Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss

Beverly CrowellVice President

Career Systems InternationalSeptember 11, 2013

Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss

Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss

©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans

1440 Minutes In A Day!

Why this is important

Why you should care

What you can do!


Two weeks ago, he was your top associate…

…one week ago he resigned.


• Exciting work, challenge• Career growth, learning & development• Great people• Fair pay • Good boss• Recognition, valued, respect• Benefits• Meaningful work –making a difference• Pride in organization, mission, product• Great work environment, culture

Stay Factors


It’s Good Business

• Higher profit margin• Increased innovation• Increased market share• Greater net income per employee• Lower costs• Better asset utilization

“This is a competitive edge that is often overlooked by most organizations.”


Let’s Do a Survey

• Get ‘em in the door• Do a survey• Get the data• Develop action plans• Check off the “to do” list• Create short-term victories• Later wonder why…nothing really changed

“For many, engagement is defined as the survey and the tedious action plan...not the realization that someone, somewhere may

need to change their ways.”©2013 Love ‘Em or Lose ‘Em: Beverly Kaye and Sharon Jordan-Evans

The Warning SignsThe Warning Signs

• Low employee engagement scores

• Increased turnover especially in first two years of hire

• Exit interview data

• Employee complaints to HR

• Decrease in productivity or quality

• People are talking


Run the Numbers

Replacement costs for lost talent can be:

Entry Level: 30% - 50%Mid-Level Managers: 125% - 200%Software Engineers: 200% - 400%

Source: “Investing in Your Company’s Human Capital”- Jack Phillips


What Stops Us?What Stops Us?

• Differentiating knowing from doing• Passing the buck• Running on empty• Happy arrogance• Forgetting the basics• Assumptions• Taking a one-size-fits all approach• Lack of accountability and follow-thru


Getting StartedGetting Started

• 80% of turnover is directly related to unsatisfactory relationships with the boss

• Most retention factors are within control of the manager

• Employees who are ignored by their boss are 40% more disengaged vs. employees who are criticized by their boss who are 20% more disengaged

• Bottom line – Bosses Matter!


A 25 year study of 12 million workers in 7,000 different companies discovered:

The relationship with a manager determines the length of an

employee’s stay.

-- The Gallup Organization


The Value of $$$The Value of $$$

New Boss You Like

Loss Trust in Boss

Variety in Your Work

High Level of Skills

Time to Finish Your Work

36% Pay Cut

36% Pay Raise

21% Pay Raise

19% Pay Raise

11% Pay Raise

Satisfaction Dimension

A 10% raise only boosts satisfaction by a fraction of a point!

Equal To:

Source: Haliwell and Huang, University of British Columbia

• Selects and develops people so they grow.

• Builds relationships that breed loyalty.

• Creates a work environment that people love.

Focus on Leaders


…yesterday, your competition created an opportunity for him.

Last month he researched new business opportunities …


Prevent Quick QuitsPrevent Quick Quits

• Help build relationships– What kind of support or direction do you need from me that you

aren’t getting? What are you getting that you don’t want?

• Talk about the job– How does the job measure up to what we promised so far? Where

are we on or off? How might we course correct?

• Make it match– How can I help you get more of what you want from this workplace?

Is there anything we need to adjust?


Extend the handshake

Support DevelopmentSupport Development

• Know Their Talents– Skills, Interests, Values

• Offer Perspective– Reflect on reputations

• Discuss Trends & Implications– Share what’s changing in their world of work

• Suggest Several Options– Up is not the only way

• Collaborate on a Plan– Provide resources, support and eliminate obstacles


Know the OptionsKnow the Options

17

LATERAL ENRICHMENT

VERTICAL

EXPLORATORY

REALIGNMENT

RELOCATION


Provide RecognitionProvide Recognition

Organizations that have a “recognition culture” report employees are:

• 5x more likely to feel valued• 7x more likely to stay with the company• 6x more likely to invest in the company• 11x more likely to feel committed to their jobs.

-Bob Nelson

IT POSITIVELY AFFECTS THE BOTTOM LINE!!

- Razor Suleman


Give PraiseGive Praise

• “You really made a difference by…”• “I’m impressed with…”• “You got my attention with…”• “You’re doing top quality work on…”• “You’re right on the mark with…”• “One thing I enjoy most about you is…”• “You can be proud of yourself for…”• “We couldn’t have done it without your…”• “You’ve made my day because of…”

Sentence Starters


Replacing a bad boss with a good one increases productivity of each subordinate’s output by more that

10%.

- Study by the National Bureau of Economic Research, The Value of Bosses, August 2012


Demanding

Lacking patience

Blowing up

Criticizing

Withholding praise

Setting impossible deadlines

Not listening

Not caring

Distrusting

Blaming

Breaking promises

Giving mostly negative feedback

Say No to Jerks


It’s Easy to Be a Jerk…

If You’reDisengaged

Yourself!


When Managers are DisengagedWhen Managers are Disengaged

Employees are:

• 12% less likely to stay

• 13% less likely to be innovative

• 33% more likely to be frustrated with the company’s systems and processes

• 7% less likely to feel valued

• 6% less likely to feel recognized

Source: Sirota, ‘The Enthusiastic Employee’, 2009

• What do you really love to do?

• If you went back to a position in the past that you loved, what would it be? Why?

• What can I do to keep you?

• What would entice you away?

• What matters most?

Re-recruit and Try a “Stay Interview”

Re-recruit and Try a “Stay Interview”


When the thrill is gone, so are they!

Employees Matter Too!Employees Matter Too!

• Managers don’t hold all the cards.

• SatisfACTION requires action.

• The grass isn’t always greener.

• Waiting gets you nowhere.

• Know your equity.


Go For It!Go For It!

• Why do you need to focus on reinvesting, re-recruiting and re-engaging your talent?

• Where and when will you start?

• How can you move it from an idea and put it into practice?


If you are not recruiting your best people, you’re the only one who isn’t!“ “

Thank You!


Address the ThreatAddress the Threat

Talk about what matters most!

Email me at: [email protected]


mailto:[email protected]

mailto:[email protected]

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Reinvest, Re-recruit and Re-engage: The Triple Threat to Talent Loss