Download - 3. What business ? Most Compelling Investment? One Effective Way to Lead in the Mid Market
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3
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What business ?
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Most Compelling Investment?
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One Effective Wayto Lead in the Mid Market
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What business ?
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Recruit and Retain EmployeesRecruit and Retain Employees
“An organization’s ability to execute its strategy effectively is directly related to its ability to:
AttractAttract, RetainRetain, and Develop Talent”
Source: MetLife 7th Annual Benefits Trends Survey
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Recruit and Retain EmployeesRecruit and Retain EmployeesSource: MetLife 7th Annual Benefits Trends Survey
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Recruit and Retain EmployeesRecruit and Retain EmployeesSource: MetLife 7th Annual Benefits Trends Survey
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Sorry
Benefits Retention
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When employees believe that their Benefits Communications did NOT educate effectivelySource: MetLife’s 6th Annual Benefits Trends Study
Percentage of Employees Who Strongly Agree With The Following Statements
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Benefits Retention + Benefits Communications
That effectively educate
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When employees believe that their Benefits Communications DID EDUCATE EFFECTIVELYSource: MetLife’s 6th Annual Benefits Trends Study
Percentage of Employees Who Strongly Agree With The Following Statements
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Source: MetLife’s 6th Annual Benefits Trends Study
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What business ?
o What HR wants
o What the CFO wants
o What the CEO wants
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They are lucky to have jobs.
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Employee Engagement Dropped– Employee engagement determines profits.
19% Higher Profits
Organizations with highly engaged employees earned shareholder returns 19% higher than average
40% Lower Profits
Organizations with low engagement earned shareholder returns 44% lower than average
Source: Hewitt Associates employee engagement research 6/30/2010
Recruit and Retain EmployeesRecruit and Retain Employees
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Employee Engagement Dropped
– the largest decline since research began 15 years ago
15% of employers normally experience a decline
Vs.
46% of Employers saw a significant drop in employee engagement levels
Source: Hewitt Associates employee engagement research 6/30/2010
Recruit and Retain EmployeesRecruit and Retain Employees
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Employee Engagement Dropped
34% of employees plan to look for a new job when the economy gets better
48% said it was because they lost trust in their employer
46% said it was because of lack of communication from their company’s leadership
Source: Deloitte’s fourth annual Ethics & Workplace Survey
Recruit and Retain EmployeesRecruit and Retain Employees
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1,600,000 1,650,000 1,700,000 1,750,000 1,800,000 1,850,000 1,900,000 1,950,000 2,000,000 2,050,000
Feb Mar Apr
Voluntary Quits
Layoffs & discharges
1,600,000 1,650,000 1,700,000 1,750,000 1,800,000 1,850,000 1,900,000 1,950,000 2,000,000 2,050,000
Feb Mar Apr
Voluntary Quits
Layoffs & discharges
Voluntary Resignations Top Layoffs
Voluntary quits are already increasing.
Recruit and Retain EmployeesRecruit and Retain Employees
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1,600,000 1,650,000 1,700,000 1,750,000 1,800,000 1,850,000 1,900,000 1,950,000 2,000,000 2,050,000
Feb Mar Apr
Voluntary Quits
Layoffs & discharges
1,600,000 1,650,000 1,700,000 1,750,000 1,800,000 1,850,000 1,900,000 1,950,000 2,000,000 2,050,000
Feb Mar Apr
Voluntary Quits
Layoffs & discharges
Voluntary Resignations Top Layoffs
Voluntary quits are already increasing.Source: U.S. Bureau of Labor Statistics
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0 1 2 3
Manager
Executive
Replacement Costs
Times Salary
0 1 2 3
Manager
Executive
Replacement Costs
Times Salary
Recruit and Retain EmployeesRecruit and Retain Employees
Steps must be taken to retain good talent.
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Turnover is Reeeealy Expensive!Turnover is Reeeealy Expensive!
Benefits can make a difference – But only if you communicate!But only if you communicate!
Cost of Turnover
$ 8 Hourly Employee $5,505.80 1
Multiple Turns of a front line employee over 25 years $100,000 1
$50,000 employee $250,000 2
Salesman who leaves with company’s client list ?
1 Turnover Cost Studies compiled at website: http://www.sashacorp.com/turnframe.html
2 Barry Deutsch, Impact Hiring Solutions
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Most Compelling Investment?
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Among surveyed employees, those who are highly satisfied with their benefits,
85% plan to be working for their current employer 18 months from now.
Among those who are NOT highly satisfied with their benefits,
50% plan to be working for their current employer 18 months from now.
85% Plan to Stay vs. 50% Plan to Stay
Recruit and Retain EmployeesRecruit and Retain EmployeesSource: MetLife’s 6th Annual Benefits Trends Study
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Recruit and Retain EmployeesRecruit and Retain Employees
Benefits make a difference – But only if you communicate!But only if you communicate!
Link between effective communications and other positive attributes
Source: MetLife’s 8th Annual Benefits Trends Study
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Recruit and Retain EmployeesRecruit and Retain Employees
Benefits make a difference – But only if you communicate!But only if you communicate!
Only 36% of employersthink their company’s benefits communication is effective
- MetLife’s 8th Annual Benefits Trends Survey
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Recruit and Retain EmployeesRecruit and Retain Employees
Benefits make a difference – But only if you communicate!But only if you communicate!
Only 33% of employees
think their company’s benefits communication is effective
- MetLife’s 8th Annual Benefits Trends Survey
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Recruit and Retain EmployeesRecruit and Retain Employees
Benefits can make a difference – But only if you communicate!But only if you communicate!
The Most Important Investment
Highest ROI
Effective Communications Higher Satisfaction
Higher Satisfaction Lower Turnover
Lower Turnover More Profitable Growth
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How to Lead
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Shadow EffectShadow Effect
SouthwestSouthwest AirlinesAirlines– On Time Departures
How to Sell!How to Sell!
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PositionPosition
““Fringe Benefits” Fringe Benefits” asas
““Your Foundation of Financial Your Foundation of Financial Security”Security”
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Emphasize – company’s commitment Emphasize – company’s commitment to employees’ financial safetyto employees’ financial safety
Why the company provides Why the company provides benefits, it’s vision benefits, it’s vision and values and values
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SimplifySimplify1.1.Answer “WHY?” Answer “WHY?”
– Give the information – Give the information neededneeded to make a good decision to make a good decision
– Use photos that evoke – Use photos that evoke emotions emotions
– Use story – Use story
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SimplifySimplify2.2.Get rid of jargon & Get rid of jargon & explain what terms meanexplain what terms mean
What does the benefit What does the benefit mean to memean to me
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SimplifySimplify3.3.Focus on how to access Focus on how to access benefits and use them for benefits and use them for greatest valuegreatest value
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PersonalizePersonalize““Dear Laurie,Dear Laurie,
Using reasonable Using reasonable assumptions, your assumptions, your retirement plan balance retirement plan balance could be $1,245,000 just could be $1,245,000 just from company from company contributions.”contributions.”
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3 D
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Source: Merrill Lynch Affluent Insights
Quarterly 7/28/10
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Begin at the BeginningBegin at the Beginning
How to Sell!How to Sell!
“What was your turnover rate last year”
“Under normal business conditions, how many employees do you replace in a year?”
“Who left” - “Why”
“May I have a copy of your open enrollment materials?”
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Tools to Effectively Educate:
Employee Satisfaction Survey – Before
Open Enrollment Benefit Books
Hidden Paycheck Benefit Statement
Web – EBCs, BeneShare, Video Library
UBA Plan Evaluator
SIMPLE Communications
Campaigns – TouchPoints
Retirement Readiness
Employee Satisfaction Survey - After
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Without Communications that Effectively Educate:
Higher turnover costs
Loss of customers
Loss of critical skills
Opportunity costs
Recruiting failures
Productivity loss
Solutions by:
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