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Building from Within By

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Presentation on theme: "Building from Within By"— Presentation transcript:

1 Building from Within By
Steven Lichtenstein Director, SFRA Cedars Sinai Medical Center Keith Graff Director of Advisory Services PWC

2 Learning Objectives: The learning objectives for this session are to receive methods and practices that can help you at your own organizations to retain staff, motivate them and advance their professional careers in research administration.

3 We need to move from a “reactive” to “anticipatory” talent management approach
Adaptive Business Impact This session will focus on both the “who” and the “how” to take to make this shift and will use the recent efforts of Cedars Sinai Medical as an illustrative example NOTE: this is a reproduced version of the graphic shown in the “how leadership must change…” report Reactive Approach to Talent Management

4 Voluntary Separation Rate
So that we may reduce Voluntary Separation Rates Voluntary Separation Rate Industry Bottom Quartile Top Quartile Difference Public Sector 4.50% 11.70% 160% Engineering/ Manufacturing 5.70% 12.70% 123% Services 8.40% 18.40% 119% IT & Electronics 7.30% 15.00% 105% Pharmaceutical 6.20% 12.60% 103% Other Finance 10.70% 21.40% 100% Telecommunications 7.60% 14.90% 96% Utilities 3.60% 6.70% 86% Insurance 8.00% 13.50% 69% Banking 16.40% 25.50% 55% Healthcare 9.10% 13.60% 49%

5 This shift requires Leadership engagement to:
Disrupt traditional staffing hierarchy if this will improve agility Communicate vision and research needs to staff in a consistent manner Assess current talent management efforts and metrics “Talent can be an organization’s greatest asset or liability. The good news is that whether it is the former or the latter is entirely within management’s control.” From “How Leadership Must Change….” report

6 Talent management should be assessed across these 4 areas
Acquisition Development Reward Retention Are we hiring the right skill sets for the tasks needed? Where are we hiring from? Are we getting our first choice hires? Are we investing in our top performers? Are we investing in “pivotal” staff that could become top performers? Are we motivating staff by rewarding success? Are we rewarding success in a meaningful and cost-efficient way? Are we retaining our most valuable staff? If not: where are they going and why? NOTE: 4 categories pulled from “Creating an Agile Workforce” report. Questions are derived from all readings provided- the “Pivotal “ language is from the Saratoga “Improving Retention” report

7 Potential metrics and US cross-industry benchmarks
Acquisition Development Reward Retention Rehire % 7.7% (3.7% %) Referral hiring % 20.4% (11.5% %) Internal management hiring % 50.0% (40.7% %) Offer acceptance rate 91% (87.6% %) Improved performance rating index 21.2% (14.1% %) Executive stability ratio 82.2% (65.2% - 90%) Average tenure in current management 4.5 yrs ( yrs) One or more candidate succession planning depth 61.3% (45.8% %) Average time to promotion 36 mos (21 – 50 mos) Career path ratio 52.9% (35.6% %) Variable compensation % 15.6% (9% - 22%) One to three years of service voluntary separation rate 15.1% (9.9% - 22%) Cost of voluntary turnover $42,830 ($26,290-$58,195) High performer separation rate 5.7% (3.7% - 9.4%) NOTE: This may be too detailed- included in case its of use or could serve as an appendix. Indicators and benchmarks are pulled from “Creating an Agile Workforce Report” Searched for more recent benchmarking figures but did not find. Additional details on indicators: For Development: Improved Performance rating index is % of employees who received improved performance ratings compared to the previous year and could be used alongside decreased/consistent rating indexes. Executive Stability ratio is Percent of executives with three or more years of service. One or More Candidate Succession Planning Depth: Percent of key roles that have asuccession pool of one or two unique candidates. For Reward: Career Path Ratio: is the percent of employee movement (transfers and promotions) within an organization that is upward (promotions) Retention: One to three years of service voluntary separation rate- % of headcount with 1-3 years of service that voluntarily left the org. Cost of voluntary turnover: ave cost to the org to replace each employee who voluntarily separates. High performer separation rate: % of high-performer headcount that voluntarily or involuntarily left the organization

8 Turnover rate is a key performance indicator
According to PwC’s US Human Capital Effectiveness Report: Turnover rates have increased across the US. As unemployment rates decrease, so have voluntary turnover rates, particularly among high performing staff NOTE: Observations from the latest Saratoga report (attached in my ). Two other takeaways are shown on slide 9. I omitted the other two take-aways:Return on Workforce investment has diminished, and babyboomer retirement remains an issue as I didn’t feel they added to this particular presentation- but happy to add those in if you feel it is appropriate to show the entirety of the findings.

9 High turnover is damaging and costly due to:
Lost productivity during a vacancy Diminished productivity of the team and managers who are covering for a vacant position Diminished productivity of the team and managers who are training the new hire Increased labor costs due to overtime or contractors needs Hiring and onboarding costs More difficult to quantify impacts may include- decreased customer satisfaction, increased future turnover and loss of institutional knowledge. NOTES: List and costs stats come from “Improving Retention” Saratoga report- stat is from p1 (2007) Combined, these turnover-related costs can represent % - 40% of pre-tax income

10 But there is hope According to PwC’s US Human Capital Effectiveness Report: Quality of new hires has improved over the past five years Investment in Human Resources has increased If we hone the acquisition process and invest in employee development and reward programs, this can reduce the money and time lost to turnover NOTES: see notes for slide 7

11 How did this work at Cedars Sinai Medical Center?

12 Recruiting environment Once you find them how do you keep them
Background Recruiting environment Making the right hire Once you find them how do you keep them Career Paths Investments Incentives Programs

13 Cedars Sinai Medical Center Research
Background Research has dramatically increased over the past 5 years with resources staying the same Major recruiting of new PI and Research areas as targets Department outsources for 5 years from 07 to 12 (BearingPoint/Attain) New management team 1 Director and 5 managers Staff turnover: Of original 40 people only 6 remain from that staff. Employee survey scores (1-5, 5 being best) on how management is doing went from 3.19 to 4.5 in last 4 years

14 (Commutes over an 1hr each way)
Recruiting Environment LA Traffic (Commutes over an 1hr each way) Small pool of potential candidates (Define locally) (UCLA, USC, John Wayne, Childrens, Loyola Marymount Caltech, City of Hope, Kaiser SC, CS Long Beach) Average time to hire single employee 4-6 months Can’t afford mistakes Applicants don’t have all the skill sets of institution Require training large investment This is why Retention is so important !

15 Acquisition Development Reward Retention

16 Better assessment of talent
Finding a good Fit Better assessment of talent Question prepared in advance Team interviewing approach Temp to Hire options Candidates meet with various teams and levels to derive fit

17 Acquisition Development Reward Retention

18 Demonstrating career development opportunities is an important way to improve quality while motivating staff A 2008 PwC survey found that lack of career development was a more important factor in turnover among pivotal employees than compensation. When resources are limited, career development initiatives help to groom current staff and can help to offset high external hiring costs NOTES: Source is PricewaterhouseCoopers, Managing Tomorrow’s People, Millennials at work–perspectives from a new generation, future-of-work/millennials-survey.jhtml

19 Career Development Established clear job ladders
Provide opportunities to develop new skills: Presentations Training Projects( Re-Engineering, Manuals, Automation) System enhancement Analytics Programs Hired junior staff in as admin staff then placed them in various roles Grant Officer PeopleSoft Trainer PeopleSoft Setup team Look for self motivated individuals

20 Team-Based Learning (TBL) is an invaluable training approach
TBL is an efficient, cost-effective learning approach used by leading teaching hospitals as a critical learning tool. 70 % of learning occurs in the course of day-to-day work, with the balance achieved through informal learning and coaching (20 %) and formal instruction (10 %). Research supports the power of teams, which can cut staff turnover while enhancing production cycles, quality, individual performance, and attendance NOTES: From “Point of View: Team Based Learning” Report TBL facilitates improved collaboration and can replace some individual formal instruction to strengthen training while reducing costs

21 Training Investments Systems Career Orientation
PeopleSoft (9.1, latest features) Oracle OBIEE Career Supervisor 101 Professional seminars (NCURA, SRA) Toastmasters offered Internal training Orientation Online courses Detailed training manuals Group orientation Mentor assigned

22 Acquisition Development Reward Retention

23 Rewards should be customized to your employees
To figure out the right mix of incentives, executives need to first determine what motivates their top performers and other key employees. Well-designed employee engagement surveys can help to determine this Numerous studies have found a correlation between high levels of employee engagement and corporate performance, especially in the area of customer satisfaction. NOTES: language pulled from “Point of View: Keeping your Top Talent” Not all rewards must be monetary in order to be meaningful

24 Once you have them treat them with respect
Work life balance Flex ( 9/80) Work from home Management Philosophy Open door Mentoring Team Building Fund raising together Pick 2 charities a year (Xmas and other to support) Retreats Manager meetings Team meetings Pot lucks

25 Compensation Incentives
We have completed a market assessment on positions to keep jobs in line Utilize Spot Bonus program up to $1,300 a year Standing Ovations, President award nominations

26 Regional and National Lead Me involvement
Programs Regional and National Lead Me involvement Management Supervisor 101 training Mentoring New Employee partnering Goal setting This slide would flow well after the training slide- and the PWC learnings slide that introduces TBL- as there are some good examples of team-based learning through mentoring- and on-the-job training here.

27 Acquisition Development Reward Retention

28 Employee satisfaction scores show dramatic improvement 3.19 to 4.5
Summary Employee satisfaction scores show dramatic improvement 3.19 to 4.5 People didn’t want to be here Cost us large investment $ Management philosophy needed to change Employees have a say in their future and get help getting there Turnover has become a non- issue Making better hiring decision matching positions to careers Provide opportunities for everyone to grow and stay fresh

29 Final Thoughts Move a way from traditional staffing models
Constantly be assessing your current talent Invest in not only your top performers but rising stars Are you motivating and rewarding in a planned way Are you retaining key players

30 Questions/Comments


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