview Questions
How to Turn Managers Into Retention Rockstars
#5 What can I do to make your experience at work better for you?
PROBING QUESTIONSWhat should I do more of? Less of? What do I do that frustrates you?
Is there anything I do that strikes you as particularly unfair or unreasonable?
Do you feel like I truly hear your concerns when you have them?
AGENDAPoll Question
How to Turn Managers Into Retention Rockstars
Which of the following do employees ask for most often during Stay Interviews?
a. Better work processes so they can achieve more work
b. Career coaching & promotion
c. Significant pay increases
d. Better employee benefits (especially vision care)
AGENDA5 Keys of Successful Stay Plans
How to Turn Managers Into Retention Rockstars
1. The objective for each initiative (no more than 3)
2. Actions you as the manager will take
3. Ideally, actions the employee will take
4. Dates for each, and in some cases multiple dates for multiple activities
5. Everything put in writing with copies given to you and the employee
Retention Goals & Turnover Forecasting
AGENDAStay Interview Sequence
How to Turn Managers Into Retention Rockstars
1. Executives leverage costs to establish goals
2. Managers accountable for 1st year/all turnover goals
3. Managers conduct stay interviews
4. Managers forecast each employee's retention
5. Executive accountability trackingGoalsStay plansForecasts
AGENDARetention Goals
How to Turn Managers Into Retention Rockstars
Dollars drive executive urgency
Retention goals drive manager activity & accountability
AGENDARetention Forecasting Groups
How to Turn Managers Into Retention Rockstars
More than 1 year
6-12 Months
0-6 Months
Employee is likely to stay:
Leader: Rodriguez
Perf Rating/ 5 Hi, 1 Lo
Green 1+ yrs
Yellow 6-12 Months
Red 0-6 Months
Retention Plan
Kim Johnson
4 Provide mentor for…
Burt Brown
5 Develop skills for possible promotion to…
Cindy Stone
3 Pleased with current role & circumstance
Ralph Jimenez
2 Coaching for performance
AGENDARetention Heat Map
How to Turn Managers Into Retention Rockstars
AGENDARetention Results Workflow
How to Turn Managers Into Retention Rockstars
“Finnegan offers fresh thinking for solving the turnover problem in any economy.”
Talent Takeaways
AGENDATalent Takeaways
How to Turn Managers Into Retention Rockstars
Main reason people leave: their boss.
Simple most important manager skill: trust.
Retention = Goals + Tools And tools become processes
STAYview™High Impact Stay Interview System™
20% Retention Improvement Guaranteed!
How to Turn Managers Into Retention Rockstars
STAYview™High Impact Stay Interview System™
How to Turn Managers Into Retention Rockstars
AGENDARetention Resources
How to Turn Managers Into Retention Rockstars
answer questions
share resources
offer solutions
Strategy Session
How to Turn Managers Into Retention Rockstars
TalentTakeawayswebinar & podcast series
AGENDAPresented By
Dick FinneganChief Executive Officer
pub/dick-finnegan/6/874/a71
@dick_finnegan
How to Turn Managers Into Retention Rockstars
AGENDAPresented By
Brian SharpChief Marketing Officer
/in/bsharponline
@bsharponline | @hrsoft_inc
How to Turn Managers Into Retention Rockstars