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

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Presentation on theme: "Building from Within By Steven Lichtenstein Director, SFRA Cedars Sinai Medical Center Keith Graff Director of Advisory Services PWC 1."— Presentation transcript:

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

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. 2

3 We need to move from a “reactive” to “anticipatory” talent management approach 3 Business Impact Approach to Talent Management Anticipatory Reactive Adaptive

4 So that we may reduce Voluntary Separation Rates 4 Voluntary Separation Rate IndustryBottom QuartileTop QuartileDifference Public Sector4.50%11.70%160% Engineering/ Manufacturing5.70%12.70%123% Services8.40%18.40%119% IT & Electronics7.30%15.00%105% Pharmaceutical6.20%12.60%103% Other Finance10.70%21.40%100% Telecommunications7.60%14.90%96% Utilities3.60%6.70%86% Insurance8.00%13.50%69% Banking16.40%25.50%55% Healthcare9.10%13.60%49%

5 This shift requires Leadership engagement to: 5 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

6 Talent management should be assessed across these 4 areas 6 Development Acquisition 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?

7 Potential metrics and US cross-industry benchmarks 7 Development Acquisition 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%)

8 Turnover rate is a key performance indicator 8 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

9 Combined, these turnover-related costs can represent 12% - 40% of pre-tax income 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.

10 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

11 11 How did this work at Cedars Sinai Medical Center?

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

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 13

14 Recruiting Environment 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 LA Traffic (Commutes over an 1hr each way) This is why Retention is so important ! 14

15 15 Development Acquisition Reward Retention

16 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 16

17 17 Development Acquisition Reward Retention

18 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

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 19

20 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 TBL facilitates improved collaboration and can replace some individual formal instruction to strengthen training while reducing costs

21 Training Investments Systems – 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 21

22 22 Development Acquisition Reward Retention

23 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. 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 24

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 25

26 Programs Regional and National Lead Me involvement Management Supervisor 101 training Mentoring New Employee partnering Goal setting 26

27 27 Development Acquisition Reward Retention

28 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 28

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 29

30 Questions/Comments 30

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