From C-Suite Analytics
Dick Finnegan is the turnover expert, author & creator of the stay interview and CEO of C-Suite Analytics. He has written The Power of the Stay Interview and has been featured in Forbes, Chief Executive Magazine and Consulting Magazine. Dick has cut turnover by 30% and more for healthcare, manufacturing, logistics companies as well as other industries. He is our keynote speaker for the 2022 TeamStrength Leadership Workshop and provides strongly-researched and business-driven ways to fix turnover.
Here are some top takeaways from his recent blogs:
– Shift employee retention accountability from HR to Operations. Managers must be accountable to turnover in their department. This starts by understanding and establishing your retention goals. Have retention goals for managers transparent across departments to utilize peer-to-peer accountability.
– Goals and forecasts go hand in hand. Your managers can shift to a data-driven approach to retention by regularly forecasting how long each employee on their team will stay. It will also illustrate which managers are most connected with their teams.
– Train your leaders on stay interviews. Retention is an individualized game and your best retention solution is each employee’s direct supervisor. Hold your managers accountable to retention with regular stay interviews.
– Gen Z and Millennials now comprise more than half our workforce. To focus retention on these generations, use these key retention words: Mobility, Entrepreneurial Freedom, and Flexibility. (Source: Microsoft)
– Hone in on referrals as a top recruiting tactic. It is one of the best recruiting strategies for the younger generations and is directly related to the cost of turnover. Pay an eye-grabbing amount, do so upfront for hourly workers. Double the payout for life for anyone who refers five or more workers you hire. Hold referral open houses by appointment only and ask your employees one-by-one who they will bring.
– A deep-dive study by Opportunity@Work shares that there are 70+ million U.S. workers who are Skilled Through Alternative Routes (STARs), like community college, military service, training programs, partial degree completion, skills bootcamps, etc. Don’t exclude these candidates from your recruiting efforts by posting impractical job requirements.
– Don’t hold on to lower performers due to capacity constraints. They are still your company’s #1 face to customers and the far bigger consequence: you frustrate your top performers and therefore place yourself at risk to lose them.
– Focus on these 5 Stay Interview Questions:
1. When you travel to work each day, what things do you look forward to?
2. What are you learning here?
3. Why do you stay here?
4. When was the last time you thought about leaving? What prompted it?
5. What can I do to make your experience at work better for you?