5 keys to retain top talent

5 Keys to Retain Top Talent bamboohr.com payscale.com Keys to Retain Top Talent bamboohr.com Ivan Hurtt Mykkah Herner Strategic HR Evangelist BambooHR Modern Compensation Evangelist PayScale payscale.com Keys to Retain Top Talent Turnover & Retention Two Sides of a Coin bamboohr.com payscale.com Keys to Retain Top Talent Turnover The rate at which people leave your organization Retention Encouraging people to stay at your organization bamboohr.com payscale.com Keys to Retain Top Talent Retention Concerns bamboohr.com payscale.com Keys to Retain Top Talent Greater Awareness of Market 2.5 % 29 % 60 % Oct unemployment for college educated 25+ Pay boost commanded by premium skills like Scala Of employees who feel underpaid intend to leave bamboohr.com payscale.com Keys to Retain Top Talent Turnover Truths bamboohr.com payscale.com Keys to Retain Top Talent Measuring Turnover Matters number of separations in the period Rate of Turnover = X 100 average number of employees in the period bamboohr.com payscale.com Keys to Retain Top Talent Turnover is Not Always Bad bamboohr.com payscale.com Keys to Retain Top Talent Low Turnover is Not Always Good bamboohr.com payscale.com Keys to Retain Top Talent Keys for Retaining Employees bamboohr.com payscale.com Keys to Retain Top Talent Pay Fairly Differentiate* Pay • Performance • Results • Experience • Skills • Education *Be aware of legal restrictions bamboohr.com payscale.com Keys to Retain Top Talent Invite Flexibility bamboohr.com payscale.com Keys to Retain Top Talent Encourage Respect bamboohr.com payscale.com Keys to Retain Top Talent Offer Interesting Work bamboohr.com payscale.com Keys to Retain Top Talent Inspire Autonomy The Freedom Scale Act on own; routine reporting only Act, but advise at once Recommend, then take resulting action Ask what to Wait until told adapted by Kirsi Hall from Bill Onken bamboohr.com payscale.com Keys to Retain Top Talent Retention Recommendations bamboohr.com payscale.com Keys to Retain Top Talent Develop a Comp Strategy Talent Market(s) Competition Reward Industry, Size, Location How aggressively to pay Performance Experience Skills bamboohr.com payscale.com Keys to Retain Top Talent Get the Facts bamboohr.com payscale.com Keys to Retain Top Talent Start Talking I found this report on the internet and it says I should be paid more… bamboohr.com payscale.com Keys to Retain Top Talent Things to Do Today • Calculate your turnover rate • Identify places with good and bad turnover in your organization • Brainstorm retention efforts that work • Shop your ideas with leaders and employees • Evaluate your comp plan – does it reinforce the right organizational messages? bamboohr.com payscale.com Keys to Retain Top Talent Thank you! Follow BambooHR and PayScale on social media: bamboohr.com/blog payscale.com/compensation-today bamboohr.com payscale.com Keys to Retain Top Talent Questions? Receive a free job posting on BambooHR’s ATS and full HRIS for one week We will contact everyone within a few days to set this up Receive the related eBook from PayScale Keys to Retaining Top Employees: Solving Turnover Challenges We will contact everyone within a few days to share the eBook bamboohr.com payscale.com ... payscale.com Keys to Retain Top Talent Turnover is Not Always Bad bamboohr.com payscale.com Keys to Retain Top Talent Low Turnover is Not Always Good bamboohr.com payscale.com Keys to Retain Top Talent Keys. .. bamboohr.com payscale.com Keys to Retain Top Talent Invite Flexibility bamboohr.com payscale.com Keys to Retain Top Talent Encourage Respect bamboohr.com payscale.com Keys to Retain Top Talent Offer Interesting... employees who feel underpaid intend to leave bamboohr.com payscale.com Keys to Retain Top Talent Turnover Truths bamboohr.com payscale.com Keys to Retain Top Talent Measuring Turnover Matters number