how to turn managers into retention rockstars

How to Turn Managers Into Retention Rockstars

TalentTakeawayswebinar & podcast series

AGENDA

Brian SharpChief Marketing Officer , HRsoft

Dick FinneganCEO, C-Suite AnalyticsAuthor, The Power of Stay Interviews

Our Presenters


AGENDAThe HR Secret

Managers drive who quits and who stays.


AGENDAThe Retention Solution

Engage the employee.

Engage the manager.

Stay Interviews.


AGENDAThe Retention Revolution


AGENDARetention Rockstar Roadmap


1. How to calculate & understand the true cost of turnover

2. Key areas of focus for effective Stay Interviews

3. Driving retention success with better skills and stay plans

4. Set effective retention goals using turnover forecasting

Why Managers Struggle with Turnover

AGENDARetention Results Workflow


“Finnegan offers fresh thinking for solving the turnover problem in any economy.”

The True Cost of Employee Turnover

AGENDATurnover Costs & the C-Suite


1. Turnover percentages don’t show value

2. Convert mindset to dollars: adds urgency & action

3. Right Action: retention goals for managers

AGENDACalculating True Turnover Costs


TURNOVER COSTS = Cost Per Hire + LOST PRODUCTIVITY

(Not __% of Annual Pay)

Actual client turnover costs by job: Physician…$225,808 Software engineer….$131,000 Call center representative…$29,447 Truck loader/unloader…$4,955

AGENDAManagers Drive Retention


A global consulting firm interviewed 1,000 recently-quit employees and found supervisor relationships influenced all other opinions, concluding…

“Offering a higher salary or developmental/advancement

opportunity may not be enough to retain employees”

AGENDATurnover Costs & the C-Suite


Short TermUse cost dollar values to get executives’ attention

Resulting StepSet retention goals with managers

AGENDARetention Results Start with Trust


The Driver2/3 of score is based upon how much you trust your boss

The Statistic366% more shareholder value

The LessonGetting employees to trust supervisors generates more profits

AGENDABuilding Trust 1-1 Builds Profits


AGENDAPoll Question


What percent of your managers are able to build trust with their teams?

a. 20%

b. 50%

c. 70%

d. 100%

Effective Stay Interview Skills

AGENDAThe Manager Mindset


HR is product development. Managers are sales people. Managers “own” retention for their teams

AGENDAStay Interview Definition


Stay Interviews are 1-1 meetings between leaders and their newly-hired and continuing employees to improve engagement & retention.

Train all leaders from executives to first-line supervisors to…

Build trust Conduct Stay Interviews Develop stay plans Forecast each employee’s individual retention

AGENDA4 Core Stay Interview Skills


1. Listen

2. Take Notes

3. Probe

4. Support Company

AGENDAOvercoming Stay Interview Objections


1. Our managers are way too busy to meet with employees one-on-one. They don’t have time.

2. We don’t want to hear about things we can’t fix. Everyone will want a raise.

3. If we’re going to do stay interviews, shouldn’t HR do them instead of managers?

4. Do you really think employees are going to look their supervisors in the eye and tell them what they want? What if they don’t trust them?

5. This just doesn’t seem like a fit with our culture.

Retention Success with 5 Key Questions, Probing & Stay Plans

AGENDAStay Interview Questions


When you travel to work each day,what things do you look forward to?

PROBING QUESTIONSWhat do you like most about working here?

What parts are the most challenging?

What do you like least about working here?

#1



#2 What are you learning here?

PROBING QUESTIONSIs there anything else you’d like to be learning here but are not?

How do you learn best? By doing? By observing? By attending training?

Do you feel like you can advance your career here if you want to?



#3 Why do you stay here?

PROBING QUESTIONSIs that the only reason?

How much does the type of work you do impact your decision to stay?

How much do you stay because you like working with our customers? Our team?



#4 When was the last time you thought about leaving our team? What prompted it?

PROBING QUESTIONSDoes this still concern you?

On a scale from one to ten with ten being “I’m staying for the foreseeable future” and one being, “I’m leaving ASAP,” how would you rate your intention to leave?

What’s the single most meaningful action I could take to address this issue?



#5 What can I do to make your experience at work better for you?

PROBING QUESTIONSWhat should I do more of? Less of? What do I do that frustrates you?

Is there anything I do that strikes you as particularly unfair or unreasonable?

Do you feel like I truly hear your concerns when you have them?

AGENDAPoll Question


Which of the following do employees ask for most often during Stay Interviews?

a. Better work processes so they can achieve more work

b. Career coaching & promotion

c. Significant pay increases

d. Better employee benefits (especially vision care)

AGENDA5 Keys of Successful Stay Plans


1. The objective for each initiative (no more than 3)

2. Actions you as the manager will take

3. Ideally, actions the employee will take

4. Dates for each, and in some cases multiple dates for multiple activities

5. Everything put in writing with copies given to you and the employee

Retention Goals & Turnover Forecasting

AGENDAStay Interview Sequence


1. Executives leverage costs to establish goals

2. Managers accountable for 1st year/all turnover goals

3. Managers conduct stay interviews

4. Managers forecast each employee's retention

5. Executive accountability trackingGoalsStay plansForecasts

AGENDARetention Goals


Dollars drive executive urgency

Retention goals drive manager activity & accountability

AGENDARetention Forecasting Groups


More than 1 year

6-12 Months

0-6 Months

Employee is likely to stay:

Leader: Rodriguez

Perf Rating/ 5 Hi, 1 Lo

Green 1+ yrs

Yellow 6-12 Months

Red 0-6 Months

Retention Plan

Kim Johnson

4 Provide mentor for…

Burt Brown

5 Develop skills for possible promotion to…

Cindy Stone

3 Pleased with current role & circumstance

Ralph Jimenez

2 Coaching for performance

AGENDARetention Heat Map


AGENDARetention Results Workflow


“Finnegan offers fresh thinking for solving the turnover problem in any economy.”

Talent Takeaways

AGENDATalent Takeaways


Main reason people leave: their boss.

Simple most important manager skill: trust.

Retention = Goals + Tools And tools become processes

STAYview™High Impact Stay Interview System™

20% Retention Improvement Guaranteed!


STAYview™High Impact Stay Interview System™


AGENDARetention Resources


answer questions

share resources

offer solutions

Strategy Session


TalentTakeawayswebinar & podcast series

AGENDAPresented By

Dick FinneganChief Executive Officer

[email protected]

pub/dick-finnegan/6/874/a71

@dick_finnegan


https://www.linkedin.com/pub/dick-finnegan/6/874/a71



AGENDAPresented By

Brian SharpChief Marketing Officer

[email protected]

/in/bsharponline

@bsharponline | @hrsoft_inc


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