retention april 2014
DESCRIPTION
Half day open training event held in Toronto, Canada.TRANSCRIPT
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Retaining talented employees for longer
by Toronto Training and HR
April 2014
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CONTENTS3-4 Introduction5-6 Fundamental questions to start with7-8 Measurements9-10 Costing employee turnover11-13 Improving retention rates14-16 Review the data17-18 Stay interviews19-20 Questions around commitment21-22 Generational differences23-24 Maternity leave25-27 Engagement, motivation and recognition28-29 Organizational aspects to consider around retention30-33 Employee value proposition34-36 Ways to guarantee resignations37-39 Ways to minimize attrition40-41 Management involvement in orientation
42-46 The situation in Asia47-48 Retention strategies49-50 Conclusion, summary and questions
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Introduction
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Introduction to Toronto Training and HR
Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking15 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HR are:
Training event designTraining event deliveryHR support with an emphasis on reducing costs, saving time plus improving employee engagement and moraleServices for job seekers
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Fundamental questions to start with
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Fundamental questions to start with
• What constitutes a good job?
• Who are your people today?
• Who are your people tomorrow?
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Measurements
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Measurements
• Employee turnover• Employee retention
• Typical SMART objectives
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Costing employee turnover
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Costing employee turnover
• Administration of the resignation
• Recruitment and selection costs, including administration
• Covering the post during the period in which there is a vacancy
• Onboarding and orientation training for the new employeePage 10
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Improving retention rates
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Improving retention rates 1 of 2
• Job previews• Make line managers
accountable• Career development
and progression• Consult employees• Be flexible• Avoid the
development of a presenteeism culture
• Job security
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Improving retention rates 2 of 2
• Treat people fairly• Defend your
organization
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Review the data
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Review the data 1 of 2
• Turnover by gender and age
• Turnover by age and job function
• Turnover by specific reason and gender
• Turnover by voluntary and involuntary
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Review the data 2 of 2
• What do employees really want?
• Why do employees really leave?
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Stay interviews
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Stay interviews
• Definition• Skills needed• Conversation opening• Questions• Actions and action
plans
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Questions around commitment
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Questions around commitment
• Affective commitment• Normative
commitment• Continuance
commitment
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Generational differences
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Generational differences
• Baby Boomers• Generation X• Millennials
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Maternity leave
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Maternity leave
COACHING• Before• During• After
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Engagement, motivation and
recognition
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Engagement, motivation and recognition 1 of 2
• Positive drivers• Negative drivers• Productive and
engaged employees• Productive and
questioning employees
• Questioning and disengaged employees
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Engagement, motivation and recognition 2 of 2
• Engagement-culture fit
• Motivation-job fit• Recognition-career fit
• Leading to IMPROVED RETENTION
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Organizational aspects to consider around
retention
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Organizational aspects to consider around retention
• Overall company business model
• Business strategy• Company values
and culture• Policies and
guidelines• Line managers
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Employee value proposition
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Employee value proposition 1 of 3
• Part of people strategy
• Framework for analysis
• Program of action
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Employee value proposition 2 of 3
Categories • Position in industry• Own and company
alignment• Environmental factors• Corporate social
responsibility
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Employee value proposition 3 of 3
Dimensions • Work• Organization and
leadership• Direct management• Opportunities• Rewards and benefits
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Ways to guarantee resignations
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Ways to guarantee resignations 1 of 2
• Treat everyone equally
• Tolerate mediocrity• Have dumb rules• Don’t recognize
outstanding performance and contributions
• Don’t have any fun at work
• Don’t keep your people informed
• MicromanagePage 35
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Ways to guarantee resignations 2 of 2
• Don’t develop an appropriate attrition strategy
• Don’t undertake stay interviews
• Make the onboarding program an exercise in tedium
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Ways to minimize attrition
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Ways to minimize attrition 1 of 2
• Take and stay in control of your team
• Share your desire, purpose and vision
• Let only positive people join your team
• Your attitude is contagious so keep it positive
• Don’t waste your time on people who don’t want to be there
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Ways to minimize attrition2 of 2
• Do what is right• Respect everyone’s
opinion• Focus on the
strengths of each person
• Communicate, communicate, communicate!
• Have fun and enjoy the ride!
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Management involvement in
orientation
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Management involvement in orientation
• You were carefully chosen and we’re glad you’re here
• You’re now part of a great organization
• This is why your job is so important
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The situation in Asia
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The situation in Asia 1 of 4
• Attraction• Selection• Positions that were
difficult to retain
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The situation in Asia 2 of 4
STEPS TAKEN TO IMPROVE RETENTION• Increased pay• Improved benefits• Increased learning &
development opportunities
• Made changes to improve work-life balance
• Revised the way people are rewarded so their efforts are better recognisedPage 44
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The situation in Asia 3 of 4
STEPS TAKEN TO IMPROVE RETENTION (CONT.)• Improved employee
involvement• Offered
coaching/mentoring schemes
• Improved line managers’ people skills
• Improved physical working conditionsPage 45
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The situation in Asia 4 of 4
PER COUNTRY• China• Hong Kong• Malaysia• Singapore• South Korea• Taiwan
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Retention strategies
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Retention strategies
• Underlying principles• Supervisors• People management
processes• Top management
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Conclusion, summary and questions
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Conclusion, summary and questions
ConclusionSummaryVideosQuestions