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Is employee turnover a serious issue for your organization? Are your current engagement programs and surveys no longer effective? Chances are you have the right intentions, but just the wrong tools. In this informative webinar, Dick Finnegan, the leading Stay Interview expert and author of the best-selling SHRM book in history, The Power of Stay Interviews, will reveal how HR professionals are using Stay Interview programs to dramatically lower turnover costs and improve employee engagement for organizations of all sizes. Key takeaways will include: 1. Rethinking Retention - 3 reasons most retention programs don't work & how to avoid them. 2. Stay Interview Structure - How to build an efficient & effective Stay Interview program (that line managers will use!) 3. Stay Interview Strategy - How to use Stay Interviews to achieve strategic HR, effective line managers and engaged employees 4. Stay Interview Solutions - How to build a business case for your Stay Interview program that guarantees ROI (and makes you look like a rockstar!)
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The Stay Interview Secret
The Simple Strategy To Dramatically Increase Retention & Engagement
AGENDA
Brian SharpChief Marketing Officer , HRsoft
Dick FinneganCEO, C-Suite Analytics
Author, The Power of Stay Interviews
Our Presenters
The Stay Interview Secret
AGENDAStay Interviews are here to stay!
The Stay Interview Secret
Sometimes we have the right intentions & experience
…just the wrong tools.
AGENDAEngagement: The results are in…
The Stay Interview Secret
Source: Gallup
AGENDA
The Stay Interview Secret
Source: Gallup
Engagement: The results are in…
Disengaged Employees cost U.S. businesses $450 - $550 billionevery year
AGENDA
Poll Question
CHANGE
Have your engagement scores
significantly increased over the past
2 years?
a. Yes
b. No
c. Not Sure
The Stay Interview Secret
AGENDARetention: The results are in…
The Stay Interview Secret
Employee Turnover has been increasing over the last 5 years
AGENDA
The Stay Interview Secret
Source: The Hay Group
Retention: The results are in…
Employee Turnover costs up to 200%of annual salary
AGENDA
Poll Question
CHANGE
Do you know what your employee
turnover cost is?
a. Yes
b. No
c. Not Sure
The Stay Interview Secret
AGENDAA New Approach
High Impact
Stay Interviews™
Strategic HR
Effective Line Managers
Engaged Employees
The Stay Interview Secret
STAY INTERVIEWS
The Structure
AGENDATop 3 Reasons Retention Programs Fail
The Stay Interview Secret
1. No way to target top performers
2. No accountability
3. No solutions!
AGENDA Rethinking Employee Surveys
Lots of data but…
Tedious process
No accountability
No action plan
No solutions
The Stay Interview Secret
AGENDA The Power of Stay Interviews
The Stay Interview Secret
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
AGENDAStructure of an Effective Stay Interview Program
The Stay Interview Secret
Cascade Tops Down
Conducted by supervisors vs. HR
Separate from Performance
Have managers forecast retention
Gather stay & leave reasons at the top
Once/year continuing employees and twice for new hires
STAY INTERVIEWS
The Strategy
AGENDA
Poll Question
CHANGE
Who do you feel has the greatest impact
on retention?
a. HR
b. Line Managers
c. Employees
d. All of the above
e. None of the above
The Stay Interview Secret
First-line supervisors drive employee & company relationships.
Big Lesson Learned
AGENDA The Real Power of Supervision
The Stay Interview Secret
“Offering a higher salary or developmental/advancement opportunity may not be enough to retain employees”
(HR Consulting Survey)
AGENDA Strategy #1: Know Your Numbers
The Stay Interview Secret
Actual client turnover costs by job:
Physician…$225,808
Software engineer….$131,000
Call center representative…$29,447
Truck loader/unloader…$4,955
TURNOVER COSTS =
Cost Per Hire + LOST PRODUCTIVITY (Not __% of Annual Pay)
AGENDAStrategy #2: Know Your Responsibilities
The Stay Interview Secret
Executives
Line Managers
HR
AGENDA Strategy #3: Teach the Right Skills
The Stay Interview Secret
1. Asking the right questions
2. Probing
3. Building the right stay plans
4. Forecasting
STAY INTERVIEWS
The Solution
AGENDA
Poll Question
CHANGE
How much confidence do you have in
your 2015 strategy to improve
engagement & retention?
a. Very confident
b. Somewhat confident
c. Not confident
d. None – I’m sleepless!
The Stay Interview Secret
AGENDA Making a Business Case with Costs
CEO, our turnover is 19% and the benchmark is 20%
CEO, our turnover is 19% and it’s costing us $7.9 MM each year
OR
The Stay Interview Secret
AGENDADollars Drive Retention Accountability
Manager Retention Goals Results Cost of Turnover
Merbach All T/O 15% 13% $105,378
1st Yr T/O 5% 3% 31,254
Finnegan All T/O 15% 10% $71,598
1st Yr T/O 5% 5% 49,560
Murphy All T/O 15% 22% $221,369
1st Yr T/O 5% 11% 88,321
The Stay Interview Secret
AGENDA Stay Interview Success Stories
The Stay Interview Secret
Florida Hospital ZephyrhillsAll turnover down 37%Nurse turnover down 70%
Burcham Hills Retirement CommunityNurse turnover down 70%100% retention first 180 days
Novo 1 Call CentersAgent turnover down 20%
AGENDA Stay Interview Success Stories
The Stay Interview Secret
Reduced turnover by 50% in four months… Quality measures, cost per call & average handle time much improved
STAY INTERVIEWS
Finally…the right tool.
Structure5 key questions &teaching the right skills
StrategyLine managers are key to driving retention & engagement
SolutionDollars drive retention accountability
Talent Takeaways
The Stay Interview Secret
STAYview™
High Impact Stay Interview System™
HRsoft.com
The Stay Interview Secret
Strategy Session
HRsoft.com
answer questions
share resources
offer solutions
The Stay Interview Secret
The Stay Interview Secret
The Simple Strategy To Dramatically Increase Retention & Engagement
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