retention and regretted losses raamann ahuja human resources human resources deutsche bank ag...

15
Retention and Retention and Regretted Losses Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank Deutsche Bank AG AG

Upload: brandy-straker

Post on 16-Dec-2015

217 views

Category:

Documents


2 download

TRANSCRIPT

Page 1: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Retention and Retention and Regretted LossesRegretted Losses

Retention and Retention and Regretted LossesRegretted Losses

Raamann Ahuja Human ResourcesHuman Resources Deutsche Bank AGDeutsche Bank AG

Page 2: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

YOUR AGENDA

• ABC• XYZ

Page 3: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Have you ever hired Have you ever hired the wrong person?the wrong person?

Have you ever hired Have you ever hired the wrong person?the wrong person?

Page 4: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

“Career” is a term defined by the Oxford dictionary as an individual’s

‘course or progress through life’

Page 5: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

• Worker Shortage• Skill Shortage• Talent Management• Global Competition• Diversity• Loyalty

• Worker Shortage• Skill Shortage• Talent Management• Global Competition• Diversity• Loyalty

EnvironmentalEnvironmentalTrendsTrends

Known Challenges….

Page 6: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Some known facts….

It Costs Much More to Replace Employees Than to Keep Them

It Costs Much More to Replace Employees Than to Keep Them

Page 7: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Some known facts…

Money may attract people to the front

door but something else is needed to keep them from going

out the back door.

Page 8: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Embeddedness Theory of Retention (by Holtom et al.)

Premise: The more embedded an employee is in the organization, the less likely they will actually leave.

Embeddedness factors include:– Fit:

• With organization--working conditions, culture.• With community--affordable housing, commute,

pace, etc.– Links (connections):

• To people and projects in organization.• With the community.

– Sacrifice: What would I have to give up?• From organization (benefits, flexibility, tuition,

perks). • Community (schools, neighborhoods, friends).

8

Page 9: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Why is there a need to RETAIN

• Assess the organization “fear factor”

• Business impact of attrition

• Growth agenda

• Identify sensitive zones & target

Page 10: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Information You Must Know

• Current Employees: Why do they stay?

• New Employees: Why did they say yes?

• Former Employees: Why did they leave?

• Interviewed, But Said “No”: Why?

Page 11: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Manager’s Role in Retention

• Most Managers Think About Retention When It is Too Late

• Average Manager Does Not Take Personal Responsibility for Employee’s Departure

• Most Factors For Turnover Are Within their Control

• Most Managers Do Not Receive Adequate Training

Page 12: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Reasons Retention Efforts Fail

• Not connected to the vision, mission, and organizational values

• Top leadership not involved• Not made part of the organizational

strategy• Not tied to the bottom line• No clear goals• No one held accountable• Delegated to HR to fix

Page 13: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

What can one do?• Train Hiring Managers • Groom Leaders to ‘WALK THE TALK’• Rate People Skills as More Important Than

Technical Skills• Visibly Behave in Ways that Reinforce Values• Do Not Tolerate Behaviors that Violate Values• Treat employees with Respect when things are

going well and with Dignity when in crisis.• Assign Responsibility for Retention

Page 14: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Areas of relative high pressure Private Banking Wealth Management SME / Mid Markets Retail Corporate banking-RM, Analytics Global Market-Analytics

Areas of relative stability Front-line Operations

Overall Talent Outlook

Page 15: Retention and Regretted Losses Raamann Ahuja Human Resources Human Resources Deutsche Bank AG Deutsche Bank AG

Questions