8 key employee retention strategies every brand must have

8 Key Employee Retention Strategies Every Brand Must HaveWith Meghan M. Biro, TalentCulture

Achievers | Meghan M. Biro| August 8, 2017#AchieversLive

Meghan M. Biro Globally recognized HR + technology analyst.

Author, speaker and brand strategist. Founder of TalentCulture

Host of #Worktrends.

@MeghanMBiro


Leveraging the power of recognition

Achievers | Meghan M. Biro| August 8, 2017

The 8 Key Employee Retent ion St ra teg ies

Every Brand Must Have

• A key part of an employee management platform

• Wide range of rewards and incentives

• Room for peer-to-peer and team recognitions

• All available on mobile

• Leverages social media and social sharing

• Uses powerful tracking and analytics

• Health and wellness programs

• Reflecting employer brand and mission at every touchpoint

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How often do you think a company

should recognize its employees?

• Quarterly

• After a project has been completed

• Annually

• Daily

• All the time


The bad news: Only 7% of the employees

who responded in a SHRM

study in job satisfaction said

they were very satisfied with

their jobs.


The good news:Christus St. Michael Health

System used a recognition

program to radically reduce

its turnover rate from

20.2% to 6.4% in just two

years.


It’s not about the perks!

Achievers | Meghan Biro| July 14, 2017#AchieversLive


41% Of employees felt recognized at their preferred frequency

60% Of employees felt their managers didn’t provide enough feedback in the moment

53% Of employees didn’t feel like they got recognized for their work at all

Achievers “Greatness Gap” survey

In terms of the engagement gap, going unrecognized is a key factor

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St ra tegy #1

Organizations that practice timely and frequent recognition have 14 percent better employee engagement, productivity and customer service.

— Bersin by Deloitte

Best-in-class companies

make recognition a key part

of their employee

management platform


St ra tegy #2

Bonuses

Incentives

Rewards points for

• purchases

• vacation

• perks

• learning

Top companies optimize the power of a recognition platform to drive engagement and improve retention by including a whole range of different rewards and incentives

Doing it right: ShopDirect.

GOAL:

Underscore company purpose and values

Transform employee performance

OUTCOME:

Achievers 50 Most Engaged Workplaces.

97% of employees in the company now participate

in the program.


https://finance.yahoo.com/news/achievers-announces-winners-sixth-annual-120000061.html

https://www.achievers.com/customer/shop-direct/


St ra tegy #3

“It’s a great feeling to know that somebody notices your hard work.”

Provide plenty of opportunities for peer-to-peer and team recognitions — and watch how they vitalize your workplace culture.


St ra tegy #4

81% of adults in the United States have smartphones.

Make sure every touchpoint and exchange with employees has a home on mobile.


St ra tegy #5

Companies that invest in social recognition platforms see a 96% participation rate in engagement strategies, versus only 38% for companies that don’t have a social recognition program.

— Brandon Hall research

Leverage social media and social sharing to encourage communication and jumpstart engagement.


St ra tegy #6

We can get the data we need — anywhere.

Apply tracking and analytics to accurately predict — and shape —employee engagement and performance.

Evidence for Executive Buy-In —

Companies with an employee engagement

program enjoy 233% greater

customer loyalty. Employee engagement programs

help companies enjoy 26%greater annual increase in revenue.

Employee engagement program users are

7 times more likely to link employee

performance with customer experiences.

Source: Aberdeen Research Achievers | Meghan M. Biro| August 8, 2017 #AchieversLive

Do you think it’s important to craft a great

workforce experience?

• Not at all

• Absolutely

• Maybe — I’m not sure



St ra tegy #7

Health and wellness programs have been show to reduce costs by reducing stress, increasing energy, helping employees better structure their time, increase a sense of well being and confidence, and reduce the costs of health care for the company.

Best in class companies consider their health and wellness programs far more than just a perk. It’s a compelling way to show that they do value their employees.


St ra tegy #8

19.6% Healthcare industry turnover rate

6.4% Christus St. Michael’s turnover rate after they began their recognition program

Great employers infuse brand, message, and mission into every touchpoint along the workflow.

Recognition is part of a larger cultural shift

not just in the workplace, but in the whole

word of work.

Source: Harvard Business Review May 9, 2016 Achievers | Meghan M. Biro| August 8, 2017

It embodies a transformation of how employees envision their role, their values, and their ability to reach out to meet the needs of the workforce in a way that reinforces alignment to company values. Across social and mobile and digital platforms, it’s a relatively straightforward enhancement when it’s done right. And what a difference it will make.

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Q & A


Thanks for joining us!

For more information, please contact:

Iain Ferreira:

[email protected]

Katrina

Busselle:[email protected]

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