Employee Compensation Quiz

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Questions and Answers

During times of change, what role do employees expect leadership to play?

Not disclosing planned changes

To tell employees what to do without telling them why

To keep them informed and apprised of planned changes so they can provide input and insight based on their experience in the day to day operations (correct)

To create rumors

There should be a replacement ready for every position in the office.

True

What positions do you consider to be lacking in a potential replacement in case of sudden termination/resignation? Feel free to use their names...

New hire training

What is the main role of HR in change management?

All of the above Signup and view all the answers

Based on Justin's vision, how much is LMG (FLF, LLA, AIOP) expected to grow over the next 12 months?

33% Signup and view all the answers

Which of the following is NOT a result of change management?

People doing what they are told without knowing why Signup and view all the answers

What is one way to develop skills in managing organizational change?

All of the above Signup and view all the answers

Why is having a change management plan important during times of change?

All of the above Signup and view all the answers

JF (and LMG) demands more of HR than the traditional HR roles

True Signup and view all the answers

Which is the role of only Ops Managers and NOT HR

Creating standard operating procedure for each department Signup and view all the answers

Why is it important to ensure each and every team member understands their role, why and how we do things, and that if they have input on ways to improve the system they should have a way to escalate the suggestion?

The doers have great insight into the best way to do... However this comes with a major issue: The doer is generally not an OM, so their input will likely be very unrefined.... Useful nonetheless for the OM who can refine the suggestion. Signup and view all the answers

Why is it important in change management for the "change" to be credited to the team and presented as the "team's idea" or "your idea" rather than from "higher ups"

When people are allowed to give their input they will be much more emotionally invested in its success. Ownership of the outcome of a project triggers the beautiful parts of our "ego". This "ego" is what drives us to be successful in the things we do... By linking the project "idea ownership" to the "ego" the team member will be more committed to its success. Signup and view all the answers

Study Notes

Employee Retention Strategies

Employee retention is defined as an organization's ability to keep their talent and reduce turnover, measured as the percentage of employees who decide to stay at their organization within a given time period.
High retention rates indicate successful strategies to engage and motivate employees, while low retention rates lead to burnout, turnover, and costly replacement.

Importance of Employee Retention

Employee retention is critical to business success, as losing top performers can lead to loss of valuable company knowledge, decreased productivity, and increased costs to replace them.
The cost to replace an individual employee can range from one half to two times the employee's annual salary.
It takes one to two years for a new employee to reach similar performance to their predecessor.

Calculating Employee Retention Rate

Formula: (Remaining headcount during set period / Starting headcount during set period) x 100
Exclude new hires from the calculation to ensure the rate reflects tenured employees.

15 Employee Retention Strategies

1. Make smart hiring decisions: Consider personality, values, and purpose alignment when hiring.
1. Enhance onboarding process: Introduce employees to others, provide an outlet for questions, and ensure a smooth transition.
1. Provide competitive pay: Offer fair compensation to attract and retain top talent.
1. Provide desirable benefits: Offer unique benefits that support employees' well-being, such as mental health stipends, paid parental leave, and technology reimbursement.
1. Communicate openly and often: Regularly connect with employees to address roadblocks, answer questions, and discuss career goals.
1. Outline opportunities for growth and development: Provide opportunities for skill-building, stretch assignments, and cross-training to prevent stagnation.
1. Provide recognition: Recognize employees' efforts and achievements to boost motivation and engagement.
1. Offer flexibility: Provide autonomy and flexibility in work arrangements, such as remote or hybrid options.
1. Create a culture of employee listening: Gather employee insights and take action to improve the employee experience.
1. Adapt performance management: Move from annual reviews to ongoing coaching, feedback, and recognition.
1. Promote collaboration and teamwork: Set aligned goals, leverage regular video chats, and create designated communication channels.
1. Prioritize DE&I: Eliminate bias, promote inclusion, and create a supportive work environment.
1. Handle change effectively: Communicate openly and transparently about changes to prevent disconnection and turnover.
1. Administer two-way feedback: Encourage managers to ask for and welcome employee feedback.
1. Leverage exit surveys: Use data to understand why employees leave and take action to improve retention.

Benefits of Improving Employee Retention Rate

1. Cost reduction: Minimize resource loss due to turnover.
1. Higher productivity: Build teams of productive, knowledgeable, and skilled employees.
1. Better employee experience: Engage employees with an effective retention strategy.
1. Healthy company culture: Promote inclusivity, celebrate diversity, and create a positive work environment.
1. Increased employee engagement: Improve morale, reduce absenteeism, and boost profitability.
1. Improved morale: Create a positive, supportive work environment.
1. Higher revenue and better ROI: Maximize the return on investment in onboarding and recruiting initiatives.

Additional Employee Retention Strategies

1. Onboarding and orientation: Set up new hires for success with a smooth, comprehensive onboarding process.
1. Mentorship programs: Pair new employees with mentors to provide guidance and support.
1. Employee compensation: Evaluate and adjust salaries regularly to ensure competitive compensation.
1. Perks: Offer benefits that improve employee morale, such as flexible schedules, remote work options, and health care benefits.### Top Benefits of Succession Planning
Provides a guideline for training and development, preparing high-potential employees for their future role
Reduces costs associated with recruiting and hiring top talent
Identifies key leaders and develops them for top roles
Promotes long-term planning and mitigates risk
Establishes an exit strategy for leaders and ensures a smooth transition
Shapes an organizational mindset that promotes growth and development
Helps to shape the mindset for continuity and resilience in the face of unexpected events

Key Steps to Create a Succession Plan

Identify critical roles to plan for, which are critical to the organization's continued success
Define succession criteria, including the skills, competencies, experiences, and training required for potential successors
Complete a talent assessment to identify potential successors and evaluate their performance, potential, and readiness
Implement talent development and training to enhance the skills and competencies of potential successors
Scale mentoring, coaching, and one-on-one opportunities to support the growth of potential successors
Regularly review and monitor the succession plan, tracking the progress of potential successors and making adjustments as needed
Develop a knowledge transfer process to ensure a smooth transition

Benefits of Succession Planning Software

Evaluates talent readiness and identifies high-potential talent
Enables regular check-ins on talent development and progress towards readiness
Integrates with HRIS data to provide a comprehensive view of talent development
Provides alerts and insights on talent risk and succession planning
Supports the development of successors and identifies areas for growth and development### Succession Planning
Succession planning software helps regularly review and refine the talent pool over time.
It provides reporting on Diversity, Equity, and Inclusion (DEI) aspirations, ensuring alignment with DEI goals.
A robust succession platform helps keep track of diversity metrics and plans, ensuring fair and inclusive succession planning processes.

Key Features of Succession Planning Software

Tracks the success of the plan, enabling leaders and managers to review and optimize the plan.
Provides visibility and makes it easy to collaborate, allowing HR and key stakeholders to communicate centrally.
Enables solid decision making when talent leaves, identifying the best fit for each role and making sound hiring decisions.

Benefits of Succession Planning

Helps organizations prepare for workforce disruptions, ensuring leadership continuity and retaining institutional knowledge.
Aligns talent management with the organization's culture, vision, and strategies.
Encourages individual advancement and ensures the stability of key personnel.

Role of HR in Succession Planning

Supports business leaders, facilitates the process, and provides tools and guidance along the way.
Engages stakeholders, particularly senior leadership, to ensure successful succession planning.

Change Management

Is a crucial process that helps organizations respond to change, including external factors like the pandemic and internal changes like new technologies.
Requires a structured approach, including understanding the change, planning for change, implementing change, and communicating change.

Principles of Change Management

Understand the change: Identify the reasons for change, the impact it will have, and the opportunities and threats it presents.
Plan for change: Create a plan for different scenarios, ensuring executive buy-in, and mitigating the effects of challenges on employee engagement and productivity.
Implement change: Provide training and resources to support the transition, and measure the success of the change.
Communicate change: Communicate the need for change, the benefits to employees, and the efforts to mitigate negative impacts.

Contributions of HR to Change Management

Facilitates communication of the change, acting as a point of contact during periods of transition.
Develops training programs to build towards changes, filling skills gaps and equipping employees with the resources needed to enact change.
Tracks performance and engagement to review the effects of change, checking in on employee development and running employee surveys.
Ensures new strategies or policies align with the company's culture, consulting with senior executives and managers to ensure the impact of policy on people processes.

Managing Change

Is a critical skill for HR professionals, particularly in times of crisis like the pandemic.
Requires a partnership between HR and other business functions to ensure successful change initiatives.
Involves identifying and addressing resistance to change, often due to a lack of consideration for the people impacted.