Currently Millennials outnumber baby boomers in the workplace and by 2020 they will comprise 50% or the workplace. And more than 60% of millennials stay in jobs less than 3 years. Millennials represent critical talent and companies who hope to be successful must address retention with this entrepreneurial nomadic generation.
Most of us realize that turnover costs are massively expensive and losing key talent can send shutters of disruption throughout the organization.
Fortunately there are strategies to stem the migration of employees to your competitors but it is clear that old tactics are no longer effective.
During this webinar we will focus on millennials and other employees to understand why they stay or leave. We will also offer plenty of best-practice ideas on retention strategies that you can implement.
Why Should You Attend?
Retaining staff is a concern of almost every organization. Higher than desired turnover demands considerable resources to recruiting and the problem is made worse by day-to-day staffing shortages. Improved retention is the solution to slow the turnstile of coming and going staff.
Consider that direct costs of replacing a good employee may reach 50-60% of an employee's annual salary. Add in indirect costs and it zooms to 90-200%. Retention strategies benefits employees, management, and ultimately residents.
- Why millennials and other employees stay or leave
- How to measure turnover and retention
- Importance of compensation in employee satisfaction and motivation
- The relationship of leadership to retention and turnover
- How to create a workplace "community"
- Mission, vision, and values - how they make a big difference with millennials
- Importance of onboarding to retention, engagement, and performance
- Gamification in the onboarding process
- The surprising importance of “cause work” for millennials
- Why recruitment and interviewing are important in managing turnover
- How "Stay interviews" make a difference
- 135 + ideas for reducing turnover
- 10 steps toward great retention
- 7 steps to giving effective recognition
- The importance of the Losada Ratio
- Linking benefits to retention
- Keys for millennial retention
Objectives of the Presentation:
- Cite factors that contribute to millennial employee turnover
- Recognize the 5-component model of retention
- Identify strategies for retaining employees
- Understand the link between leadership, employee satisfaction, and turnover
- Measure employee turnover and retention
- Cite three factors that contribute to employee motivation
- Understand the priorities of the millennial generation
1. Retaining Millennials in Today’s Workplace
2. Best Practices for Retaining Millennials
3. Retaining and Engaging Millennials
4. Understanding Retention: Keys to Keeping Millennial Talent
5. Creating a Millennial Retention Plan: Best Practices
6. Retention Strategies for Keeping Top Millennial Performers
7. Retaining Millennials and other Employees
8. Strategies for Retaining Millennials
9. Effective Retention Strategies: Keeping Millennials and Other Employees
10. Best Practices for Retaining Millennials and Other Employees
Wes Pruett is the owner of HR Advisors LLC, a consulting practice that provides service to clients who seek to align their business and employees creating successful outcomes and excellent work environments. After 20 years in senior leadership within the Mayo Health System he founded HR Advisors.
Mr. Pruett provides solutions to companies for a wide variety of HR issues including compensation, compliance, policy development, performance management, and employee relations. Mr. Pruett regularly facilitates employee training related to communication, leadership, coaching and strategic planning. He is a certified business coach credentialed by the International Coach Federation and an authorized provider of Five Behaviors of a Cohesive Team and Everything DiSC.
He earned a Masters in Healthcare Administration at the University of Minnesota Carlson School of Management and an M.S. in Psychology.