Are you struggling with new hire turnover in your organization? Recent studies have revealed that turnover costs the U.S. economy 536 billion dollars per year: that’s 15,000 dollars per employee on average.
Join us for this Mega Session "Play the 'How to Stop New Hire Turnover' Multiple Choice Contest" at the upcoming 2019 SHRM Annual Conference and Exposition: Tuesday, June 25 from 7:15 a.m. - 8:15 a.m. in the Westgate Pavilion 9-11.
Speaker, Dick Finnegan gave me a few hints of what to expect from his session:
The Mega Session is "How to Stop New Hire Turnover", but first, how do we measure new-hire turnover? Why is this important?
Every organization confronts two types of turnover…veterans and the revolving door of new hires. Metrics and goals must be established for each. We study client data of turnover by length of service and recommend a new-hire retention goal such as “retain 80 percent of new hires for the first 60 days”. Accountability goes to recruiters, trainers, and supervisors. At one manufacturing client company, there is a weekly meeting at 4 p.m. when shifts change. This meeting is attended by all of those mentioned to review who is in their first 60 days and how to get them to the finish line. It also includes who has left, who should have been on this list, and who is accountable for losing them.
Now that we know how to measure it, and why it's important, how can we reduce new-hire turnover? What's the key driver?
Key drivers are many…realistic job previews, more employee referrals, stay interviews, management accountability…but I can’t have you publish the best answer since that is part of the presentation...
Once we reduce the new-hire turnover, we want to increase retention.... do you believe early retention can be improved?
Yes, by doing all of the above ... and more...
Is long term retention always a good thing? Why or why not?
Yes, long term retention is good because veterans know how to get things done, are reliable, and are agile in that they can do many things. Some need to go for usual reasons like poor performance or attendance, but in many companies today it takes hiring 10 to get one to a year or longer.
What can attendees expect from this session?
The session will be fun…I give ideas, they vote, I tell them the right answers.
ABOUT THE SPEAKER: Dick Finnegan is the author of The Power of Stay Interviews for Engagement and Retention which is the top-selling SHRM-published book in history. His other books include Rethinking Retention in Good Times and Bad which was excerpted by BusinessWeek which said “Finnegan offers fresh thinking for solving the turnover problem in any economy”. He also wrote The Stay Interview, HR’s Greatest Challenge, and Raise Your Team’s Employee Engagement Score.
His experience includes solving turnover and engagement in Siberian banks, African gold mines, multi-national corporations in China, and for the CIA…as well as for healthcare, call centers, manufacturing, and other industries in the U.S. He holds bachelors and graduate degrees from The Pennsylvania State University and lives in Orlando, Florida.