Richard P. Finnegan - The Power of Stay Interviews for Engagement and Retention
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- Book:The Power of Stay Interviews for Engagement and Retention
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Challenging the perceived value of traditional employee surveys and exit interviews, this guide explores the practical value of the stay interview, a preventive tool in employee retention that proactively addresses potential issues that affect workplace morale and potential loss of staff. Organizations routinely search for clear answers to complex questions regarding how to better retain and engage their best workers. This book directs Human Resources (HR) professionals toward the more effective and less costly solutions of the stay interview by demonstrating their measureable benefit in addressing retention and engagement issues in the workplace. Contending that employee engagement is essential in organizations of any size and bolstered by true stories from companies in which stay interview have been implemented, this book provides solution-oriented help for HR professionals, line managers, and business leaders alike.
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D ick Finnegan has been cited by BusinessWeek, Chief Executive Magazine, and Consulting Magazine as a leading thinker on employee retention.
Dick is the CEO of C-Suite Analytics ( www.C-SuiteAn-alytics.com ), which helps organizations engage and retain their employees. He is also the author of Rethinking Retention in Good Times and Bad (Davies-Black/SHRM, 2010), which details the best strategic approach to cutting turnover with specific, research-based tactics that work.
His U.S. clients have included Sprint, Hilton, The Hartford, GE, and Johnson & Johnson, as well as the CIA. His international work has spanned 6 continents and includes working with Siberian banks as well as African gold mines where he went 3 kilometers deep to learn why employees stay and leave. He also partners with the Chinese HR Excellence Center to conduct employee retention programs across China.
Dick is a featured speaker for SHRM, ICMI, and other organizations. He holds bachelors and graduate degrees from The Pennsylvania State University and lives in Orlando, Florida, where the Orlando Sentinel newspaper published an editorial recognizing him for his extensivedonations of professional services to non-profit organizations.
Based on surveys of 800 participants at both SHRMs Annual Conference & Exposition and SHRMs Talent & Staffing Management Conference, 2010.
Watson Wyatt Worldwide, Debunking the Myth of Employee Engagement: 2006/2007 WorkUSA Survey Report, 2006, http://au.hudson.com/documents/Debunking-the-Myths-of-Employee-Engagement.pdf .
Data presented from PricewaterhouseCoopers Saratoga Institute is from their report titled Driving the Bottom Line: Improving Retention, 2006.
The reference to $25 billion to train replacements due to turnover is from Rudy Darsan, The Real Cost of Turnover, Kenexa Connection newsletter, Volume 6, Issue 3.
The reference to turnover reducing U.S. corporate earnings and stock prices by 38 percent is from research by Sibson & Company as reported in Employee Turnover Rates & Employee Retention Statistics, www.more-business.com , October 12, 2000.
Richard P. Finnegan, Rethinking Retention in Good Times and Bad: Breakthrough Ideas for Keeping Your Best Workers (Boston, MA, and Alexandria, VA: Davies-Black and Society for Human Resource Management, 2010).
The reference to 14 percent of organizations setting retention goals at the first-line leader level is from Employee Turnover Trends 2007 by TalentKeepers, 2007.
2009 Executive Retention Report: Engaged But Not Married: Restless Executives Poised To Pursue Opportunity Elsewhere, ExecuNet and Finnegan Mackenzie, The Retention Firm, p. 9, 2009.
Predicting Employee Engagement, DDI, (nd).
U.S. Merit Systems Protection Board, The Power of Federal Employee Engagement, September 2008, www.mspb.gov/netsearch/viewdocs.aspx?docnumber=379024&version=379721&application=ACROBAT .
Gallup Study: Feeling Good Matters in the Workplace, Gallup Management Journal news release, January 12, 2006, http://gmj.gallup.com/content/20770/Gallup-Study-Feeling-Good-Matters-in-the.aspx .
ASTD, Learnings Role in Employee Engagement: Executive Summary of an ASTD Research Report, 2008, www.astd.org/NR/rdonlyres/AD2B2677-CC9D-4762-8683-C455826925AD/0/Engagement_ExecSumm.pdf .
The Saratoga Institute study is from Hint: If Youre a New Manager, Its Not All About You.
Marcus Buckingham and Curt Coffman, First, Break All the Rules: What the Worlds Greatest Managers Do Differently (New York: Simon & Schuster, 1999).
Tiffany M. Greene-Shortridge and Lisa Wager, The Role of Person-Supervisor Fit on Employee Attitudes and Retention, Kenexa HR Newsletter , Volume 7, Issue 1.
Kathy Gurchiek, Research Shows Five Ways to Gain Workers Trust, www.shrm.org /hrnews, April 11, 2007 .
Loyalty in the Workplace, Walker Information, September 2007.
See the Great Place to Work Institute website at http://www.greatplacetowork.com/what_we_believe/trust.php .
Adam Bryant, Googles Quest to Build a Better Boss, New York Times , March 12, 2011.
See Michael M. Lombardo and Robert W. Eichinger, For Your Improvement: A Developmental Coaching Guide (Lominger Limited, 1996).
Fred Reichheld, The Ultimate Question, (Cambridge, MA: Harvard Business School Press, 2006).
Finnegan, Rethinking Retention in Good Times and Bad , p. 70.
See City of Zephyrhills, Florida, website at www.ci.zephyrhills.fl.us .
Linda Bowen, in interview with the author, March 10, 2011.
See www.advancedtech.com .
Author conversation with Jim Hefti, July 20, 2011.
Author conversation with Kimberly Benjamin, May 10, 2011.
Mary Murcotts address to her managers, August 19, 2010.
Lisa Pinsley, Loose Lips Burn Ships, Fast Company , June 30, 1997, www.fastcompany.com/magazine/09/cdu9.html .
W ould reporting engagement and retention in actual dollars cause your executives to take stronger actions?
Our company, C-Suite Analytics, offers the following fresh-thinking solutions:
- More effective engagement and exit surveys
- Simple process for predicting employees retention risk
- Employee retention certification online learning program
- And most importantly, a Performance GPS Dashboard for the optimum balance between financial metrics, customer metrics, and people metrics that report each managers performance against engagement andretention goals and the actual dollar cost of their performance.
For more information, please visit www.C-SuiteAnalytics. com or e-mail me at DFinnegan@C-SuiteAnalytics.com
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