Never Lose an Employee Again: The Simple Path to Remarkable Retention - Hardcover

Coleman, Joey

Hardcover

ISBN 10: 059354238X ISBN 13: 9780593542385

Verlag: Portfolio, 2023

Inhaltsangabe

A WALL STREET JOURNAL BESTSELLER

If keeping employees is a challenge for you, Never Lose an Employee Again offers a proven framework for increasing retention, engagement, and in the process, profits.

Joey Coleman, one of the world's leading experts on employee experience, reveals practical strategies that will teach you exactly how to recruit top talent, bring them onboard successfully, and keep them engaged while they produce remarkable results for years to come.

Finding and keeping quality employees is one of the greatest challenges facing businesses today. With more people quitting their jobs each month than ever before and employees demanding flexibility, freedom, and advancement, companies are struggling to build a foundation with new hires that leads to long-term commitment. To effectively combat the hiring crisis and remain competitive, business owners and managers must design an employee experience program that begins on day one.

In Never Lose an Employee Again, Coleman offers a step-by-step playbook for creating a retention plan with long-term success. With more than fifty proven case studies from organizations on seven continents, Coleman details how you can forge a relationship with your people during each of the eight phases of the employee journey. For each phase, Coleman walks you through the six forms of communication integral to success (in-person, email, phone, mail, video, and even gifts) so you can better connect with your team. You’ll learn how to:

• write job descriptions that attract the right candidates (and plenty of them);
• counter the “hire’s remorse” that every employee feels (yet few businesses ever address);
• welcome someone on their first day in a way that will leave them talking about it years later;
• acclimate your people to get them up and running faster and more effectively;
• re-engage your existing employees to turn them into raving fans;
… and much more. 

Never Lose an Employee Again will reshape the way you think about recruiting, hiring, onboarding, and retaining quality team members–whether you are an owner looking to hire your first few employees, an organization hoping to redefine an industry, or an enterprise that needs to keep growing on a global scale.

Über diesen Titel

Über die Autorin bzw. den Autor

Joey Coleman is the Wall Street Journal bestselling author of Never Lose a Customer Again. An award-winning speaker at national and international conferences, Joey specializes in creating unique, attention-grabbing experiences. His First 100 Days® methodology helps fuel the successful employee and customer experiences his clients deliver around the world.

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Chapter 1

The Cost of Losing an Employee
(and How to Avoid It)

Because every organization operates a little differently, let's consider a few questions to anchor our exploration of the costs associated with employees coming and going:

When you need to hire a new employee, do you wait until you have their salary in the bank or do you start looking first and figure out paying later?

How much time do you spend searching for qualified candidates, conducting initial interviews, narrowing the field to a few finalists, and then deciding which one to hire?

Once you've extended an offer, how much back-and-forth does it take before being accepted?

How much time, money, and energy do you spend getting a new employee up to speed on your way of doing business?

How long does it take before a new employee is meaningfully adding to your business in terms of personal productivity and cultural contributions?

Now let me ask you a much more important question:

How much time, money, energy, and effort do you spend trying to retain this new employee who you worked so hard to bring into your organization and get up to speed?

Most businesses overemphasize the beginning of the employee journey, investing significantly in the hiring process while presuming that after a day or two on the job everything else will magically sort itself out. It's not that hiring isn't an integral part of bringing a new employee into the fold-it's just that the effort can't stop there if the organization hopes to retain an engaged, active employee over the long term.

YOU MUST Own Employee Experience
from the Start

Nearly every large business has an entire department (often called Human Resources) focused on recruiting and hiring employees. The challenge most businesses face is that they start hiring employees without the support of an individual solely dedicated to employee recruiting, onboarding, and retention . . . let alone an entire department focused on these crucial considerations.

Research findings and anecdotal experiences show that the typical enterprise will hire more than a dozen employees before feeling justified in hiring a dedicated human resources professional to oversee employee-related topics. The problem with this all-too-common approach? Who looked out for everyone who was hired before the human resources manager showed up on the job?!

By the time someone is hired to focus solely on the employees, the culture and operation they inherit usually requires major attention and repair-and often a complete makeover. Most companies have picked up bad habits, bad procedures, and even bad employees (in terms of their fit with the long-term mission and purpose of the enterprise).

Is it possible to avoid this scenario by owning the employee experience earlier in the organizational life cycle? Absolutely. But it requires a commitment to employee experience from the outset and ongoing dedication to keep honing the interactions as new employees are added to the mix and the organization grows in size, scale, and scope of responsibility.

From the moment a prospect first learns of a job opening, through the application/hiring process, into training, and then ongoing employment . . . who is waking up every morning with that employee's journey as their primary focus and concern?

If you don't immediately think of someone, don't feel bad. You're not alone. Most organizations around the world either have multiple people looking at their own siloed aspect of the journey (recruiters, interviewers, trainers, managers, HR personnel, etc.) or they have no specific person who is directly responsible for these crucial milestones along the employee life cycle. Rarely, if ever, is one person paying attention to every step in the employee journey.

The Cost of Finding, Training,
and Then Losing an Employee

Anyone who has ever run a business, managed employees, or read a book on HR is familiar with the staggering costs of the "people" portion of an organization.

Recruiting Costs

The Society for Human Resource Management (SHRM) is one of the world's foremost experts on all things related to work, workers, and workplaces. With over 300,000 members in 165 countries, SHRM member companies' constituents represent more than 115 million workers globally. SHRM's most recent benchmarking research looked at data collected from 2,400 member organizations around the world and found that the average cost per hire was nearly $4,700. The challenge with this number is that most organizations fail to accurately include the soft costs of recruiting a new employee, such as time spent by managers supporting the hiring process. When these are factored in, a better estimate of the cost of a new hire is three to four times the position's salary. As I've consulted with companies over the years, this shortcut estimate has been consistently accurate.

Let's do some quick math: Think of an open position in your organization, or the role you'd like to hire for next. How much do you think you'll need to pay that person? Don't just think of their salary or wages. Make sure to factor in the cost of their benefits, and if you want to be really accurate, any associated tax expenses. Do you have the number? Great, now multiply it by three (let's be conservative).

I'll wait while you pick yourself up off the floor . . .

Training Costs

The most recent research from the Association for Talent Development found that the average organization spends almost $1,300 per employee on training each year. That same research found that companies with less than five hundred employees spent an average of $1,985 per employee on training. These averages are based on in-house delivery of stand-alone learning content (e.g., training everyone on a new company process), external learning suppliers (e.g., training on a new software tool by a vendor), and tuition reimbursement. What aren't included are the much more difficult to account for "on-the-job learning" expenses like coaching, knowledge sharing, and job shadowing. These ongoing, untracked, and often hidden expenses are another factor to consider when weighing the full costs of bringing a new employee on board.

Turnover Costs

When you need to hire a replacement for a former employee, the process gets even more expensive and more complicated. In 2021, the costs of turnover to employers in the United States alone exceeded $700 billion, more than double the costs incurred in 2009. Distilling that figure to the individual employee level, SHRM reports that on average, replacing an employee costs six to nine months of the employee's salary. Gallup's State of the Global Workplace Report pegs the cost of replacing an exiting worker at one-half to two times the employee's annual salary. The Wynhurst Group projects the cost of hiring a new employee at 100 to 300 percent of the annual salary. Regardless of whether you take the low end or high end of these employee replacement estimates, the fixed expense of rehiring pales in comparison to the costs associated with lost time and wasted energy as a company searches for a new hire, trains them to do the job, and then waits while the employee gets up to speed before finally producing as much in revenue and profits as they cost in salary and benefits. Organizations that fail to track the true cost of employee turnover end up losing millions of dollars in profitability that go unnoticed.

As if the economic impact wasn't bad enough, the blow to team morale that comes from a revolving door of coworkers makes losing employees one of the most devastating situations a company will face.

Combine the harsh reality of employee replacement costs with the huge percentage of employees who quit (voluntary turnover) or are fired (involuntary turnover) each year and the impact on...

Details zur Ausgabe

• Verlag: Portfolio
• Erscheinungsdatum: 2023
• Sprache: Englisch
• ISBN 10: 059354238X
• ISBN 13: 9780593542385
• Einband: Gebundene Ausgabe
• Anzahl der Seiten: 336
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: M.E.G Cards & Gifts; 443000000000; paula@megcards.com; ; 48 Cloyfin Road; Unit 4, 48 Cloyfin Road; Coleraine; Londonderry; BT52 2NY; Irland