Hire Minds Assess Presentation _Employee retention

Retaining and Engaging Talent a Competitive Difference No Matter What the Economic Climate Hire Minds Summit 2010 JoAnn McMillan, Ph.D.

Who We Are Innovative software and I/O psychology consulting firm Focus on Talent Selection & People Development Off-the-shelf and fully customized assessment solutions Clients across industries, from start-ups to Fortune 500 SnagAJob assessment partner

Some Sobering Statistics Bureau of Labor Statistics National unemployment rate is 9.5% Job Openings and Labor Turnover Report – June 2010 The job openings rate was 2.2 percent. Employers made 3.8 million hires in June—about a third less than in July 2006. The quit rate—a sign of workers' "willingness or ability to change jobs"—remained very low at 1.4 percent.

Some Glimmers of Hope on the Horizon In H1 2010 Hires did Exceed Separations

Impact of Slow Churn on HR With few openings you need to make every new hire count Poor hires hurt your business results Good hires outperform even in tough times Turnover is costly no matter what the economic climate Just because they are staying doesn’t mean they haven’t mentally “quit” What is the difference in productivity of your most engaged employee compared with your least engaged employee? How many of your current employees have “quit and stayed?”

The Value of A Good Hire Putting the right person in the right job makes business sense Higher performance From start Continues over time Shorter ramp-up time Easier to manage Increased customer satisfaction More likely to stay “ Your hiring process should not only focus on avoiding bad hires but seeking those true top performers”

The What, How & Why of Talent What are the desired outcomes for this role? Customer Process Productivity/Financial People How do your best people achieve these results? Define the behaviors and competencies that lead to success in your environment Why are some people more successful than others? Possess the right combination of innate and learned capabilities for the role

Retail ROI: Better Business Results Managers who are the best fit for the role create positive business results: Team Leadership Good Judgment Persuasiveness Positive Sales Attitude Energy Organization /Attention to Detail Frustration Tolerance Store Managers Store Performance: Percent Store Goal Achieved

Retail ROI: Improved Sales Business Impact Continues Over Time Month after month, retail sales associates who had the right talent ( shown in green ) outperformed those who lacked the “right stuff” ( shown in red ) Positive Sales Attitude Persuasiveness Energy Initiative Good Judgment Frustration Tolerance

C-store ROI: Better Customer Experience C-store associates with service personalities create more positive customer experiences Energy Frustration Tolerance Accommodation to Others Acceptance of Diversity Positive Service Attitude Self Control **All cut levels were statistically significant at p.<01 Customer Service Employees Performance Ratings

Hospitality ROI – Increase Quality of Hire Assessment identified 80% of Poor performers as “Avoid” and 73% of Star performers as “Best” Poor Hires Star Hires

C-Store Retention – Decreased Turnover Those that fit the role stay longer In a five year study (pre-recession) of c-store associates, new hires (who fit the job better) stayed longer Selection process evaluated both natural fit with the role and willingness to do common job tasks Make change & handle money Serve food Stock merchandise Mop & sweep inside Pick up trash outside Clean the restroom

Best Practices In Selection Each voice in the selection process should evaluate the candidate’s “fit” with the job. Hiring Decision Dynamic Interview Application & Pre-Screen Recruitment Message Assessment

But The Work Doesn’t Stop When The Hiring Decision Is Made That’s when the real work begins On-boarding and Engagement Hiring Decision Dynamic Interview Application & Pre-Screen Recruitment Message Assessment

On-boarding Three Strikes and They are Out (of There) Job Orientation – Be prepared. Clearly state expectations about the job, and provide the “tools” needed to succeed. Follow Through on Commitments – Ensure that you “walk the talk” and do what you say you are going to do . Socialization – Help new employees get to know other people and the company.

Questions to Ask New Employees* How well do we compare to what we said we would be like? Tell me what you like. What is going well? What employees have been helpful to you in your first 30 days? I noticed you came to us from ____. Are there things you did there that might be helpful to us? (Is there anyone you know who might be a valuable addition to our team?” *From “The Honeymoon Quiz: Five Questions to Ask New Hires in the First 90 days.” 2010 The Studer Group

Poll – Employee Engagement What percentage of your employees, new and tenured, do you feel are giving 100% of their talent, passion and commitment to the job?

Attitudes About Engagement Do you view the employee as an expense or the employee as an asset? From Franklin Covey: “Leadership in the 21 st Century”

Covey’s Levels of Engagement Today’s Worker has the “Power to Choose” From Franklin Covey: “Leadership in the 21st Century”

Zenger-Folkman’s Sweet Spot Organizational Needs: The activities you need the person to do that support the organization’s success Competence: What the person does well Passion: W hat the person likes to do Competence Organizational Needs Passion From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies

The Employee Sweet Spot The motivational “sweet spot” is achieved when you can help an individual to align their passion and their competence with the requirements of the job. From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies Convergence

Finding Their Sweet Spot: Organizational Needs Understanding of how personal job role helps fulfill company mission, vision and business objectives Orientation or tour of the overall operation (not just their piece) Clear expectations regarding the job - what “ good” looks like If they have a back room role have them job shadow a customer interaction

Finding Their Sweet Spot: Competence Increasing job autonomy New projects and responsibilities; on-the-job learning opportunities Providing the proper tools to effectively do their jobs Involvement in decision making and access to sharing ideas with management (e.g. Joint Leadership Teams) Supervisor and team support for job success (acknowledge achievements) Shadowing and mentoring opportunities Educational assistance and other training support

Finding Their Sweet Spot: Passion Appreciation and support for outside talents Or, bring their talent into the workplace Flexible work approaches to support outside needs Volunteer opportunities through the organization

Additional Thoughts for Engaging the Hourly Workforce A work-life culture that is more supportive of personal and family life GovBenefits.gov – extensive resources for citizens to locate public-sector benefits Reduce barriers between corporate and the field Make the workplace “fun” Career navigation and job search skills assistance

The Engaged Employee From “The Extraordinary Leader: Turning Good Managers Into Great Leaders” by John H. Zenger and Joseph Folkman, published by the McGraw-Hill Companies

Achieving Success Through Others Great Companies …. Attract and Select Top Talent On-board effectively Engage employees through flexibility, empowerment, respect and appreciation

Hire Minds Assess Presentation _Employee retention

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