Create A Retention Plan That Really Works - Cdn.ymaws
Create a Retention Planthat Really WorksExplore key elements of aneffective retention plan 2017 Hight Performance GroupCreate a Retention Plan that Really Works
Cathi Hight President of Hight Performance Group SVP of Growth Strategy & Investor Relationsfor the Greater Austin Chamber Developer of the Member Retention Kit andA New Approach to Tiered Membership National instructor for the U.S. Chamber’sInstitute for Organization Management Previous Career Highlights: National FastTrac Entrepreneurship ProgramManage – Kauffman FoundationVP of Operations for Chamber of Commerce ofHawaiiRegional Sales & Marketing Manage – Dean FoodsRegional Sales & Marketing Manager – Dole Foods Is a member of the: Association Chamber of Commerce Executives(ACCE)American Society of Association Executives (ASAE)Society of Human Resource Management (SHRM) 2017 Hight Performance GroupCreate a Retention Plan that Really Works2
Session Objectives Identify what drives your retention outcomesDiscover how to conduct a retention auditExplore the components of an effective retentionplanDiscover strategies to recruit, engage and renewmore members 2017 Hight Performance GroupCreate a Retention Plan that Really Works3
Session Agenda Why Retention is a ChallengeWhat a Retention Plan is NotWhat’s Wrong with the Old Retention ModelKey Components of a Retention Plan Situational Analysis: Conduct a Retention AuditFeedback: Collect Meaningful Feedback fromMembersAlignment: Develop Retention Goals, Strategies,Tactics and BudgetTracking: Measure and Manage the Retention Plan 2017 Hight Performance GroupCreate a Retention Plan that Really Works4
PARTNER ACTIVITYWhat would you say is the primary reason why retentionis a challenge for your organization? 2017 Hight Performance GroupCreate a Retention Plan that Really Works5
Why Retention is a Challenge More competition than ever before for membersMembers don’t perceive value or ROI for investmentsStaff is too busy to focus on retention (it’s everyone’s joband no one’s job)Focus is on recruitment than on retentionHigh turnover with first-year membersIncreasingly diverse needs of membersRetention initiatives are implemented reactively and/ortoo late in the cycle 2017 Hight Performance GroupCreate a Retention Plan that Really Works6
This is Not a Retention Plan! A list of what we offer to members (e.g.,programs, benefits, discounts, other “features”)Pleas from Board or other members to createguilt to renewCreative, clever or threatening lettersCollection notices for five months 2017 Hight Performance GroupCreate a Retention Plan that Really Works7
What’s Wrong with theOld Retention Model? We make assumptions: Our members value what we do/offerOur members renew due to civil service or guiltOur members perceive us to be doing the right things (e.g.,advocacy, events, training, saving them time and/or money)We believe they owe us next year’s duesWe invest most resources too late in the cycleWe keep using our old retention approach 2017 Hight Performance GroupCreate a Retention Plan that Really Works8
We Need a Strategic Approach toMember RetentionHere’s What to Change 2017 Hight Performance GroupCreate a Retention Plan that Really Works9
The Ongoing Membership Cycle 2017 Hight Performance GroupCreate a Retention Plan that Really Works10
A Retention Plan is Strategic Similar to a strategic plan Conduct Situational Analysis Retention Audit (trends, patterns)Member FeedbackSet Retention GoalsDevelop strategies to achievegoalsIdentify resources for successImplement tacticsMonitor outcomes, makecourse corrections 2017 Hight Performance GroupCreate a Retention Plan that Really Works11
SITUATIONAL ANALYSISWhat’s Driving Our Retention Outcomes? 2017 Hight Performance GroupCreate a Retention Plan that Really Works
Overall Retention Rates Don’tTell the Whole StoryOverall Retention by Year100%90%80%Retention Rate70%60%50%40%30%20%10%0%200520062007Year 2017 Hight Performance GroupCreate a Retention Plan that Really Works13
Conduct a Retention Audit Identify retention rates, strength and challengeareas by running segmented reports, such as: Retention by industry sector (NAICS)Retention by size of organization (FTE)Retention by length of time as memberRetention by date established (length of time inbusiness)Retention by Dues AmountRetention by other demographic variables tounderstand specific trends 2017 Hight Performance GroupCreate a Retention Plan that Really Works14
Drops by NAICS Over last 3-5 Years 2017 Hight Performance GroupCreate a Retention Plan that Really Works15
Drops by FTEs 2017 Hight Performance GroupCreate a Retention Plan that Really Works16
Drops by Length of Time as MemberDrop Rate by Membership Tenure40%35%30%25%20%Drop Rate15%10%5%0%1 year2 years 2017 Hight Performance Group3 years4-5 years6-10 years 11-25 years26 - 50yearsMore Than50 yearsCreate a Retention Plan that Really Works17
Drops by Years in Business 2017 Hight Performance GroupCreate a Retention Plan that Really Works18
Retention Trends 1st Year MembersOverall First-Year Retention Rates100.0%90.0%80.0%Retention Rate70.0%60.0%2005 Retention50.0%2006 Retention2007 Retention40.0%30.0%20.0%10.0%0.0% 2017 Hight Performance Group1st Anniversary YearCreate a Retention Plan that Really Works19
Retention Trends 1st Year Members (FTE)Retention Rates100%% Retained @ 1 Yr .90%80%70%60%50%40%30%20%10%0%12 to 45 to 1011 to 2526-5051-100100 Number of Employees 2017 Hight Performance GroupCreate a Retention Plan that Really Works20
Benchmark ComparisonsWith Other Peer Organizations 82%ofnon- ‐renewalshad 10FTEwithaverageduesof 765 75%ofallnewmembersrecruitedin2015have 10FTEwithdues 1,000 2017 Hight Performance Group46.4%Create a Retention Plan that Really Works21
PARTNER ACTIVITYTwo Questions to Answer:1.Who Do You Have the Best Retention with and What Do TheyHave in Common?2.Who Do You Have the Worst Retention with and What Do TheyHave in Common? 2017 Hight Performance GroupCreate a Retention Plan that Really Works22
SET YOUR RETENTION GOALSWhat Do You Want to Achieve? 2017 Hight Performance GroupCreate a Retention Plan that Really Works
Retention Goals:What Are Our Desired Outcomes? Which member segment should you focus on? What specific results are you hoping to achieve? What will you do differently? Sample retention goals (SMART): Increase our 2017 overall retention rate by 5%, from 82–87% Increase the average retention rate of 1st-year members 15% by12/30/18 from 50 – 65% 2017 Hight Performance GroupCreate a Retention Plan that Really Works
IDENTIFY STRATEGIES TOACHIEVE YOUR GOALSCommon Retention Strategies 2017 Hight Performance GroupCreate a Retention Plan that Really Works
Strategy #1:Improve 1st-Year Retention Recruit for retention and provide incentives Create a 12-month onboarding plan thatincludes any of these activities (depending onresources): 2017 Hight Performance GroupWelcome letterMembership PacketMember Orientation (in person, over phone,webinar, or on web site)1st Quarter Touch (visit, call by staff or volunteer)2nd Quarter Touch (visit, call by staff or volunteer)3rd Quarter Touch (visit, call by staff orvolunteer)Outreach, as needed, before receiving renewalThank you for renewalCreate a Retention Plan that Really Works26
Get New Members Off to a Great Start 2017 Hight Performance GroupCreate a Retention Plan that Really Works
Strategy #2:Invest Resources for Retention 2017 Hight Performance GroupCreate a Retention Plan that Really Works28
Dedicated Staff to Serve asMember Relations Manager Manage volunteer retention resourcesCoordinate outreach contact to membersManage member recognition programRun Membership Reports to Monitor Retention Retention audits (annually, semi-annually) Review retention/drop rates by FTE, industry, year joined,year business established)New members—join date less than 90 days (monthly)Members who are 6 months from renewal (monthly)Engagement reports using the participation fields(monthly) 2017 Hight Performance GroupCreate a Retention Plan that Really Works29
Ambassadors as Resources Outreach contact to members(calls, visits, notes, e-mails)Meet & Greet at eventsPostings on virtual venues(start interactions, respond tointeractions)Onboarding “buddies”Connecting members to othermembersProviding testimonials on the“value of membership”Collecting testimonials (calls,visits, capturing during events)Recruiting new members 2017 Hight Performance GroupCreate a Retention Plan that Really Works30
Member Relations Council 2017 Hight Performance GroupSupport for membership staffConduct 6-month membershipauditsAnalyze engagement reportsand identify actions to takeOutreach to dropped membersRecognize members Anniversary BlitzesRecruit new membersReport at Board meetingsCreate a Retention Plan that Really Works31
Board Members for Strategic Purpose Contact top investors Semi-Annual OutreachTalk about current businessissues and Association’s roleSpeak at events to share theAssociation’s strategicdirection, accomplishments,and ask for supportFacilitate leadership roundtablesPost on virtual venuesRecognize and rewardmembers at special eventsSend out welcome or “thankyou for renewing” letters 2017 Hight Performance GroupCreate a Retention Plan that Really Works32
Retention is Everyone’s Job 2017 Hight Performance GroupInclude retention activities ineveryone’s job descriptionDecide how different teammembers can help to executeyour Touch Plan or supportretention activitiesCreate incentives to achieveretention goalsRecognize and reward teammembers for their contributionsand for going the ‘extra mile’Create a Retention Plan that Really Works33
Strategy #3:Increase Engagement Consider multiple ways to increase engagement: Effective Communication Proactive Engagement Activities Engage in two-way communication with members during the yearCreate more awareness of what is offered, how to access benefits,and share our goals and accomplishmentsDevelop and use value propositions that matter to membersPersonally invite members to leverage benefits that align with themUse social media platforms to educate, engage and createinteractions amongst membersMonitor engagement levels and identify members-at-riskIncrease the Value of Membership Share how value is about VOI (I investment, influence,involvement, information)Let members tout the benefits (e.g., interviews, testimonials)Realign programs and benefits to meet members’ evolving needs 2017 Hight Performance GroupCreate a Retention Plan that Really Works34
Strategy #4:Monitor Retention Drivers Identify what you will measure and monitor: Determine how often you will measure results: How long will it take to see initial results?How often will you check for changes?Consider how you will manage outcomes: How will you measure communication effectiveness?How will you measure engagement?How will you measure members’ perceived value on VOI?What will you do if the outcomes aren’t favorable?What options will you exercise, if needed?Use dashboards to provide current and important information What do you want to know on a weekly, monthly or quarterly basis?What type of information is important for you to track on retention?Which reports do you need for your dashboards? 2017 Hight Performance GroupCreate a Retention Plan that Really Works35
Sample Dashboards (TY Weblink) 2017 Hight Performance GroupCreate a Retention Plan that Really Works36
How Do We Improve the Cycle? Acquisition IntegrationGet new members engaged quicklyProvide additional resources to onboard newmembers successfullyoo Engagement Provide multiple and diverse opportunities formembers to be part of sub-communitiesbased on interestsMonitor engagement levels and targetmembers with lower engagement levelsRenewal & Reinstatement 2017 Hight Performance GroupEffective value-propositions focused onbenefits, not featuresSpecial promotions, incentivesRecruit for retentionMake it easy to renewalMake it automaticOffer renewal incentivesStop providing benefits with lapsedmembershipsFocus on win-back campaignsContinue to market to past membersCreate a Retention Plan that Really Works37
Session Summary A retention plan is strategic, proactive, long-termand requires resourcesThe overall retention rate is not enough, theretention audit tells the real story about driversDevelop goals, strategies and resources that willdrive positive outcomesThe Membership Cycle is an ongoing processWhat will you do to change your retention rate? 2017 Hight Performance GroupCreate a Retention Plan that Really Works38
Retention is the Key toYour Chamber’s Growth“It never ceases to amaze me that companies spendmillions to attract new customers (people they don’t know)and spend next to nothing to keep the ones they’ve got.Seems to me the budgets should be reversed.”– Jeffrey Gitomer,Customer Service is Worthless, Customer Loyalty is Priceless 2017 Hight Performance GroupCreate a Retention Plan that Really Works39
Let Us Know How We Can Help Contact me at (512) 354-7219 or atcathi@hightperformance.comCreate a Retention Plan that Really Works 40
Create a Retention Plan that Really Works Why Retention is a Challenge More competition than ever before for members Members don't perceive value or ROI for investments Staff is too busy to focus on retention (it's everyone's job and no one's job) Focus is on recruitment than on retention High turnover with first-year members
IAS 36 – LỖ TỔN THẤT TÀI SẢN. xxx KHÔNG áp dụngcho Ápdụngcho x Hàng tồnkho (IAS 2) x . Tài sản tài chính (IFRS 9) x . Quyền lợi người lao động (IAS 19) x . Tài sản thuế hoãn lại (IAS 12) x . Hợp đồng xây dựng (IAS 11) x . Bất động s
1. what is meant by the term ' customer retention ' 2. the economics of customer retention 3. how to select which customers to target for retention 4. the distinction between positive and negative customer retention 5. several strategies for improving customer retention performance 6. several strategies for growing customer value 7.
Concept of Employee Retention: Employee Retention means many things to many people in each organisation. There is no single definition of Employee Retention(Bhatia, 2011, p. 299). Some views mentioned by J. Leslie Mekeown are "Employee Retention means stopping people from leaving the Organization." "Employee Retention is all about keeping .
Standards for managing e-records, microfilm, inventory “We need more training on records retention and basic records management” “How to interpret your records retention schedule” “Process by which retention periods are determined” “Records retention is very
Strategies for improving retention In the literature recruitment and retention are usually addressed as separate issues. We found that recruitment and retention are linked. The process of selection and preparation for university is critical to retention. We used the image of a tree to represent the retention
Records Retention Policy 3 as permanent records they should be destroyed according to the time period shown on the Records Retention Schedule. Inactive records should be securely stored until the end of the retention period. However, at the end of the retention period the custodian of the records is responsible for destroying the records.
pass English 1010 and focus groups and surveys with instructors about retention. A key difference is that our study seeks to specifically understand retention within one front door course, English 1010, exploring how the nature of a writing course impacts student engagement and retention. The Unique Case of Writing Courses
MINISTRY OF COMMERCE AND INDUSTRY (Department of Industrial Policy and Promotion) NOTIFICATION New Delhi, the 11th April, 2018 G.S.R. 364(E).—This notification is being issued in supersession of Gazette Notification No. G.S.R. 501(E) dated May 23, 2017. Definitions 1. In this notification,— (a) An entity shall be considered as a Startup: i .
