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Retaining Top Talent Silicon Valley Product Managers Association August 23, 2000 Diana Ross

Retaining Top Talent Silicon Valley Product Managers Association August 23, 2000 Diana Ross. What does it cost to hire?. Company of 100 employees Turnover of 10%

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Retaining Top Talent Silicon Valley Product Managers Association August 23, 2000 Diana Ross

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  1. Retaining Top TalentSilicon Valley Product Managers AssociationAugust 23, 2000Diana Ross

  2. What does it cost to hire? • Company of 100 employees • Turnover of 10% • Cost of hire $50,000 (advertising, administrative costs, travel, interviewer cost, lost opportunity, training and ramp up, relocation, agency fees, referral bonus, internal recruiter) • 10 X $50K = $500,000.

  3. What is different today? • Employees are more willing and able to change jobs • Career advancement is critical • Companies are more aggressive • Large pay premiums • Signing bonuses • Stock Opportunities

  4. What else is different? • The Internet

  5. Where do top performers come from? • Employee Referrals • Web • Passive “Events” • Conferences

  6. What do employees want? • Employees Rank Managers Rank • 1 Interesting work 5 • 2 Appreciation of work done 8 • 3 Feeling “In on things” 10 • 4 Job Security 2 • 5 Good Wages 1

  7. What do employees want? • Employees want work that is meaningful and fun • Opportunities for learning and advancement • Affiliation/Belonging • Compensation remains high on list of priorities • Direct Financial • Indirect Financial

  8. What Factors Attract Great Workers • A “Better” Job • Job Tasks • Quality of team/coworkers • Rapport with manager/supervisor • Opportunity for growth • Friends say it’s a good firm • Opportunity for wealth

  9. The 100 Best Companies • Have the best benefits and address work/life issues • Haircuts – shoe repair – concierge services – free breakfast – child care – adoption aid – paternity/maternity leave – marriage leave – sabbaticals

  10. The 100 Best Companies • Have the best cultures • Empowerment – culture of celebration – spot bonuses – recognition – encourage volunteerism – mentor programs

  11. When are employees lost? • First six weeks of employment • Stay, but are disengaged • Assimilation is critical • Part of team, both on the job and in a social sense

  12. Exit Interview Data • What do they say when they leave? • More money • More stock • What do they say when you ask more questions? • No career opportunity • Poor management

  13. What can you do? • To retain your employees, find out what is happening • Focus groups • Climate surveys • Survey your top employees to find out why they stay • Create “More Of” and “Less Of” lists • Train your managers • Employ job rotation programs

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