How to How to Attract and Attract and Keep Your Keep Your

Best Best EmployeesEmployees

Today, We’ll Answer…Today, We’ll Answer…

What does turnover of great employees currently cost your business

What employees want most from their employers

How to create loyalty to you, your company and your vision

How to keep your best employees

How to leverage your best employees to position you for future growth

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Challenges of Today’s Professional Woman”

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US Bureau of Labor Statistics (BLS):

““I Quit” > “Let Go”I Quit” > “Let Go”

Worker Satisfaction is at it lowest since 1987.

4 out of 5 workers are contemplating leaving

their current job. *

* Right Management

The Cost of Losing an EmployeeThe Cost of Losing an Employee**::

“Fill-in” Person Loss of employee’s productivity (50% of person’s salary)Administrative (exit interview, terminating payroll, notifying COBRA, processing forms, etc.) Manager’s time to evaluate where employee left off Training, certification, licensing of exiting employee Loss of departmental productivity Severance and benefits continuation Lost knowledge, skills and contacts Potential loss of customers (especially if in sales)

* Hampton and Associates, Scientific and Executive Search Services, March 2012

These costs can realistically amount to These costs can realistically amount to 150% of the employee’s annual salary!150% of the employee’s annual salary!

Let’s Do the Math:Let’s Do the Math:

Example:Average salary = $30,000 / year

Cost of turnover = 150% of annual salary

Cost of the turnover PER EMPLOYEE = $45,000

300 employees with 10% turnover rate,

Annual cost of turnover = $1.35 million!Annual cost of turnover = $1.35 million!

* Hampton and Associates, Scientific and Executive Search Services, March 2012

Why Employees Leave:Why Employees Leave:

* Hampton and Associates, Scientific and Executive Search Services, March 2012

1. Relationship with Boss2. Bored and Unchallenged3. Relationship with Co-Workers4. Opportunity to Use Skills and Abilities5. Contribution to Business Goals6. Autonomy and Independence7. Meaningfulness of Job8. Organization’s Financial Stability9. Overall Corporate Culture10. Recognition of Employee Job

Performance

What if They HAVEN’T Left?What if They HAVEN’T Left?

Lost Productivity Due to Presenteeism is Almost

7.5 Times Greater

Than That Lost to Absenteeism!

* (Employers Health Coalition, 2000, p. 3)

Top Five Reasons Employees Top Five Reasons Employees Stay:Stay:

* (Kaye & Jordan-Evans, 2008, p. 10).

1) Exciting and challenging work2) Opportunities for career growth, learning and development3) High-quality co-workers4) Fair pay5) Supportive management

Care for Your Employees Like Care for Your Employees Like You Would a Well-Oiled You Would a Well-Oiled

Machine…Machine…

The Option…The Option…

Cost Time Morale Consistency Stagnancy

You Pay With:You Pay With:

You must inspire and connect with them.

To Keep Your Best Talent:To Keep Your Best Talent:

1. Maintain Clear Vision1. Maintain Clear Vision

Corporate Vision Your Employee’s Vision Aligning Visions

Clearly Define & Clearly Define & Communicate Communicate

the Visionthe Vision

Vision: “A mental image produced in the mind”.

1)Verbalize and Advertise Your Mission and Vision.Make sure it comes from the heart, not just the head.

Getting Buy-In Getting Buy-In for the Vision:for the Vision:

The Vision Must Answer the The Vision Must Answer the Question…Question…

Why does your company exist? What does this mean to you personally? Why should your people care?

2) Determine your Employee’s vision.By listening carefully, you create trust, clarity and inspiration for your team.

Getting Buy-In Getting Buy-In for the Vision:for the Vision:

• “What do you want to accomplish?”

• “Why do you want to accomplish this?”

• “How will your life change for the better?”

• “What do you need to accomplish this?”

Find Out Your Employee’s Vision: Find Out Your Employee’s Vision: Professional…and PersonalProfessional…and Personal

3) Find the common denominators between visions. Agree on what you will accomplish together.

Getting Buy-In Getting Buy-In for the Vision:for the Vision:

Merging VisionsMerging Visions

Listen Carefully Express Interest Look for common groundConsider Opportunities to help them Achieve Their Goals

4) Help your employee to accomplish his/her vision. Build a strategic alliance that benefits you both.

Getting Buy-In Getting Buy-In for the Vision:for the Vision:

2. Maintain Balance2. Maintain Balance

Fifty-one percent of employees said they were less productive at work as a result of stress (American Psychological Association, 2009).

More than half of adults report that family responsibilities are a significant source of stress and 55% of employees say that job demands have interfered with responsibilities at home in the past three months. (American Psychological Association, 2009)

Conflict between work and family roles was found to lower the perceived quality of both work and family life which, in turn, influences organizational outcomes such as productivity, absenteeism and turnover (Higgins, Duxbury, & Irving, 1992).

Maintaining BalanceMaintaining Balance

Make Balance a Part of Your Culture

BalanceBalance

- Vacation- Adequate vacation coverage- Flex Time- Limited Overtime- Staff to Prevent Overwork- On site childcare- Telecommuting- Maternity / Paternity leave- Gym memberships- Concierge services

3. Provide “Upgrades”3. Provide “Upgrades”

Training Certifications Licensing Professional Development Tuition Reimbursement

Companies that invest more than average in employee training outperform the market by 45%

and have returns that are 86% higher than those companies that spend less than average.

Benefits of “Upgrading” Your Benefits of “Upgrading” Your StaffStaff

* Bassi, Ludwig, McMurrer, & Van Buren, 2000

What Message Does This Send?What Message Does This Send?

“I Care About What You Want

Too”“I Have Future

Plans for You”

“You are Worth

Investing In”

4. Maintain Proper Alignment4. Maintain Proper Alignment

Do You Know What is Going On When You Take Your Hands off the Wheel of Your Business?

(Vacation, Out Sick, Out of Town, etc.)

Maintain Proper AlignmentMaintain Proper Alignment

- Unclear Leadership- Lack of Structure- Unhealthy Work Relationships

Equip Your Managers for Success:

- Leadership Training- Authorization- Backup and Support

Create Structure:

- Operations Manual- Clear Communication- Performance Review System- Accountability

Successfully Holding Others Successfully Holding Others AccountableAccountableSuccessfully Holding Others Successfully Holding Others AccountableAccountable

1. Be a Role Model

2. Be Clear About Expectations

3. Make Accountability Public

4. Foster Peer Pressure

Effectively Deal with ConflictEffectively Deal with Conflict

Three Steps to Better Communication and Teamwork:

1.Understand the personality and relational styles of those on your team. 

2.Learn – then teach your staff – tools involved for effective communication.

3.Have a set of “rules” to work by – and stick to them.

Resources for Building a Strong Resources for Building a Strong Work EnvironmentWork Environment

“School of Hard Knocks” / Experience

Coaching Mentor Training / Seminars / Workshops

5. Provide a Path with 5. Provide a Path with DirectionDirection

Mentoring Coaching Succession Planning

Strategies for MentoringStrategies for MentoringStrategies for MentoringStrategies for Mentoring

The Basics of CoachingThe Basics of Coaching

Listen Ask Questions Provide Focus Encourage

Succession PlanningSuccession Planning

Benefits of a Succession PlanBenefits of a Succession Plan 

Eventually gives you more time

Increases morale and motivation

Creates loyalty and consistency

3 Major Components of an 3 Major Components of an Effective Succession Plan:Effective Succession Plan:

  Identify the key roles/tasks needed

Your potential replacement

Proper training and mentoring

Succession PlanningSuccession Planning

To Attract & Keep Your Best To Attract & Keep Your Best Employees:Employees:

1. Maintain Clear Vision

2. Provide “Upgrades”

3. Maintain Balance

4. Maintain Proper Alignment

5. Provide a Path with Direction

Free Webinar: “Overcoming the Unique

Challenges of Today’s Professional Woman”

“Web Review”

PowerPoint Presentation

Questions?Questions?

Comments?Comments?

THANK YOU!THANK YOU!