8 Key Employee Retention Strategies Every Brand Must Have
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Discover 8 Key Employee Retention Strategies Every Brand Must Have presented by Meghan M. Biro. Learn more: http://ow.ly/Y28O30egeLg
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8 Key Employee Retention Strategies Every Brand Must Have
- 1. 8 Key Employee Retention Strategies Every Brand Must Have With Meghan M. Biro, TalentCulture Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 2. Meghan M. Biro Globally recognized HR + technology analyst. Author, speaker and brand strategist. Founder of TalentCulture Host of #Worktrends. @MeghanMBiro Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 3. Leveraging the power of recognition Achievers | Meghan M. Biro| August 8, 2017 The 8 Key Employee Retention Strategies Every Brand Must Have • A key part of an employee management platform • Wide range of rewards and incentives • Room for peer-to-peer and team recognitions • All available on mobile • Leverages social media and social sharing • Uses powerful tracking and analytics • Health and wellness programs • Reflecting employer brand and mission at every touchpoint #AchieversLive
- 4. How often do you think a company shouldrecognizeits employees? • Quarterly • After a project has been completed • Annually • Daily • All the time Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 5. The bad news: Only 7% of the employees who responded in a SHRM study in job satisfaction said they were very satisfied with their jobs. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 6. The good news: Christus St. Michael Health System used a recognition program to radically reduce its turnover rate from 20.2% to 6.4% in just two years. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 7. It’s not about the perks! Achievers | Meghan Biro| July 14, 2017#AchieversLive
- 8. Achievers | Meghan M. Biro| August 8, 2017 41% Of employees felt recognized at their preferred frequency 60% Of employees felt their managers didn’t provide enough feedback in the moment 53% Of employees didn’t feel like they got recognized for their work at all Achievers “Greatness Gap” survey In terms of the engagement gap, going unrecognized is a key factor #AchieversLive
- 9. Achievers | Meghan M. Biro| August 8, 2017 Strategy #1 Organizations that practice timely and frequent recognition have 14 percent better employee engagement, productivity and customer service. — Bersin by Deloitte Best-in-class companies make recognition a key part of their employee management platform
- 10. Achievers | Meghan M. Biro| August 8, 2017 Strategy #2 Bonuses Incentives Rewards points for • purchases • vacation • perks • learning Top companies optimize the power of a recognition platform to drive engagement and improve retention by including a whole range of different rewards and incentives
- 11. Doing it right: ShopDirect. GOAL: Underscore company purpose and values Transform employee performance OUTCOME: Achievers 50 Most Engaged Workplaces. 97% of employees in the company now participate in the program. Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 12. Achievers | Meghan M. Biro| August 8, 2017 Strategy #3 “It’s a great feeling to know that somebody notices your hard work.” Provide plenty of opportunities for peer- to-peer and team recognitions — and watch how they vitalize your workplace culture.
- 13. Achievers | Meghan M. Biro| August 8, 2017 Strategy #4 81% of adults in the United States have smartphones. Make sure every touchpoint and exchange with employees has a home on mobile.
- 14. Achievers | Meghan M. Biro| August 8, 2017 Strategy #5 Companies that invest in social recognition platforms see a 96% participation rate in engagement strategies, versus only 38% for companies that don’t have a social recognition program. — Brandon Hall research Leverage social media and social sharing to encourage communication and jumpstart engagement.
- 15. Achievers | Meghan M. Biro| August 8, 2017 Strategy #6 We can get the data we need — anywhere. Apply tracking and analytics to accurately predict — and shape — employee engagement and performance.
- 16. Evidence for Executive Buy-In — Companies with an employee engagement program enjoy 233% greater customer loyalty. Employee engagement programs help companies enjoy 26% greater annual increase in revenue. Employee engagement program users are 7 times more likely to link employee performance with customer experiences. Source: Aberdeen Research Achievers | Meghan M. Biro| August 8, 2017 #AchieversLive
- 17. Do you think it’s importantto craft a great workforceexperience? • Not at all • Absolutely • Maybe — I’m not sure Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 18. Achievers | Meghan M. Biro| August 8, 2017 Strategy #7 Health and wellness programs have been show to reduce costs by reducing stress, increasing energy, helping employees better structure their time, increase a sense of well being and confidence, and reduce the costs of health care for the company. Best in class companies consider their health and wellness programs far more than just a perk. It’s a compelling way to show that they do value their employees.
- 19. Achievers | Meghan M. Biro| August 8, 2017 Strategy #8 19.6% Healthcare industry turnover rate 6.4% Christus St. Michael’s turnover rate after they began their recognition program Great employers infuse brand, message, and mission into every touchpoint along the workflow.
- 20. Recognition is part of a larger cultural shift not just in the workplace, but in the whole word of work. Source: Harvard Business Review May 9, 2016 Achievers | Meghan M. Biro| August 8, 2017 It embodies a transformation of how employees envision their role, their values, and their ability to reach out to meet the needs of the workforce in a way that reinforces alignment to company values. Across social and mobile and digital platforms, it’s a relatively straightforward enhancement when it’s done right. And what a difference it will make. #AchieversLive
- 21. Q & A Achievers | Meghan M. Biro| August 8, 2017#AchieversLive
- 22. Thanks for joining us! For more information, please contact: Iain Ferreira: iain.Ferreira@achievers.com Katrina Busselle:kbusselle@talentculture.com #AchieversLive
Editor's Notes
- Welcoming text and housekeeping
- Full text: Meghan M. Biro is a globally recognized HR + technology analyst, author, speaker and brand strategist. The founder of TalentCulture, she hosts #Worktrends, a popular weekly Twitter Chat and podcast. Her career spans across recruiting, talent management, digital media and brand strategy for hundreds of companies, from startups to global brands like Microsoft, IBM and Google. Meghan can be regularly found on Forbes, Huffington Post, Entrepreneur and a variety of other outlets. You can find her on Twitter and Instagram @MeghanMBiro.
- Thanks for joining us today! We’re getting into the true secrets to keeping people. Especially in this economy and this talent crunch, none of us can afford to ignore the challenge of employee engagement and retention. We’re going to look at the 8 best tactics to promote retention — so you can keep your talent long enough to make some promotions yourself. These are 8 extremely effective strategies for managing, engaging, and retaining talent. They work by leveraging the power of recognition — not just in the moment, but over the whole employee journey, crafting a culture of recognition that supports engagement and retention. . Why best-in-class companies make recognition a key part of their employee management platform — and how any company should follow their lead. 2. How to offer a range of different rewards and incentives that optimize employee recognition and drives engagement and retention. 3. Why companies need to provide plenty of opportunities for peer-to-peer and team recognitions, and how they vitalize and strengthen your workplace culture. 4. Why it’s critical to give every touchpoint and exchange with employees a home on mobile. 5. How to leverage social media and social sharing to encourage communication and jumpstart powerful engagement. 6. How to apply tracking and analytics to accurately predict — and shape — employee engagement and performance, and reduce turnover. 7. Why health and wellness programs are far more than a perk for employees — they’re a way for employers to convey how much they value their talent and appreciate their hard work. 8. Why great employers infuse brand, message, and mission into every touchpoint along the workflow — driving a sense of purpose and alignment throughout the work journey.
- Really: so many different answers and so many responses. Every company has its own belief system regarding employee recognition. I posed that question because recognition is a key part of retention. But there’s no wrong answers here. So, let’s dive in.
- Full text: The Big Picture I’m going to give you the bad news first, and then the good news. The bad news: Keep this number in your heads: Seven — as in percent. Seven percent of the employees who responded in a SHRM study in job satisfaction said they were very satisfied with their jobs. That is an enormous engagement gap – and we’re going to have to close it as fast as we can. Why? Poor engagement and high rates of turnover are the twins we hate to meet at the same party. But there they are: they may not look exactly alike, but they share the same DNA. Because it is human nature to leave a job you don’t like if you have the opportunity. And with a 4.3% unemployment rate as the Bureau of Labor Statistics too recently told us, there are lots of opportunities. There are far more jobs out there than there is top talent to fill them. And of course there are countless ways to be dissatisfied in a position.
- Full text: Now the good news. Another number: 6.4. HR and recruiting people tend to be problem solvers, and I know that’s how I’m wired: to approach a problem. How can we leverage recognition tools to reduce turnover? We look for the light at the end of the tunnel, and we aim there. So here’s a light at the end of the tunnel to aim for: 6.4% This particular company, Christus St. Michael Health System, used a recognition program to radically reduce its turnover rate. It shrunk turnover from 20.2% to 6.4% in two years. This is a company in one of the toughest fields for employee satisfaction and engagement: the high-stress, high-contact, customer-centric field of health care. From a fifth to not even a tenth of its workforce. How did they do it? They looked at what their employees needed. They got into their shoes. They found that employees love to be recognized — and to recognize each other. Of course this makes perfect sense, but we know that management and leadership see things differently, and they had to get on board no matter what HR might recommend. The business side often sees engagement and retention as blurry, soft-ish goals. Yet are clear on the challenge of keeping employees engaged and the threat of losing employees. I think for some of us it’s a challenge to think about the concept of employee experience to begin with. Someone once asked me: what’s the difference between satisfaction and engagement and retention and turnover? How do I know what swim lane to stay in? It’s all the same water.
- There’s another myth I think we need to dispel about what really drives engagement and retention. I think some of us still get hung up on the belief that you can’t win talent without huge compensation packages or super fancy perks. But it’s time to free yourself of that notion. We also tend to get preoccupied with trying to attract millennials with those kind of perks: the money and foosball cliché. But they’re growing up, and are now a majority of the workforce with a far more diverse range of needs and expectations. Third point in this is that we’re also a bit distracted by the splashy tales, like a form of gossip — and who doesn’t love that? Silicon Valley is famous for luring in hires with creative and unusual perks — bike repair, housing bonuses, cash in a briefcase, sponsored backpacking weekends, helicopter rides courtesy the CEO. Just to indulge our appetite for the bright and shiny, I’ll mention some highlights from a Glassdoor Economic Research report on great benefits: Goldman Sachs pays for gender reassignment surgery Starbucks has a full tuition reimbursement program Amex and Amazon have extensive parental leave programs. Deloitte offers long sabbaticals for professional or personal growth Timberland encourages its employees to take a long time off to volunteer. Here are the holes in this approach, including a big one. It’s more like a glaring omission. First, most companies simply can’t do the big packages and perks. They simply don’t have the resources. So I have seen this phenomenon where a firm just throws up its hands. Second, and this is the big one: Perks and benefits may get talent in the door. But they won’t keep them there. In fact, they may do more hard than good — if the work culture once you’re in the door is anything but rewarding. When that new hire is starving for daily feedback but can’t get it, or feeling out of their depth and just wants some little sign they’re doing fine, so much for the welcome wagon the company rolled out for their first day. And so your new hire, someone you spend time and effort to bring in, starts to think, this is a company can’t live up to its own promises. Not sure I like that. It’s not only a strike against transparency, it’s the beginning of an engagement gap. Glassdoor found that The single biggest impact on job satisfaction has nothing to do with perks and benefits. It’s employer’s culture and values — including company morale, transparency, and — bingo — employee recognition that boost employee job satisfaction.
- What works What works: when companies create an employee recognition program and as part of a positive workplace culture, a morale booster, and as a reflection of true transparency. And recognition should not be considered a perk or a gesture. It’s a lot more. In terms of the engagement gap, going unrecognized is a key factor. As the Achievers “Greatness Gap,” survey found: less than half (41%) of employees felt recognized at their preferred frequency more than half (60%) felt their managers didn’t provide enough feedback in the moment also more than half (53%) didn’t feel like they got recognized for their work at all. An active, well-integrated recognition program is a tangible opportunity more companies need to take to close the gap before it starts. So let’s get started.
- Recognition Strategy # 1: Best-in-class companies make recognition a key part of their employee management platform — and any company can and should follow their lead. Why? Employee satisfaction and engagement are not all about the money or the benefits. A Bersin by Deloitte survey found that organizations which practice timely and frequent recognition have 14 percent better employee engagement, productivity and customer service. Employee recognition has been correlated to a whole range of practical company goals, including better customer service, fewer absences, and faster project completion times. We’ll revisit that when we get into talking about measurements and data.
- Slide 10 Strategy #2: Top companies optimize the power of a recognition platform to drive engagement and improve retention by including a whole range of different rewards and incentives Once you’re committed to a recognition culture, many of these strategies are practical and straightforward. They’re easy to implement. There’s nothing hidden about them. One is building a whole range of rewards and incentives into a recognition program. These rewards and incentives can function as powerful levers in not only driving engagement, but staying competitive. A compensation “best practices” report from 2015 (by Payscale) found that companies are shifting to bonuses and performance-based incentives. [from “The Total Package” whitepaper by Achievers] Short-term incentives also give managers a great tool for rewarding great performance and having performance-based conversations. They can also be included in manager’s own discretionary “team-building” budgets. But they don’t have to be monetary. They can include rewards points towards purchases, vacations, perks, even time off or professional learning opportunities. Taking the dollars out of the equation may also shorten any approval times or holdups — and one key to powerful rewards is not having to wait for them.
- Rewards and incentives in action: Let’s look at one retailer doing it right: A multi-brand digital retailer with some 4,500 employees, ShopDirect, launched, implemented and embedded a recognition program called SHINE over 2 years. It’s an SaaS program, Cloud based, multiplatform — big screen, little screen, visual, very present in the physical and virtual workplace atmosphere. The goal: underscore the company’s purpose (making good things easily accessible to more people); values (trusted, together, proud, ambitious and innovative) and transform employee performance. One way to do that is to reward people when they embody that purpose and those values. And there are a whole range of ways to do that: instant recognition, at-a-glance data so you can see the progress you’ve made, real-time messages. As well as rewards — which turned out to be a powerful tool for driving engagement. ShopDirect’s workplace relies on teams to tackle a lot of projects: after this program was implemented, team performance catapulted upwards. Each team was motivated and spurred on to compete for these rewards and instant recognition. But they also came together to celebrate when a team member was singled out for an especially great job. And teams also began to understand just how important those purpose and values were to the company — because when the team succeeds in reflecting purpose or values in their work, they get credit for it. So this is not just transforming performance, it’s also increasing alignment between employer and employee — another key factor in engagement in fact this is an Achievers client, and Achievers is great at practicing what they preach: they recognized the company as one of Achievers 50 Most Engaged Workplaces. 97% of employees in the company now participate in the program.
- Slide 12 Strategy #3: Provide plenty of opportunities for peer-to-peer and team recognitions — and watch how they vitalize your workplace culture. ShopDirect’s recognition program includes a wide range of options for how employees can recognize each other. This is not a top-down, pat on the back, well done said the manager, kind of model. It fits the far more flatter, democratic, open workplace that today’s workforce prefers. Individually – peer to peer – or team recognitions play a huge role in boosting the workplace culture. Not only does this drive engagement, it also provides employees with a sense of autonomy: they are, in effect, shaping the workforce experience for each other by using these recognition tools. And they are invested in the outcomes in a different way — more personally, and also more collectively. That sense of unity is gold when it comes to engagement and retention. So ShopDirect’s peers and teammates have wind up participating and shaping the employee experience in a very direct way, and forging a shared sense of purpose that reflects their own role in outcomes. Regarding that point, look at millennials for a moment, for which community is a key part of a work culture – and this has certainly affected how we all see our workplace. Millennials value a sense of equality and community, a sense of shared purpose, and an openness in terms of communication. And that comes from the same job satisfaction report by SHRM as that ominous 7% figure was — where only 7% of employees were satisfied with their jobs. ShopDirect found that people loved to clap each other on the back, and given the opportunity, they really got into it. This is an organization with locations all over the world, so the program also created a way to bridge all of these distances and be virtually present throughout the day. In fact, praise became a habitual part of the workday, a morale and mood booster. And employees really engaged: 97% of them participate, which is huge. The program gives people the option to write their own messages if they want to. No surprise: many took the time to really articulate not only praise, but why it mattered in the larger context of company purpose and goals. One month saw 37,000 individual recognition moments. “It’s a great feeling to know that somebody notices your hard work,” said one employee.
- Text: Social recognition is the glue that brings us all into a virtual community. And drives engagement. A Brandon Hall research report found that companies that invest in social recognition platforms see a 96% participation rate in engagement strategies, versus only 38% for companies that don’t have a social recognition program. Another side of this seamless experience is leveraging the best tools from social media and social sharing. IM’s, pulses, check-ins, shout-outs, team praise — these are all reflective of a new culture of social gestures and social sharing.
- Text: Apply tracking and analytics to accurately predict — and shape — employee engagement and performance. There’s a potential river of data flowing beneath a powerful, Cloud-based recognition program. It’s generated at every touchpoint, every single moment of exchange. All of those congratulations and all of that positive energy becomes meaningful information. And this is another way that a seemingly superficial behavior is actually linked to powerful analytics. Again, none of this would have been possible before the digital transformation of the workplace and also the rise of social and mobile. Recently a colleague reminded me of the spreadsheets that dominated HR. Free at last, he remarked. I agree. What we can do now is amazing. Another advantage of tracking and analytics as applied to a Cloud-based program is that we can get the data we need anywhere. We can also create pulses, pings, daily emails, summaries — access the information or be aware of any changes when, how and where we want it. That’s definitely something best-in-class companies are leveraging to their advantage. Some of the factors you’ll be able to measure: the success of initiatives as far as employee’s engagement. whether key goals are met according to schedule the high performers — your lynchpin and leaders who drive their teams to perform and produce. And no surprise that these tend to be people extremely involved in a recogition program. the slow starters and the dissatisfied the effectiveness of your managers — and also their involvement on a day to day basis. Stretch goals — are they achieved? Brainstormed and problem solving: who is doing the heavy lifting? All of this can be tied to whatever criteria your company measures its success by, from customer service to revenue. And, of course indicators tied to your recognition and engagement program itself. Are you meeting budget targets? Is the investment working? What’s the real-time spend?
- Let’s talk about Executive buy-in. There’s another reason top companies leverage the power of data when implementing an engagement and recognition program. It’s evidence for executive buy-in. When you can show that employee recognition actually results in better customer service, fewer absences, and faster project completion times — as I mentioned earlier, that’s a compelling argument. And as we all know, seeing is beleiving. An Aberdeen study found that: Companies with an employee engagement program enjoy 233% greater customer loyalty. Employee engagement programs help companies enjoy 26% greater annual increase in revenue. Employee engagement program users are 7- times more likely to link employee performance with customer experiences. And according to a Towers Watson report, employees that are highly engaged take 20% less sick days than other employees. With tracking and analytics you have a way of providing executives with tangible insights about engagement and recognition — so they can see it within the context of business goals. Because another gap we don’t necessarily talk about is the gap between HR and the C-Suite. While HR knows that employees — people — are an organizations greatest asset. A CFO may feel, instead, that they’re the biggest expense. But as a 2016 Gallup data report found out, engagement does connect directly to higher earnings: companies with highly engaged workplaces outperform their peers with low engagement by 147% in earnings per share. The digital tools are helping to bridge this gap in perception to everyone’s advantage — and also, drive that buy-in for an engagement and recognition program. Better for all.
- We think about workforce experience to varying degrees, certainly. And that’s what’s so interesting about the answers coming in: it seems like most of us want to somehow make a difference in the experiences of our employees.
- Text: A Healthy Workforce — Let’s hit the final two strategies, and then we’ll open it up to some questions. Strategy #7 is about health and wellness. Best in class companies consider their health and wellness programs far more than just a perk. It’s a compelling way to show that they do value their employees. And of course it’s got another major payoff. Health and wellness programs have been show to reduce costs by reducing stress, increasing energy, in the case of fitness or exercise options help employees better structure their time, increase a sense of well being and confidence, and reduce the costs of health care for the company. Some recognition program go so far as to offer wellness awards as incentives — and team can purse the challenges together, driving cohesion in ways that extend well outside the office, integrating life and work.
- Mission Ready Strategy #8: Great employers infuse brand, message, and mission into every touchpoint along the workflow. Remember that light at the end of the tunnel number, 6.4%? It was the healthcare organization. Let’s wrap up looking at them, because it’s a really compelling success story. Part warm and fuzzy and part wow that is really, really impressive from a business standpoint. Employees began to take incredible pride in being part of this great brand. By creating this vibrant recognition platform, the company had a new and direct channel of communication to the whole workforce, no matter where they are. And the program had the look and feel of the employer brand, deepening their awareness in a very daily, ordinary, small-scale way. In addition a relationship developed between the company culture and the employees. It was an incredibly easy way to increase employee alignment to business objectives, and sent a positive shock through the system. Employees realized: they appreciate us — and we appreciate each other. And that’s how they got the turnover rate down to 6.4%, far below the industry’s normal turnover rate of 19.6%. Just by making it easy to say, Good job.
- Full text: Conclusion Companies face an uphill climb to manage, and keep talent. But given today’s workforce, all we really need to do is remember we’re human. We love to be recognized. We love to know the hard work we do is appreciated. And we love when someone takes the time to write a simple: Hey, nice job there. When Gallup polled employees on what makes them leave, it underscored what we really already know: people don’t leave a company, they leave the people they work for, and work with. That’s what makes recognition so critical: If a supervisor ignores an employee, their level of disengagement goes up by 45%. But there’s so much we can do to mitigate that. I truly do believe this is a challenge companies can face and conquer — with smileyface emoticons, with virtual blue ribbons, with points towards something great, with these 8 very do-able strategies. This is part of a larger cultural shift not just in the workplace but in the whole world of work — it embodies a transformation of how employees envision their role, their values, and their ability to reach out to meet the needs of the workforce in a way that reinforces alignment to company values. Across social and mobile and digital platforms, it’s a relatively straightforward enhancement when it’s done right. And what a difference it will make.
- Now let’s open it up and take your questions.