Revolutionizing Employee Retention with Expert Dick Finnegan | S6E6 | JKLAdvisors.ai

Full Episode Description

About the Guest(s): Dick Finnegan is recognized globally as an authority on employee retention and reducing turnover. With a background as a therapist and experience as an HR executive, Finnegan transitioned into consulting and authored the highly acclaimed SHRM book "The Power of Stay Interviews." He has worked with numerous organizations across industries, including healthcare, manufacturing, and distribution, to implement effective retention strategies. Finnegan's work has saved companies millions of dollars and improved organizational efficiency and morale significantly. Episode Summary: Welcome to another insightful episode of "Growing Your Business with People," hosted by Jeff Lackey. Today, Jeff is joined by Dick Finnegan, a global authority on reducing turnover, to discuss employee retention strategies that significantly impact an organization's bottom line. In this episode, Finnegan provides an in-depth look into how companies can measure and mitigate the high costs of employee turnover, emphasizing the importance of trust in the relationship between employees and their immediate supervisors. In today's conversation, Jeff and Dick explore the real reasons behind employee turnover and how traditional methods of engagement may be missing the mark. Finnegan highlights the necessity of accountability at the operations level and introduces the concept of "stay interviews" which he devised to build trust and uncover actionable insights from employees. This episode is a treasure trove of actionable advice for CEOs and HR professionals alike, focusing on metrics-driven strategies and fostering a culture of trust to improve retention and organizational performance. Key Takeaways: * **The Hidden Costs of Turnover**: Many CFOs and financial officers overlook the significant financial impact of employee turnover. Proper measurement and accountability can reveal that turnover often ranks among the highest operational costs. * **Trust as a Cornerstone**: The primary reason employees stay or leave a company is their level of trust in their direct supervisor. Building this trust through consistent and intentional actions is crucial for retention. * **Stay Interviews**: Implementing stay interviews allows managers to understand employees' concerns and motivations deeply. These interviews help create actionable strategies to improve job satisfaction. * **Accountability on First-Line Leaders**: Shifting retention responsibility to first-line leaders rather than HR ensures that supervisors directly engage with and resolve employee issues. * **Industry-Wide Applicability**: The principles discussed apply across various industries, from healthcare to manufacturing and distribution, proving the universal benefit of these strategies. Notable Quotes: 1. "The number one reason employees stay or leave or engage or disengage is how much they trust their boss." 2. "While millions of dollars are going out the door, around the corner in HR, retention is perceived internally to be a big HR issue." 3. "Don't work with us unless you're serious about cutting turnover." 4. "You have to learn to trust the boss to build a culture of openness and loyalty." 5. "If you build in accountab