How to Retain Your Employees and What to Do If You Lose Your Star Player
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Every manager has experienced that moment of panic when a star performer announces he or she is leaving. Departures not only affect the bottom line — they can decrease employee morale and accelerate other exits. Global staffing firm Robert Half is teaming up with Glassdoor, an online jobs and career marketplace. The companies are presenting a complimentary webinar, “How to Retain Your Employees and What to Do if You Lose Your Star Player,” which will examine the reasons star employees leave and what managers can do to keep them. You’ll learn: • Why good employees quit (spoiler: It’s not always just about money) • Tell-tale signs an employee might leave • How to create a “disaster plan” • Strategies for engaging and retaining employees Featuring expert speakers: • Paul McDonald, senior executive director, Robert Half • Alison Hadden, director of brand strategy, Glassdoor
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How to Retain Your Employees and What to Do If You Lose Your Star Player
- 1. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Click to edit Master title styleClick to edit Master title style How to Retain Your Employees and What to Do if You Lose Your Star Player Presented by: Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet.
- 2. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Webinar Tips for Attendees You can connect to audio using your computer’s microphone and speakers. Or, you may select “Use Telephone” after joining the Webinar. All lines will be muted to avoid background noise. You can ask questions at any time by typing them into the Questions Pane.
- 3. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. The Speakers Alison Hadden Director of Brand Strategy, Glassdoor Paul McDonald Senior Executive Director, Robert Half
- 4. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. By the way, I’m leaving.
- 5. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. What We’ll Cover Why good employees quit 5 signs an employee is considering leaving Creating a “disaster plan” Q&A Winning strategies for engaging and retaining employees
- 6. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Why Good Employees Quit *Source: Bureau of Labor Statistics **Source: Glassdoor Employees are feeling more confident in the job market than they have in nearly 6 years U.S. unemployment rate was 5.6% in December – the lowest level since June 2008 Nearly 3M jobs were created in 2014 “Quit rate” has stayed near a post-recession high of 1.8% for 7 consecutive months JOB SEEKERS ARE CONFIDENT** THE JOB MARKET IS GOOD*
- 7. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Survey Says … Source: Robert Half 10% 6% 9% 16% 20% 38% 8% 12% 12% 14% 22% 28% Bored with their job Lack of recognition Overworked Unhappiness with management Limited opportunities for advancement Inadequate salary and benefits CFOs Employees CFOs and Workers Agree: Employees Most Likely to Quit Over Salary
- 8. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 5 Signs an Employee Is Considering Leaving Disengagement and behavioral changes Sudden interest in career development Asking for information about previous projects Decreased interaction with managers A new, more formal wardrobe 1 2 3 4 5
- 9. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 5 Signs an Employee Is Considering Leaving 1 Disengagement and behavioral changes More errors and missed deadlines Disengagement in meetings Change in level of socialization with colleagues Lower productivity
- 10. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 2 5 Signs an Employee Is Considering Leaving Was the person previously unconcerned with advancement? Is the person expressing frustration over a lack of development opportunities? Sudden interest in career development
- 11. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 3 5 Signs an Employee Is Considering Leaving Is there a sudden interest in company statistics or past successes? A sign the employee is doing a resume update or preparing for a review, or is it a sign of an active job search? Asking for information about previous projects
- 12. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 4 5 Signs an Employee Is Considering Leaving Has the worker stopped checking in with you regularly? Do you feel your employee is purposely avoiding you? Decreased interaction with managers
- 13. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. 5 5 Signs an Employee Is Considering Leaving Dressing up can be a sign your employee has a job interview A new, more formal wardrobe
- 14. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. The Disaster Plan YOUR STAR EMPLOYEE JUST QUIT. WHAT DO YOU DO NOW? Stay calm Conduct an exit interview Use temporary help to fill the gap Communicate with staff Use your talent pipeline Address the workplace issues Develop succession plans ?
- 15. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Don’t overreact The dangers of extending a counteroffer Remember, not all exits are bad STAY CALM
- 16. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. CONDUCT AN EXIT INTERVIEW Really listen to the answers Someone other than the employee’s direct manager should conduct the interview Questions to ask Why are you leaving? What did you enjoy most about the job? What would have convinced you to stay? Would you consider working for the company again? How did you find your new job? Don’t wait until the last day to conduct an exit interview
- 17. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. FIND TEMP HELP Use a contract or temporary professional in the short term Fills the immediate need Gives you time to conduct a thorough search for a new hire Temporary worker could eventually be converted to full time
- 18. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. BE CANDID WITH STAFF Don’t keep your remaining staff in the dark Keep the team updated on plans for finding a replacement and moving forward Should you share the person’s reasons for leaving?
- 19. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. USE YOUR TALENT PIPELINE Expect that someone is going to leave, and be prepared for it Source: CareerBuilder Half of HR managers said they have open positions for which they can’t find qualified candidates 46% said hard-to-fill positions remain open for more than a quarter of the year If you don’t have a pipeline, an experienced recruiter will
- 20. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. ADDRESS WORKPLACE ISSUES Follow up on information from the exit interview Have recent exit interviews revealed any trends? What can you change to keep your employees engaged and invested?
- 21. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. DEVELOP SUCCESSION PLANS Have replacements in mind for key players on your team and start training them Develop junior employees’ skills so they’re ready to be promoted when you have a surprise opening The departure of a star player can be an opportunity for another
- 22. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Strategies for Retaining Employees Winning employee engagement tactics to retain talent: Offer competitive salaries Know what matters most Track employee sentiment Communicate clearly Focus on career development Recognize great work
- 23. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Offer Competitive Salaries Know what your people are worth Remember, insufficient pay is the top reason good employees leave What are competitors paying? Are your keeping pace? – Glassdoor: glassdoor.com/salaries – Robert Half Salary Guides: roberthalf.com/salary-guides
- 24. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. What Matters Most [Glassdoor member survey results]
- 25. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Track Employee Sentiment Keep tabs on how your employees are feeling to understand what matters Where can your firm improve?
- 26. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Engage Your Employees Encourage organizational transparency Communicate openly and honestly Encourage employees to post reviews of the company on Glassdoor
- 27. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Focus on Career Development Provide defined career paths and promote from within Offer assignments and projects that enable employees to put their skills to use Provide training and education opportunities – Conferences – Online learning – Lunch-and-learns – Mentoring programs
- 28. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Recognize Great Work Regularly check in with employees – Don’t wait until it’s time for annual reviews Acknowledge a job well done, at both the individual and team level In-person thanks can be powerful
- 29. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Questions?
- 30. Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet. Click to edit Master title styleClick to edit Master title style How to Retain Your Employees and What to Do if You Lose Your Star Player Presented by: Confidential and Proprietary © Glassdoor, Inc. 2008-2015 © 2015 Robert Half International Inc. All rights reserved. An equal opportunity employer M/F/Disability/Vet.
Editor's Notes
- TIME CHECK: 11 a.m. PT (1 minute) KATIE: Hello, and welcome to the webinar: How to Retain Your Employees and What to Do if You Lose Your Star Player, brought to you by Glassdoor and Robert Half. [Mention Hashtags #GDchat and #RHwebinars for those who want to join in the discussion on Twitter.]
- A few webinar tips – you will be muted throughout the session so make sure to ask questions in the questions pane and Alicia will be happy to answer them at the end of the session. If we don’t get to your question on today’s webinar, we will follow up with you after the webinar.
- (2 minutes) [KATIE TO BRIEFLY INTRODUCE ALISON AND PAUL – Name, title and company. Then ask them to share their background.]
- (1 minute) PAUL: Every manager has experienced that moment of panic when a star performer announces he or she is leaving. Departures are not only an issue affecting the business’s bottom line — they can also decrease employee morale and accelerate other departures. So we’re going to examine today the reasons star employees leave and what you can do to retain them.
- (2 minutes) PAUL: You’re a good manager, and you don’t want your best employees to quit: So what can you do? Quite a few things. Here’s what we’ll cover today: Why your star players may be departing. And some signs an employee may be looking to quit Do you have a disaster plan if key performers do decide to leave? We’ll share some winning tactics to retain star employees And we’ll have time at the end to take your questions.
- (3 minutes) PAUL: Have you noticed an uptick in departures lately? That’s not all too surprising. The job market is good, and job seekers are confident. The unemployment rate in the United States was 5.6 percent in December – the lowest level since June 2008. On a related note, there were 2.95 million jobs created in 2014, making it the best year for job growth since 1999. And the percentage of people quitting positions has hovered in the past year at just under 2 percent, equal to 2.5 million quits per month. This all adds up to more confident job seekers. Glassdoor’s Q3 2014 Employment Confidence Survey revealed that employees are feeling more confident in the job market than they have in nearly six years, indicating they may be on the move in early 2015.
- TIME CHECK: 11:10 a.m. PT (2 minutes) PAUL: In a recent survey of finance executives, the top reason they said good employees quit is inadequate salary and benefits. This chart compares what CFOs thought the main reasons were for employees leaving with what employees themselves said. There are some differences in perception here, but both agree that inadequate salary and benefits is the most likely reason for an employee to leave. Other reasons include limited opportunities for advancement, unhappiness with management, being overworked, lack of recognition and being bored with their job.
- (1 minute) ALISON: Sometimes you can tell when an employee is eyeing the exit. [READ SLIDE] These five signs might each be innocuous on their own, but if you see more than one sign manifest in an employee, you might be able to proactively talk to the employee to prevent a departure.
- (1 minute) ALISON: Disengagement can include a sudden increase in the number of errors in the employee’s work or being distracted during meetings. Changes in socialization could include a person who regularly lunches with her colleagues suddenly opting out. Other behavioral changes could include a complainer suddenly going quiet, or an otherwise mild-mannered employee getting more angry. Lower productivity, of course, is cause for concern at any time, but it can be a sign of an employee giving up.
- (1 minute) ALISON: A sudden interest in career development could be a last-ditch effort from the employee to determine whether he or she has a future at the company. An employee who feels trapped in their current position is likely to look for a new opportunity elsewhere — we’ll talk more about career development shortly.
- (1 minute) ALISON: When an employee suddenly asks about past projects, it can be a red flag. Asking for information about previous projects and company statistics can be a sign that an employee is shopping around for another job. But it could also just be a proactive employee preparing for the annual review process, or taking the time to update their resume, which we recommend everyone do annually.
- (1 minute) ALISON: Is an employee who usually confides in you or asks you for help avoiding you? Decreased interaction with managers is a more serious sign that something is wrong. And it’s a good excuse to have a no-pressure check-in chat with the employee. Stay cool about it: ”I’ve noticed you haven’t come to me for help as much lately — is everything going all right?”
- (1 minute) ALISON: A more formal wardrobe can signify that an employee is going out on interviews for a new job. It’s especially apparent if your workplace is business casual and the employee suddenly trades in his chinos for a pinstripe suit.
- (1 minute) PAUL: If a star employee does quit, you need a disaster plan. These seven steps will help you mitigate the situation: [READ BULLETS]
- TIME CHECK: 11:20 a.m. PT (2 minutes) PAUL: First off, stay calm. Don’t overreact to the announcement or put pressure on the employee. You might be tempted to make a counteroffer to try to keep that star employee, but there are risks involved. Simply offering more money might convince an employee to stay for the short term, but it doesn’t solve any other issues that led them to seek another position. It’s quite common for workers who accept counteroffers to leave within a year anyway. It could also create resentment among your other staff, and create an expectation of counteroffers in the future. Look at the departure as an opportunity to change your team for the better.
- (2 minutes) PAUL: An exit interview is an opportunity to learn what your company can do better. For best results and the most candid feedback, someone other than the employee’s manager should conduct the exit interview — often this is an HR rep. [READ EXAMPLE QUESTIONS] And really listen to the answers. Ask follow-up questions where applicable to make sure you understand as best you can. Don’t wait until the employee’s last day to do the exit interview — schedule it shortly after they give notice.
- (2 minutes) PAUL: The most pressing thing, of course, is managing your team’s workload and maintaining productivity in the wake of a star player’s departure. You can find a qualified contract worker or temporary professional to ease the burden on everyone while taking the time to conduct a thorough search for a new hire who is a great fit. And your temporary worker could end up working out great — consider it a trial run for a future full-time position.
- (2 minutes) PAUL: As you’re dealing with an employee’s departure, don’t leave the remaining staff in the dark. A coworker leaving has the potential to really hurt morale if you aren’t clear with them about the circumstances surrounding the departure and your plan going forward. Whether you share the employee’s reasons for leaving depends on the circumstances — you can’t go wrong with letting the employee decide how much he or she wants to share with the rest of the team. After the initial shock wears off, everyone will want to know about the path for finding a replacement and how everything will work in the meantime. Share as much as you’re able to those involved.
- TIME CHECK: 11:30 a.m. PT (2 minutes) PAUL: Departures are inevitable, so it’s in your best interest to develop a talent pipeline for these instances when you need it most. Being prepared will help you handle departures more gracefully and quickly. Half of HR managers say they have open positions for which they can’t find qualified candidates — and nearly half said hard-to-fill positions remain open for more than a quarter of the year. If you’re aware of certain positions being especially in-demand or difficult to fill, that makes the talent pipeline even more important. If you don’t already have one, an experienced recruiter like Robert Half will.
- (1 minute) PAUL: The exit interview conducted with your employee should shed some light on the reasons for leaving. Take some time to analyze the comments and compare them to other recent exit interviews — are there any trends in why people are leaving? Reflect on what you can change to keep your employees engaged and invested. We’ll talk more in-depth about retention strategies in a moment.
- (2 minutes) PAUL: In addition to having a talent pipeline in place, a truly great manager will develop succession plans. This means having replacements in mind for all of the key players on your team — being prepared will help the worst case scenario be less of a disaster. Think of it this way: The departure of one star player is just an opportunity for another. Which of your junior employees are ready for some new challenges? If you start grooming them now, they’ll be ready for a promotion when you have a surprise departure. This also helps the newer employees see the opportunities for career advancement at your company, which brings us right into retention strategies.
- (1 minute) ALISON: You might find that you don’t hire some of your best employees — you grow them. These employee engagement tactics work will help you retain top talent: [READ BULLETS]
- (3 minutes) ALISON: As we mentioned earlier in the presentation, inadequate salaries and benefits are the top reasons why employees leave, so it’s crucial that you offer your staffers competitive compensation. Are you keeping pace with your competitors? It’s easier to find out than you might think. Glassdoor has searchable salary information for specific companies and job positions on its website, and Robert Half publishes annual industry-wide salary guides so you can be aware of larger trends. [PAUL to add commentary on how to use the Salary Guides from Robert Half]
- (1 minute) ALISON:
- TIME CHECK: 11:40 a.m. PT (1 minute) ALISON: You have the opportunity to know your employees better than anyone: keep tabs on how your employees are feeling to understand what matters to them. And don’t just wait for exit interviews or annual reviews to have big-picture discussions. Where do they think your firm can improve?
- (1 minute) ALISON: Engaged employees are more likely to stick around. You can foster a culture of engagement by encouraging organizational transparency. Be open about your decision making and the business’s goals. Communicate openly and honestly with your employees. A good relationship with your staffers is built on trust. Encouraging employees to post reviews of your company on Glassdoor will not only help boost your firm’s visibility but make it clear to employees that managers are listening to their comments.
- (2 minutes) PAUL: As we mentioned earlier, employees who see opportunities for growth within their current company are more likely to stay and be happy. Grooming junior employees for advancement is one way to ensure that you can promote from within when openings arise. Have conversations about goals and career paths with all of your employees, not just during annual review time. When you know what their long-term goals are, you can offer them assignments and projects that put their skills to use and help them grow. And look for ways to offer training, whether it’s sending employees to conferences or signing them up for online learning. Even if you don’t have a big budget for education, you can help your employees learn by having informal lunch-and-learns or setting up mentoring programs within your department or company.
- (1 minute) PAUL: It bears repeating: Don’t wait until it’s time for annual reviews to check in with your employees or recognize them for great work. Acknowledging a job well done, — at the individual or team level — helps foster a sense of appreciation and community. It’s easier to keep a star employee around if they know you want to keep them around! It’s nice to be able to offer an employee a gift card or event tickets for an exceptional job, but even an in-person thanks can be powerful. And so can a well-cc’ed email.
- TIME CHECK: 11:45 a.m. PT (14 minutes of Q&A) KATIE: We’ve covered a lot in this short period of time — we’ve now got X minutes to take your questions! ALISON and PAUL to respond accordingly.
- (1 minute) KATIE: Thanks so much for being with us today — please stay in touch. [Make sure to thank the audience and panelists. Include social media information, hashtags #GDchat, #RHwebinars and mention when and where a replay of the webinar will be available.]