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The New Dynamic: Managing Your Human Resources in a Tough Economy. Cindy Koehn, SPHR Senior Director of HR Corrections Corporation of America. The New Dynamic: Managing Your Human Resources in a Tough Economy. There have been 22 recessions since 1797 and 15 since 1907.

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the new dynamic managing your human resources in a tough economy

The New Dynamic: Managing Your Human Resources in a Tough Economy

Cindy Koehn, SPHR

Senior Director of HR

Corrections Corporation of America

the new dynamic managing your human resources in a tough economy2
The New Dynamic: Managing Your Human Resources in a Tough Economy
  • There have been 22 recessions since 1797 and 15 since 1907.
  • Since 1907, the longest recession has been 43 months. The shortest recession has been 6 months.
the new dynamic managing your human resources in a tough economy3
The New Dynamic: Managing Your Human Resources in a Tough Economy
  • What % did job openings drop from ’07 to ’08? (18%)
  • By what factor did applicants increase for openings in ’08 vs. 07? (3X)
  • How much did voluntary quits drop in ’08 vs. ’07? (11%)
  • Did layoffs freeze survivors in their jobs or cause more of them to quit? (More quit… 1% layoff = 31% quits increased among Fortune Top 100 applicants)
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • Jobs were much harder to find in 2008
  • Many employees still quit… your chances of losing a good worker in the 2008 recession are strong
  • Layoffs lead to losing muscle after fat
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • It costs an organization a significant dollar amount whenever an existing employee must be replaced:
    • Termination processes
    • Recruiting the new employee
    • On-boarding processes
    • Decreased productivity in response to the new employee’s learning curve as s/he acclimates to the new position
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The New Dynamic: Managing Your Human Resources in a Tough Economy

For Potential Applicants/Employees

Most important criterion for next job:

  • Interesting work (29%)
  • Meaningful work (18%)
  • Work/life balance (18%)

More than half agreed:

  • “I don’t think in terms of ‘career’…I look for ‘work’ that is satisfying.” (52%)
  • “I don’t expect my employer to provide a clear path for me.” (57%)

Source: Blessing White’s The State of Career 2007 Report

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The New Dynamic: Managing Your Human Resources in a Tough Economy

Engaged employees are looking for…

  • Shared values
  • Engaged leadership
  • Personal development opportunities
  • Involvement in business decisions
  • Recognition that is meaningful to them, and understanding how their work fits into the overall company strategy.
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The New Dynamic: Managing Your Human Resources in a Tough Economy

For Employees

Point #1.

  • Employees stay for things they get uniquely from you
  • Corporate Leadership Council: companies that developed and managed employee value propositions attracted more, paid less, and had greater early loyalty
  • Supervisor Relationships is one of the most important aspects of retaining employees
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The New Dynamic: Managing Your Human Resources in a Tough Economy

Example:

  • Structured questions delivered by supervisors that focus on what supervisors can control:
    • When you travel to work each day, what do you look forward to?
    • What parts of your job are most enjoyable…even fun?
    • What are you learning here?
    • Who do you believe you are helping?
    • What can I do to help you stay longer?
    • Aggregate answers to have grist for EVP
the new dynamic managing your human resources in a tough economy10
The New Dynamic: Managing Your Human Resources in a Tough Economy

For Supervisors

Point #2

  • Hold supervisors accountable for achieving retention goals
  • Only 11% companies say they hold supervisors accountable
  • Poor supervisors trump good benefits and training
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The New Dynamic: Managing Your Human Resources in a Tough Economy

Point #3

  • Develop supervisors to build trust with their teams
  • Most important supervisory skills? Communication? Feedback? Career coaching? Worthless without trust
  • Where does trust-building appear in your supervisory hiring criteria, reference checking, training, coaching, employee surveys?
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • Management can generate TRUST in the workplace through policies, practices, and initiatives in 9 key areas.
    • HIRING AND WELCOMING – focus is on hiring for potential and character of the person, rather than primarily on skill set. New employees are welcomed and assimilated into the team with orientation programs, personal sponsorships and the like.
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • INSPIRING – employees learn and understand how their job has meaning in the company and in society, beyond just earning a salary and making a profit for the business.
  • SPEAKING – management goes to great lengths to be open and transparent, offering access to information across the board.
the new dynamic managing your human resources in a tough economy14
The New Dynamic: Managing Your Human Resources in a Tough Economy
  • LISTENING – special open systems for incorporating people ideas, for including people in decision-making, and for airing concerns and grievances, are prevalent.
  • THANKING – recognizes and rewards good work and extra levels of effort; strives to create a climate of approval.
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • DEVELOPING – focus is on nurturing individuals’ gifts to foster personal growth and development as well as offering job-specific training.
  • CARING - a multiplicity of systems and programs are in place for creating a care-taking environment for the individual and his/her family.
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • CELEBRATING – celebrations of both personal milestones and company successes are built into the way people work together.
  • SHARING - employees share in the fruits of their labor in a variety of ways; rewards are egalitarian in nature. Sharing also extends to the community.
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The New Dynamic: Managing Your Human Resources in a Tough Economy

For Human Resource processes

Point #4

  • Narrow the front door to close the back door
  • Pre-hire assessments should answer:
    • Can they do the job?
    • Will they do the job?
    • Will they stay?
  • Hiring-for-retention tactics include employee referrals, realistic job previews, hire older workers, hire workers who are attracted to your EVP
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The New Dynamic: Managing Your Human Resources in a Tough Economy

Point #5

  • Mentor / Coach employees’ first 90 days
  • Career path that is mapped, spiral, accessible to all
    • Learning and development that is cross-functional, business oriented and entrepreneurial
  • Mentoring – formal & informal
    • Clearly defined goals; reverse mentoring
the new dynamic managing your human resources in a tough economy19
Formal

Pre-described program

Goals are set

Detailed structure

Determined meeting frequency

Formal orientation

Organization determines relationship of mentor and mentee

Informal

Structure determined by the pair

Informal goals

Flexible meeting schedule

No formal orientation

Relationships are determined by mentor and mentee

The New Dynamic: Managing Your Human Resources in a Tough Economy
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The New Dynamic: Managing Your Human Resources in a Tough Economy

Positives of Mentoring and Coaching

  • Retention of organizational knowledge
  • Reducing time to competence for new employees
  • Enhanced mentoring, coaching and leadership skills of our management team
  • Increased retention & productivity
  • Promotes diversity of thought & style
  • Increased opportunity for cross-functional communication
  • People investing in people
  • Enhanced performance
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The New Dynamic: Managing Your Human Resources in a Tough Economy

Point #6

  • Challenge policies to ensure they drive retention
  • Employees want more TIME
  • Flexible schedules and telecommuting are most important perks…Career Builder and Robert Half
  • Telecommuting, compressed workweek, flex-time have highest impact on retention…WorldatWork
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The New Dynamic: Managing Your Human Resources in a Tough Economy

For top management

Point #7

  • Calculate turnover’s cost to spur retention as a business issue
  • Goal is to rethink turnover’s cost in $s rather than report it in #s and %s
  • In high-retention companies, the CFO reports turnover’s goals, costs, and dollars saved monthly, analyzes retention gains and costs when considering new policies
the new dynamic managing your human resources in a tough economy23
Old Metrics

Activity

Time to fill

Turnover rate

Training cost

New Metrics

Outcome of activity

Time to high productivity

Turnover quality

Training payback

The New Dynamic: Managing Your Human Resources in a Tough Economy

Point #8 – Metrics that matter

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The New Dynamic: Managing Your Human Resources in a Tough Economy

Employee Satisfaction & Commitment

Employee Retention

Productivity & Quality Products/Services

Fair and Inclusive Work Environment

Organizational Sustainability

Customer/Member Satisfaction

  • Customer/Member
  • Loyalty
  • Retention
  • Repeat Sales
  • Referrals

Increased Revenue & Profitability

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The New Dynamic: Managing Your Human Resources in a Tough Economy

Aligning HR’s Role

With

Organizational Sustainability

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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • It is important that HR is a Strategic partner with all goals within the company
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The New Dynamic: Managing Your Human Resources in a Tough Economy
  • Yearly Strategic Planning
  • Quarterly Goal Planning
  • Monthly Meetings with Supervisor to review Strategic Goals plans and goals
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