strategies to improve employee retention in a diverse workforce part one: engaging employees
DESCRIPTION
To accommodate career development and retention in today’s diverse work environment, it’s more important than ever to ensure you have key strategies in place that support the alignment of individual employee goals and development. Join us for part one of this two-part webinar series and learn key steps to improving employee engagement through goal and development plans that allow everyone in your workforce to share the same vision of success and the tools to get them there.TRANSCRIPT
Speaker: Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology
Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential
Moderator: Mike Prokopeak Vice President, Editorial Director Talent Management magazine
Strategies to Improve Employee Retention in a Diverse Workforce
#TMwebinar
Tools You Can Use • Q&A
– Click on the Q&A icon on your floating toolbar in the bottom right corner.
– Type in your question in the space at the bottom.
– Click on “Send.”
#TMwebinar
Tools You Can Use • Polling
– Polling question will appear in the “Polling” panel.
– Select your response and click on “Submit.”
#TMwebinar
Frequently Asked Questions
1. Will I receive a copy of the slides after the webinar? YES
2. Will I receive a copy of the webinar recording?
YES
Please allow up to 2 business days to receive these materials.
#TMwebinar
Strategies to Improve Employee Retention in a Diverse Workforce
#TMwebinar
Mike Prokopeak Vice President, Editorial Director Talent Management magazine
Strategies to Improve Employee Retention in a Diverse Workforce
#TMwebinar
Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential
STRATEGIES TO IMPROVE EMPLOYEE RETENTION Part One: Aligning with the business through Goals and
Career Development
Objec've and Approach
Objec&ve: provide you with key strategies to support and align individual development with reten&on.
Approach: To share insights and successes rela&ng to prac&cal, real world solu&ons. Share different perspec&ves.
Does employee development improve engagement and reten'on?
• The research shows it does… – Gallup organizaHon shows high correlaHon to engagement when employees have opportuniHes for development and growth.
• Q6) Is there someone at work who encourages your development?
• Q11) In the last six months, has someone at work talked to you about your progress?
• Q12) In the last year, have you had opportuni'es to learn and grow?
– Higher levels of engagement are linked to greater retenHon levels.
Triggers for development
Skills & Competencies required for each posiHon
Hiring & selecHon
onboarding
Learning & development
Performance assessment
Eligible for promoHon or new role
POLL: What is your #1 obstacle to implemen'ng an effec've process for development planning at your company?
– Lack of culture and/or management support – It takes too much Hme or resources – Lack technology and/or system to facilitate the process
– We just don’t know where to start – We tried and it failed – Other
A CHANGE PERSPECTIVE
Case Study: Organiza'onal Focus
Motivate Clarify Expectations
Provide Feedback
Assess Current Performance
Motivate Clarify Expectations Expectations
Provide Feedback Feedback
Assess Current Performance
Key Learnings
• Development soluHons can have huge impact when they are linked to business needs
• Development can be embedded as an ongoing conversaHon
• Good-‐Be^er-‐Best model can help get past the “I don’t need development” mindset
Case Study: Individual Focus One Employee at a Time….
• Buying Department • High turnover at entry level (60-‐80%) • Lack of development and career growth • Gen Y employees • Baby Boomer managers • Clash of the generaHons?
Karen – Gen Y
Key Learnings
• Employees will find development opportuniHes either in your company or someone else's
• Help remove barriers so people can find their own path – Managers are the greatest influence on whether people stay or leave. Help them be good coaches/mentors
– Foster engagement and desire vs. enHtlement and expectaHon
• Encouragement, Feedback, OpportuniHes • Recognize but don’t blame generaHonal differences
– Be creaHve: Development is moving forward instead of up and it doesn’t always have to be a formal process
• Think about a mentoring program at work
KEY STRATEGIES FOR SUCCESSFUL EMPLOYEE DEVELOPMENT SOLUTIONS
Best Prac'ces for Effec've Development Plans
1. Employees must own the process 2. Leverage systems and technology 3. Ensure people know how to create an
effecHve development plan 4. Integrate with performance management
and succession management
1. Let Employees Drive the Process
• Employees’ own their desHny – Development is a CHOICE – Empower employees to be accountable for their own performance and development and remove the enHtlement mindset
• OrganizaHons/managers are partners – Remove barriers to success – Provide expectaHons, support and encouragement – Regular ongoing construcHve feedback – Managers are accountable for support
2. Systems and Technology
• For structured development programs, you need a process to organize the acHviHes of development planning.
• Technology helps facilitate that process and can reduce workload, provide reminders, keep all development acHviHes and related informaHon in one place, easy to access.
• Technology can link development plans to the employee lifecycle events.
Technology example
3. What makes a good Development Plan
What it’s not -‐ An ac&vity or class -‐ Unrelated to the business need
-‐ Vague and abstract
What it is -‐ An objec&ve to grow or improve in an area
-‐ Clear link to the business
-‐ Outcome, ac&on items, and measurements
Keep the learning curve on an upswing
0%
20%
40%
60%
80%
100%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Learning and Forgedng Curves
Aler Training
On-‐the-‐job Learning Curves
On-‐the-‐job Forgedng Curves
Sample Development Plan Development ObjectiveExpand my strategic thinking, particularly relating to pricing our apartments and my contribution to pricing decisions. Why is this objective important?I need to maximize the performance of my properties; I can do that by participating more effectively during pricing calls. To do this I need to increase my industry knowledge and strategy skills.Expected ResultsI expect to provide strategic and thoughtful pricing recommendations on my pricing calls, which will lead to increased revenue on my properties.How will we measure progress? Progress will be measured by:1. Improved business results of my properties. 2. Feedback I received from my pricing analyst and supervisor on my participation in pricing calls.Action Plan(s) 1) Action:Establish a mentoring relationship with Peter. I will present my thoughts about pricing strategy to him prior to my pricing calls, and request his feedback on both the strategy and my presentation of it.
2) Action:I will ask my manager, my peers, and others to describe my strengths and weaknesses regarding strategic thinking.3) Action:At least once a month I will take an action to maintain up-‐to-‐date knowledge of industry-‐wide business issues. I will share this action with my manager regularly.
4. Integra'ng with performance management and succession planning
• Performance Management – The “what” the “how” and the “growth” – DemonstraHon of company commitment
• Succession Planning
– Trigger for development – Opportunity to expand the art of development planning
Summary
• There are a variety of stages in the employee lifecycle when development should be considered
• Development is not a “one size fits all” program • Your company culture and management buy-‐in (or lack of) will influence the success of employee development
• A change mindset and integraHon are key! • Employee development opportuniHes posiHvely influence engagement and retenHon
Webinar Session 2
Please join July 12th for Part II of this webinar series:
Strategies to Improve Employee Reten'on in a Diverse Workforce: Succession Planning
When: July 12th, 2011 Time: 2:00 PM EST
Thoughful Reading Sugges'ons
• First, Break All the Rules – What the world’s greatest managers do differently – Marcus Buckingham & Curt Coffman
• Love’Em or Lose’Em – Gepng good people to stay – Beverly Kaye and Sharon Jordan-‐Evans
• FYI: For Your Improvement, A Guide for Development and Coaching – Lombardo & Eichinger
Questions and Answers
#TMwebinar
Tracy McCarthy Senior Vice President of Human Resources SilkRoad Technology [email protected] Christa Sorenson Senior Vice President of Organization and Talent Development Equity Residential [email protected] For sales inquires please contact: [email protected].
Join Our Next TM Webinar
Thursday, June 30, 2011
10 Things HR Can Do to Help Align an Organization's Goals
TM Webinars start at 2 p.m. Eastern / 11 a.m. Pacific
Register for upcoming TM Webinars at
www.talentmgt.com/events
Join the Talent Management magazine Network http://network.talentmgt.com/
#TMwebinar