Top Talent Attract, Hire, Develop, and Retain! Presented by: Lisa Welshhons, SPHR Division President, Merit Senior Living Tim Mallad First Vice President, Greystone Communities

Agenda Why is it important? What is the cost of failure? Attracting the Right People Best Hiring Practices Retain Top Talent Take Aways

What Is The Goal of Your Recruiting & Hiring Strategy?

Top Talent

Hire It or Develop it

The cost of Mediocrity

Turnover 80% of Turnover is due to Hiring Mistakes!

Direct & Indirect Costs Administrative functions related to separation Separation/severance pay Increases in unemployment compensation Lost productivity Lowering current employee morale RESIDENT DISTRUPTION Disruption to the organization’s ability to operate efficiently and effectively Increased overtime or temporary employee costs Loss of workgroup synergy Performance differential (the loss of skills and knowledge between the separated employee and the new hire) Attracting applicants Entrance interviews Employment Testing Pre-employment administrative expenses Medical exams, drug testing, background checks Training costs

Cost of Turnover SHRM says it cost a minimum of $3,500 to replace an $8.00 per hour employee.

Lost Productivity

Average to Poor Performance How many... Unskilled / Semi Skilled Skilled Management / Leadership What is their average pay?

Unskilled / Semi-skilled ‘Superior’ workers output = 19% more than ‘ Average’ Skilled ‘Superior’ workers output = 32% more than ‘ Average’ Management / Professional ‘Superior’ workers output = 48% more than ‘ Average’

$28,000 $12,800 Cost of ‘Average’ vs. ‘Superior’ 50 – Unskilled 50 – Skilled 25 Professional / Management X 0.19 = Average Salary? Your cost per ‘Average’ # in this category X = X 0.32 = X = X 0.48 = X = = 20,000$3,80050$190,000 40,00050$640,000 60,00025$700,000 $1,530,000 Total Exposure if all ‘average’ (total i + ii + iii) Your cost if all in this category ‘average’ Unskilled Skilled Management

Impact on Residents?

YOU MUST Have an intentional people strategy!

Attraction

What is Your Reputation? or

What Are Your Employees Saying?