Post on 12-Jan-2015
description
transcript
Retention Schemes and 9-Box Techniques in the GCC Tuesday 13th May 2014, at 7pm – 8pm (UAE)
Ramy Bayyour Robert Mosley
Agenda
• Welcome
• Housekeeping notes
• Session starts
• Q&A
• End of webinar
Housekeeping
• Use “Questions” box to ask any questions
• Un-answered questions will be posted with answers to our blog
• Recording of the webinar will be available to view, link will be emailed
• Slides will be available on our SlideShare page, link will be emailed to you
• Take the time to complete post-webinar survey that will pop up at the end
Today’s Presenter
Robert Mosley is one of the leading global experts on compensation and benefits in all sectors across the GCC. He was the head of the Middle East practice with Hay Group in 1988-1990 before joining the Emirates Group to later become the SVP Human Resources. He spent 13 years with Emirates Group, before establishing his own remuneration consulting business, Lemon Pip Consulting, where he is working with over 300 companies in the Middle East and 80 airlines globally.
Retention Schemes and 9-Box Techniques in GCC
Presentation Facilitator: Robert Mosley
Location: Webinar by Informa
Presentation Title: Retention Schemes and 9-Box Techniques
Contact Email: robert@lemon-pip.com
Presentation Date: 19:00pm (UAE) on Tuesday 13th May 2014
(01) WHERE DOES RETENTION START ?
Retention starts with recruitment, so get the following right at recruitment:
• 1st interview of recruitment based mainly on technical competences
• 2nd interview of recruitment based mainly on behavioural competencies
• Psychometric test to help ensure a good person-job fit (eg: MBTI)
Retention continues with in-job employment, especially fair and equitable remuneration, so get pay right and competitive:
• Clear pay strategy and payscales that are market-competitive
• Clear job description for each job setting out the accountabilities and KRAs
• Clear performance goals for each job where the KPIs are linked to the KRAs
• Clear communications so each employee knows what is expected of them
• Develop a company competency framework and identify the critical 6-8 competencies for each job (of which 3-4 might be “core” to reflect values)
• Clear HR policies and procedures manual, so that each employee knows their rights and what they can expect from the company
• Use the “golden triangle” of managing remuneration and ensure that HR is following best-practice in all areas
(02) WHAT FACTORS WILL ENCOURAGE RETENTION ?
JOB
PERFORMANCE
MARKET PERSON
$
OD JOB DESC
JE
GRADES KRAs
KPIs
GOALS OBJECTIVES
BEHAVIOURS COMPETENCIES
APPRAISAL
PAY-REVIEW & BONUS
PAY STRATEGY
PAY SURVEYS
BENCHMARK
PAY RANGES & ALLOWs
JE JA
RATINGS
(03) USING REMUNERATION TO AID RETENTION
Retention continues with career development and engagement:
• A development plan every year for each and every employee
• Developing managers to give good feedback, and be good at coaching
• Identifying the issues that motivate each employee
• Having an objective performance appraisal system that can identify the top 5% “outstanding” and the top 30% “excellent”
• Having a “HiPo” career development programme for the top 5%-10% of employees who are the identified high-performers (“High-Potential”)
• Conduct employee opinion surveys every 2-3 years and find out about their feelings on employment with the company
• Monitor “attrition” (voluntary resignations) and “turnover” (total churn) and start to get worried if attrition rises above 10% or turnover rises above 15%
(04) CAREER DEVELOPMENT AND ENGAGEMENT
(05) UNDERSTANDING EMPLOYEE MOTIVATION
• 80% Desire to Maintain Good Work Reputation • 79% Enjoy Working with the Manager or Boss • 75% Importance of Work • 66% Appreciation and Recognition from Others • 62% Existing Financial Reward • 55% Opportunity to Prove Capabilities to Others • 50% Interesting Work • 45% Opportunity to Prove Capabilities to Self • 40% Employment Benefits • 35% Enjoyable Co-Workers and Colleagues • 30% Expectation of Improved Career Prospects and Promotion • 20% Personal Desire to Please Manager/Supervisor • 15% Expectation of Future Financial Reward • 10% Fear of Negative Consequences
(06) UNDERSTANDING TOP-PERFORMER MOTIVATION
• 89% Job Tailored to Match Individual Abilities and Interests • 88% Base Pay Above Market Average • 87% Existing Financial Reward • 85% Opportunities to Learn New Skills in Current Job • 84% Opportunities for Promotion • 82% Flexible Work Schedules
• 58% Desire to Maintain Good Work Reputation • 48% Enjoy Working with the Manager or Boss • 36% Interesting Work • 32% Expectation of Improved Career Prospects and Promotion • 31% Employment Benefits
Above all else, retention is absolutely critical for the top 5%-10% of your high-performers, so you must get the following right:
• Ability to identify the top 5%-10% of employees who must be retained using the 9-Box techniques
• Implement a 3-year “retention bonus scheme” to retain the top 5%-10% of employees who are deemed to be critical for the future
(07) RETENTION CASH-BONUS SCHEMES
(08) RETENTION CASH-BONUS SCHEMES
• 3-Year Scheme that is Highly Selective and Highly Secretive
• Managed by Head-of-HR Personally
• Head-of-HR Meets with Each Head-of-Department Individually
• Aiming to Identify about 5%-10% of Employees for Retention
• WHO ?
• Selected Employees get a Personal Letter from Head-of-HR
• Letters are Kept by Head-of-HR (Not Employee File)
• If Employee Tells Anyone, then it is cause for “Gross Misconduct”
• Employee is Offered “Career Development” and “Retention Bonus”
• Employee Must Not Resign for 3-Years and Must Meet Expectations
• If Employee Keeps Their Promise, then they get a Retention Bonus
• Payments are Processed by CFO as an Ex-Gratia Cheque (Not Payroll)
• HOW MUCH ?
(09) WHO ?
Who Is Selected for Retention Schemes?
Link “Reward” with “Retention and Talent Management”
Using the 9-Box Techniques and “Double Greens”
9-Boxes Techniques:
• Talent Management (Potential)
• Flight Risk (Retention)
High
Low High Performance
Po
ten
tial
9-Box: Talent Management And Performance
What does your talent profile look like for your key people in relation to performance and potential?
Notes: • Ratings should be relative to top performing benchmarks in general, not to the team in particular • Those in the top right hand box should only include the very highest performers with high potential
High Potentials (may be too early to determine Performance)
Low Performers Low Potentials
Good Performers
High Performers High Potentials
Good Performers (may be locking roles for low future potential people)
(10)
RETENTION ROTATION
REWARD
COACHING
DO NOTHING
High
Low High Likelihood
Im
pac
t
Low
Moderate
High
Notes: Please evaluate the likelihood and potential impact of your people risks. These risks should include risks associated with:
• functions • teams • individuals
Those risks considered to be in the “High” category require mitigating action plans (see following page)
9-Box Retention and Flight Risk Cabinet Evaluate the risks associated with people & capability in your: • Top team • Business critical roles • Leadership succession
(11)
RETENTION SUCCESSION
ENGAGE (Coach/Develop)
REWARD DO NOTHING (Farewell Party)
(12) RETENTION SCHEMES
The Three “Ps” of Retention:
• Retention with Potential (Key Contributors)
• Retention with Pressure (Key Projects)
• Retention with Pain (Key Mergers with Risk)
(13) HOW MUCH ?
• Retention with Potential (Key Contributors):
• 15%-25% of Basic Salary
• Retention with Pressure (Key Projects):
• 25%-33% of Basic Salary
• Retention with Pain (Key Mergers with Risk):
• 33%-50% of Basic Salary
(14) GENERAL Q&As
• General Discussion
• Open Q&A Session
Retention Schemes and 9-Box Techniques in GCC
Presentation Facilitator: Robert Mosley
Location: Webinar by Informa
Presentation Title: Retention Schemes and 9-Box Techniques
Contact Email: robert@lemon-pip.com
Presentation Date: 19:00pm (UAE) on Tuesday 13th May 2014