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The Power of Stay Interviews Michiana SHRM - C
The Power of Stay Interviews Michiana SHRM Dick Finnegan October 15th, 2015 Copyright C-Suite Analytics, 2015 All Rights Reserved Finnegan Bio “Recovering HR director” solved turnover for Siberian banks, African gold mines, Chinese mulI-‐naIonal corporaIons…and the CIA Author, Rethinking Reten*on in Good Times and Bad, excerpted by BusinessWeek;“fresh thinking for solving the turnover problem in any economy” Author, The Power of Stay Interviews for Engagement & Reten*on, top-‐selling SHRM-‐published book in history Author, The Stay Interview, published in 20 languages + audio book Author, HR’s Greatest Challenge, distributed free to top global HR execuIves www.c-‐suiteanaly.cs.com 2 Today’s Agenda Stay Interviews: What & Why? Data &Trust-‐Building EssenIals Stay AcIon Plan & RetenIon Forecast Stay Interview Process & PracIce What Makes People Happy? www.c-‐suiteanaly.cs.com 3 Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific acIons she must take to strengthen that employee’s engagement and retention with the organizaIon Stay Interviews… ! Bring informaIon that can be used today ! Focus on individual employees including top performers ! Put managers in the soluIon seat www.c-‐suiteanaly.cs.com 4 U.S. Voluntary Quit Percentages, Post-‐ Recession…U.S. Bureau of Labor Sta*s*cs Young U.S. workers will hold 10-‐14 jobs by age 38 www.c-‐suiteanaly.cs.com 5 Engagement Stuck Gallup/Bersin www.c-‐suiteanaly.cs.com 6 How Much More Do Engaged Employees Produce? " Gallup: 22% more profitability/lower turnover (TO)/higher earnings per share (EPS) " GPTW InsItute: 20% more producIvity/ lower TO/higher EPS " Hewig: % engaged correlates with higher shareholder returns (S/H) " Kenexa: double S/H returns " WorkUSA/Watson Wyag: 26% more revenue per employee www.c-‐suiteanaly.cs.com 7 Problem Is Clear Exit Surveys Data? Yes Employee Surveys Engagement Surveys “They don’t generally get involved in the ac*ons taken by an org in response to the engagement results – really just delivery of the survey and then repor*ng.” Top Employee Survey Company ExecuIve 8 www.c-‐suiteanaly.cs.com SoluIons? No! Are Your RetenIon Efforts Driven By AccountabiliIes or Programs? Business AccountabiliIes driven by execuIves from the top like sales, service, quality, & safety RetenIon Programs driven from the side like town hall meeIngs, employee appreciaIon week, newslegers 86% of the Ime www.c-‐suiteanaly.cs.com 9 Supervisors’ Impact on Engagement & RetenIon “If you have a turnover problem, look first to your managers”…Gallup Employees stay for managers first and co-‐workers second…salary.com Employees’ levels of engagement higher when their supervisors had higher levels of engagement…DDI “When employees stay, it is because of their immediate managers”… NaIonal EducaIon AssociaIon Employees who stay primarily for their supervisors stay longer, perform beger, and are more saIsfied with their pay…TalentKeepers www.c-‐suiteanaly.cs.com 10 The Real Power of Supervision Kenexa interviewed 1,000 recently-‐quit employees and asked about pay, benefits, development, advancement and relaIonships with supervisors…and found supervisor rela*onships influenced all other opinions, concluding… “Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees” www.c-‐suiteanaly.cs.com 11 And Now the Power of Leader Goals & AccountabiliIes One hospital held nurse managers accountable for reten*on vs others that implemented programs “Accountable” hospital nurse turnover down 41% vs. others stayed the same RecommendaIon: Hold clinical directors accountable for achieving retenIon goals www.c-‐suiteanaly.cs.com 12 Engagement Stuck Gallup/Bersin www.c-‐suiteanaly.cs.com 13 Managers Drive Engagement! per Gallup www.c-‐suiteanaly.cs.com 14 Supervisors vs Programs Good Programs + Good Supervisors = Reten*on & Engagement Good Programs + Poor Supervisors = Turnover & Disengagement www.c-‐suiteanaly.cs.com 15 Introducing the Power of www.c-‐suiteanaly.cs.com 16 Who Was Your Best Boss? Who Was Your Worst Boss? www.c-‐suiteanaly.cs.com 17 The Fortune Top 100 #1 2012-2015 Baby bonding bucks, 12 weeks paid parental leave, horseshoe pits, Africa volunteering, subsidized massages, 3 wellness centers, 25 free cafeterias…and free eyebrow shaping 18 www.c-‐ suiteanaly.cs.com “Two-‐thirds of a company’s score is based on the results of the Great Place To Work’s Trust Index Survey” “Any company can be a great place to work. Our approach is based on the major findings of 20 years of research – that trust between managers and employees is the primary defining characterisIc of the very best workplaces.” The Great Place to Work Ins*tute www.c-‐suiteanaly.cs.com 19 Building Trust 1-1 Builds Profits www.c-‐suiteanaly.cs.com 20 One Big Lesson Learned It’s not what you give them, it’s how you treat them…and firstline supervisors most influence employees’ rela*onships with managers, colleagues, and du*es www.c-‐suiteanaly.cs.com Insanity: Doing the same thing over and over again and expecIng different results 21 Stay Interviews A Stay Interview is a structured discussion a leader conducts with each individual employee to learn the specific acIons she must take to strengthen that employee’s engagement and retention with the organizaIon Stay Interviews… ! Bring informaIon that can be used today ! Focus on individual employees including top performers ! Put managers in the soluIon seat www.c-‐suiteanaly.cs.com 22 3 Stay Interview Success Stories Florida Hospital Zephyrhills…All turnover 37%; nurse turnover 70% Burcham Hills ReIrement Community…Nurse turnover 70%; 100% retenIon first 180 days Novo 1 Call Centers…Agent turnover 20% 23 www.c-‐suiteanaly.cs.com Stay Interview Process Key Ingredients To (1) Build Trust, (2) Gather Data Top-‐Selling SHRM-‐Published Book in History www.c-‐suiteanaly.cs.com Conducted by Supervisors vs. HR Separate from Performance Review Repeat 1x/year for all exisIng employees & 2 x/ year for new hires Create individual Stay AcIon Plans Managers Forecast RetenIon 24 Stay Interview 5 QuesIons 1. What do you look forward to each day when you commute to work? 2. What are you learning here? Want to learn? 3. Why do you stay here? 4. What could cause you to leave us? 5. What can I do to make your job beger for you? www.c-‐suiteanaly.cs.com 25 RetenIon Forecast “HeatMap” Leader: Rodriguez Perf RaIng/ Green 1+ yrs Yellow 6-‐12 5 Hi, 1 Lo Months Red 0-‐6 Months RetenIon Plan Kim Johnson 4 Provide mentor for… Burt Brown 5 Develop skills for possible promoIon to… Cindy Stone 3 Pleased with current role & circumstance Ralph Jimenez 2 Coaching for performance www.c-‐suiteanaly.cs.com 26 Stay Interview PracIce Gather in groups of 3s and ask each other the first two quesIons: 1. What do you look forward to each day when you commute to work? 2. What are you learning here? Want to learn? Roles are manager, employee, observer…and the key skill to pracIce is probing www.c-‐suiteanaly.cs.com 27 Gallup’s 100 Year Commitment Surveying ciIzens of the world for 100 years to learn what brings most happiness. So far the answer is which… a. Good health? b. A good job? c. Love and respect from others? d. Money for needs and more? e. Beger life for your children? www.c-‐suiteanaly.cs.com 28 Gallup’s 100 Year Commitment a. Good health b. A good job c. Love and respect from others d. Money for needs and more e. Beger life for your children www.c-‐suiteanaly.cs.com 29 To Obtain # How to Cost Turnover & Engagement # Engagement CorrelaIons to ProducIvity # The Stay Interview Manager Training Game Please Give Me Your Business Card/Include # of Employees www.c-‐suiteanaly.cs.com DFinnegan@C-‐ SuiteAnalyIcs.com 30 The Power of Stay Interviews Michiana SHRM Dick Finnegan October 15th, 2015 Copyright C-Suite Analytics, 2015 All Rights Reserved
