Manage Employee Turnover
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Not sure why employees keep leaving your organization? Check out these interesting stats on turnover and how to manage it so that you keep your best of best talent and attract even more.
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Manage Employee Turnover
- 1. HOW TO MANAGE EMPLOYEE TURNOVER
- 2. Rusty Lindquist V P S T R A T E G I C H R I N S I G H T S B A M B O O H R @ r u s t y l i n d q u i s t r u s t y @ b a m b o o h r . c o m w w w . l i n k e d i n . c o m / i n / r u s t y l i n d q u i s t Mykkah Herner M O D E R N C O M P E V A N G E L I S T P A Y S C A L E @ m y k k a h _ h e r n e r M y k k a h H @ p a y s c a l e . c o m w w w . l i n k e d i n . c o m / i n / m y k k a h h e r n e r
- 3. "HR today sits smack-dab in the middle of the most compelling competitive battleground in business, where companies deploy and fight over that most valuable of resources— workforce talent." -Matthew D. Breitfelder HBR: “Why did we ever go into HR”
- 5. Millennials will comprise 75% of the global workforce by 2025. - Deloitte Millennials 91% of Millennials expect to stay with your company fewer than three years. – Future Workplace v75% v91% Average tenure for Millennials is 2 years (5 years for Gen X and Gen Y) – Payscale v2yrs
- 6. 43% 1yr 90- 200% Within the next 10 years, 43% of the US workforce will be eligible for retirement - Forbes Baby Boomers Among the jobs that 39-44 year olds began, one third ended in less than a year – Forbes Cost of replacing an employee is between 90-200% of their annual salary. – SHRM
- 7. 83% 23m 52% 83% Of executives say they’re increasing contingent workers. - Oxford Economics Contingent Workers There’s projected to be 23 million contingent workers by 2017 (up 26% in 2 years) – MBO Partners 52% of Millennials expect to work independently (82% in emerging markets). – Deloitte
- 8. • Workforce competency and skills gap • Increased competition • Globalization • Culture • Competition for talent • Stresses on work-life balance • Etc. Additional Dynamics
- 10. –Ram Charan Best-selling Author, World-renowned Business Advisor
- 11. Organizational Power Organizational power goes to the group that deals with the biggest problems Alfred Marshall economist
- 14. The rate at which people leave a place, company, etc., and are replaced by others
- 15. Adding Good Complexity Good Turnover vs. Bad Turnover Low performer High Performer Voluntary X% Y% Involuntary P% Q%
- 16. Retention is still a Major Concern
- 17. Turnover costs more than just dollars • Morale • Engagement • Performance • Training • Knowledge retention • Nimble to market changes • Cost to replace
- 18. Common Myths of Employee Turnover
- 19. Myth: Turnover is Always bad
- 20. Myth: Turnover is Bad for Morale
- 21. Myth: We can predict turnover based on generation
- 22. Myth: Turnover is always time- consuming and costly
- 24. Business Value H L Strategic Operational Micro Small Mid Large HR viewed as a cost center Transactional HR High-Impact HR HR as a strategic investment Evolution of HR
- 25. Business Value H L Strategic Operational Micro Small Mid Large Evolution of HR HR viewed as a cost center Transactional HR High-Impact HR HR as a strategic investment
- 26. Basic Operations Strategic Operations HR HIERARCHY OF NEEDS (Culture, Performance, Engagement, Satisfaction, Employment Brand, Advising Talent Management, Succession Planning, Learning & Development…) General Operations Business Value (Operational Efficiency: HRIS, Records, Talent Acquisition, Compliance Tracking, Etc.) (Payroll, Benefits, Time & Attendance, etc.) ©
- 28. Understand your true worth as a strategic necessity Eliminate the unnecessary shed all the dead weight Organize your information to lay a foundation for insight Automate the operational set yourself free to do great work Maximize business value align activities to strategic outcomes Solve meaningful problems learn to think, act, and win like a business. Measure and report the value and impact of your work ESCAPE ELEVATE
- 30. Aon Hewitt
- 33. Engagement goes beyond satisfaction. Engagement occurs when we find meaning, autonomy, growth, impact, and connection--MAGIC--in what we do.
- 34. • Purpose Alignment • Culture Alignment • Personal / Professional Development • Learning and growing • Clear career path • Loyalty • Leadership • Team / Peers • Customers • Work • Investment / Ownership (skin in the game) • Effort • Time • Equity • Feel Valued • Compensation • Reward & Recognition • Sense of winning • Keeping Score • Common Enemy • Sense of Belonging • Tribes • Friends / Personal Connections • Sense of pride • Community Common Engagement Elements
- 35. Setting up your comp plan for success
- 36. Comp as a Keystone
- 37. Components of Comp http://businessmodelalchemist.com/blog/2011/11/make-your-business-model-clear-with-vivid-thinking-guest-post-by-dan-roam.html Solid Base Pay Plan Clear Strategy Incentive Plan Competitive Market Pay
- 38. What compensation mix is right for your org?
- 39. Compensation Strategy Talent Market(s) Industry, Size, Location Level of competitiveness How aggressively to pay What to reward Performance, Experience, etc
- 40. What about variable pay? Less than 100 Employees 100 - 1,000 Employees More than 1,000 Employees Retention bonuses Hiring bonuses Individual incentive bonuses Team incentive bonuses Spot bonuses or other discretionary bonus programs Most give bonuses: 81% of top performing companies 74% of all companies
- 41. Recruitment & Retention Plans 54.6% 18.3% 35.3% 13.3% 58.2% 28.1% 59.7% 21.3% 38.8% 14.0% 63.4% 32.2% Merit-based pay plan Non-discretionary incentive based pay plan Discretionary bonus plan Stock option/grant plan Learning and developmental opportunities More perks-gym memberships, catered lunch, etc Plans to recruit and retain high-performing employees All Top Performer
- 42. Immediate Actions Calculate turnover rate Identify good and bad turnover Brainstorm retention efforts that work Evaluate your comp plan – does it align with org objectives for retention?
- 43. Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com Thank you!
- 44. Questions? BambooHR Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. Download our free 2016 Compensation Best Practices Report at http://www.payscale.com/cbpr PayScale
- 45. Rusty Lindquist V P S T R A T E G I C H R I N S I G H T S B A M B O O H R @ r u s t y l i n d q u i s t r u s t y @ b a m b o o h r . c o m w w w . l i n k e d i n . c o m / i n / r u s t y l i n d q u i s t Mykkah Herner M O D E R N C O M P E V A N G E L I S T P A Y S C A L E @ m y k k a h _ h e r n e r M y k k a h H @ p a y s c a l e . c o m w w w . l i n k e d i n . c o m / i n / m y k k a h h e r n e r
Notas del editor
- BHR
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- BambooHR Changes both in the workplace and in the workforce. Now we have to question everything we thought we knew, all our old approaches That implies we have adjust the way we think about staffing and sourcing Millennials: 91 percent plan to stay at your company for fewer than 3 years. http://www.forbes.com/sites/jeannemeister/2012/08/14/job-hopping-is-the-new-normal-for-millennials-three-ways-to-prevent-a-human-resource-nightmare/ 89% of Millennials would prefer to choose when and where they work rather than being placed in a 9-to-5 position. https://www.upwork.com/press/ 45% of Millennials will choose workplace flexibility over pay. http://www.forbes.com/sites/katetaylor/2013/08/23/why-millennials-are-ending-the-9-to-5/ Average tenure for Millennials is 2 years (compared to 5 years for Gen X and 7 years for Baby Boomers.) http://www.prweb.com/releases/2012/8/prweb9817689.htm It costs an average of $24,000 to replace each Millennial employee. http://microsoft.message.ch/s2bSilverlight/silverlight/PDFs/cost_of_turnover.pdf Contingent workers: 83% of executives say they're currently increasing the amount of contingent workers in their companies. http://www.forbes.com/sites/sap/2014/12/19/the-rise-of-the-contingent-worker/ There are projected to be 23 million contingent workers by 2017 (a 26 percent increase since 2013). http://www.cbsnews.com/news/temp-work-raises-long-term-questions-for-economy/ Remote workers: 34 percent of companies said more than half of their full-time workforce will work remotely by 2020, and 25 percent said more than three-quarters would not work in a traditional office by 2020. http://www.fastcompany.com/3034286/the-future-of-work/will-half-of-people-be-working-remotely-by-2020 Telework grew by 73% in the last 6 years. http://www.thefranchiseking.com/working-from-home-franchise-businesses Lack of knowledge workers
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- Bamboo Which has recently led Bersin to conclude that right now, perhaps more than in the last 20 years, human resource jobs are some of the most important roles in business, forcing HR to up their game.
- Bamboo And that’s primarily because businesses don’t create value; people do, as Ram Charan put it. HR has a critical role to play in our organizations ability to survive and thrive in this competitive economic battleground. And much of that impact centers around who we bring into our organizations, and how we bring them in. So let’s dive in and unwrap this a bit.
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- eFileCabinet (Here I simply talk about how you can reinvent, or modify your current activities and initiatives in such a way that they drive strategic outcomes. So I introduce HR’s main strategic outcomes, and talk about how if your activities aren’t driving one of these, at least in some small way, then you need to think about whether those activities aren’t ones you should either cut out, or perhaps work to reinvent. It would be awesome to have some anecdotes here of how you’ve done that. One of the ways we’ve done that, for instance is in onboarding. Onboarding can be seen as a very operational activity… do the paperwork, give them their computer, sit them at their desk, introduce their manager, etc. But it can be very strategic. Very. A simple change we’ve made to the way we onboard is that in the preboarding, we send them a questionaire asking where they like to vacation, or what their favorite activities are, etc. Then when they start, an email goes out to the whole company with the new employee’s photo, and the answers to the questions, which allows people in the organization to see them, know their name and their face, and even if only one or two random people stop, say hi, call them by name, and welcome them, that’s huge for a new employees sense of belonging and social integration. But we don’t stop there. We proactively power the establishment of those personal connections. If we see they’re into mountain biking, then we go introduce them to people in the company who are also mountain bikers. Helping create a sense of belonging, helping them feel like they’re not alone, and facilitating personal connections. Because it’s been well demonstrated that the more personal connections someone has at work the higher their levels of employee satisfaction, the more engaged and productive they are, and the longer they’ll stay. It even impacts time to productivity.)
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- Payscale What type of bonuses did you award in 2015? (check all that apply)
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