Virtual Summit Executive Summary
This year’s record-breaking Virtual Summit was one for the history books. Our phenomenal speakers covered everything from FLSA compliance and succession planning to remote work rules, culture, burnout and so much more! If you couldn’t catch every session, don’t worry – we’ve got you covered. We’ve prepared an executive summary below to give you an overview of the hard-hitting points.
Internally promoted leaders have a 65% success rate over externally sourced leaders with a 52% success rate. Preparing your organization for the future with succession planning requires building a pipeline for the most critical roles, which might be in production and not necessarily in the C-suite. Here are some of the top tips for succession planning:
- Consider the skills that need to be developed and the capabilities for critical positions.
- Consult with managers to learn which current and emerging skills are most important.
- Be sure you are extending opportunities to candidates in underrepresented groups.
Session: The Importance of an EVP | Kristin Gilligan
Developing an EVP is critical to retention, but it is not a one-time thing. Those developing it should ask: How do we want associates to feel? And, it should be used for attracting new candidates, retaining employees and guide the lifecycle of their term with your organization. Here are the 6 steps to an EVP:
- Start with discovery – Focus groups, etc.
- Analysis – Understand why they stay
- Develop the EVP Statement – Identify key differentiators
- Testing and Validation – Test it out with stakeholders
- Create Buzz and Launch
- Monitor and Measure – Create continuous opportunities for associate feedback
Session: Creating Competitive Compensation and Benefits Strategy in the Post-Covid World | Amy Letke
In this session Amy shared her prediction that we will be chasing good people with wage increases until 2024, however, there are other great ways to attract and retain employees. Flexibility is high on that list, as are the following tips:
- Compensation + Benefits + Personal growth opportunities = A motivated workforce.
- Ask your people what’s important to them – the same thing won’t be true for everyone.
- Think outside of the box when it comes to benefits: 4-day workweek; increasing bereavement leave, new trends for retirement, service awards, student loan repayment, and more.
- Lead with trust, compassion, and hope.
Remote work rules can be dizzying if you have employees living and working in several different states. This session provided a helpful overview of the things you need to consider if you are managing this for your workforce.
- Unemployment and other benefits
- Business registration
- Group health benefits – provider networks
- Wage and hour laws
- Leave laws for the states your employees work in. (Maternity, PTO payout, jury duty, parental & more)
- Data privacy
In a candid Q&A with Paycor CHRO Paaras Parker, we learned that retention requires a multidimensional approach. Additionally, turnover often can be traced back to the employer from a lack of clarity or expectations. Here are a few more key takeaways:
- People don’t only want money; they want to feel valued and to know that their individual contribution impacts the company goals.
- To know your employees, spend time in their seat.
- Learn how employees like to be recognized and be intentional about gestures.
- Ensure employees know how training can make a difference.
- Get creative when it comes to getting to know your team (Bingo, scavenger hunts)
Understanding burnout can help you to transform it. The three causes of burnout are either exhaustion, cynicism or inefficacy. But, self-care practices can be translated into workplace culture (stress-reduction, building connections). Companies that intentionally manage culture increase revenues, retain employees, offer better customer service and maintain high morale. Culture matters and positive workplaces provide the breeding ground for brilliance (and heal us from burnout)! You can make culture a part of your strategy by embedding practices into day-to-day activities and taking intentional actions that break down to habits and behaviors.
How Paycor Helps
We take great pride in empowering leaders with expert-led sessions and timely resources. To view webinars on-demand and to see what’s coming up next, visit our HR Center of Excellence.