More than one in two employers are convinced that other companies are actively seeking to hire away their top people, according to survey of over 1,400 CEOs and human resource professionals from more than 700 companies across the globe.
The study explored the role played by senior management in a broad range of leadership development areas including management succession and the nurturing of the next generation of corporate leaders. According to the study’s findings, 56% of organizations report that other employers seek to recruit their best people. Only 4% strongly disagree.
Other companies actively try to recruit our leaders.
Strongly disagree 4%
Disagree 11%
Agree 43%
Strongly agree 13%
No opinion 29%
As aggressive competition becomes increasingly adept at replicating products, services, operating models and marketing strategies and worldwide demand for certain skills sets rises, senior and operational leaders are realizing that talent is the last remaining source of competitive advantage. So, it is no surprise that there’s a global war being waged for talent. No organization today is immune from the stresses of effective retention or competitive recruitment. CEOs and HR staffs are right to feel enormously vulnerable and many are stressed seeking ways to hold onto their rising leadership.
Even though most organizations report that other companies have targeted their top performers, survey respondents are not necessarily positive about their own leadership pipeline. Nearly half the respondents (47%) expressed doubts about the strength of their middle-level pipeline, and only 27% said their company has a sufficient number of qualified internal candidates that are ready to assume senior manager/executive positions.
At the same time, those organizations that have strong leadership programs are more likely to feel as though they have qualified candidates at both levels. Programs that were rated highly generally had a combination of key elements: assessment and feedback, coaching and mentoring, formal classroom training as well as action learning.
Business & Talent. Aligned.
How you manage talent spells the difference between success and failure. To gain a competitive edge, leaders must be prepared to address shifting economic, social and demographic trends that impact workforce performance. Stay informed with research, insights and advice from our leading industry experts. The world of work is changing. Is your company ready?
Showing posts with label retention. Show all posts
Showing posts with label retention. Show all posts
Thursday, September 15, 2011
Wednesday, May 25, 2011
Loss of Top Performers a Growing Concern
As new opportunities begin to open up in the job market the loss of top performers has emerged as the top concern of across the nation. Right Management research found that as many as 30% of employers cite defection of top talent as their most pressing HR challenge. And a further 30% told us that they lack high-potential leaders in the organization. Twenty-two percent are suffering from low engagement and lagging productivity and 18% have a shortage of talent at all levels.
Loss of top talent is a growing concern for many employers. In fact, it’s now more of an expectation. After all, it’s no secret there’s a lot of pent-up frustration in the workplace and that many, if not most, employees have been floating their resume.
Many employers find themselves faced with a dilemma. Right now they don’t want to do much hiring, but at the same time they think they will lose top people. If these defections play out, that in turn will mean more hiring to fill key gaps. It seems certain that job churn and turnover will notch upward, which may harm growth at many organizations.
HR professionals know that recruiting and securing the right talent for key positions is a demanding process regardless of whether the job market is weak or strong. Top talent is clearly on the move. To secure the best available talent, organizations need to have a clear picture of the competencies required and the success profile for the positions for which they are hiring. Without this clear focus as well as a fast track on-boarding plan, organizations risk losing greater productivity and performance especially from new leaders being hired into the firm.
It’s imperative for organization’s today to have a well-constructed succession planning system for rapid replacement of key roles, and more broadly, a well aligned succession management plan to ensure firm-wide talent progression. Those that don’t are highly exposed to risks of underperformance and further loss of talent that could have been successfully developed for competitive advantage.
Loss of top talent is a growing concern for many employers. In fact, it’s now more of an expectation. After all, it’s no secret there’s a lot of pent-up frustration in the workplace and that many, if not most, employees have been floating their resume.
Many employers find themselves faced with a dilemma. Right now they don’t want to do much hiring, but at the same time they think they will lose top people. If these defections play out, that in turn will mean more hiring to fill key gaps. It seems certain that job churn and turnover will notch upward, which may harm growth at many organizations.
HR professionals know that recruiting and securing the right talent for key positions is a demanding process regardless of whether the job market is weak or strong. Top talent is clearly on the move. To secure the best available talent, organizations need to have a clear picture of the competencies required and the success profile for the positions for which they are hiring. Without this clear focus as well as a fast track on-boarding plan, organizations risk losing greater productivity and performance especially from new leaders being hired into the firm.
It’s imperative for organization’s today to have a well-constructed succession planning system for rapid replacement of key roles, and more broadly, a well aligned succession management plan to ensure firm-wide talent progression. Those that don’t are highly exposed to risks of underperformance and further loss of talent that could have been successfully developed for competitive advantage.
Monday, May 23, 2011
Are Competitors Pursuing Your Talent?
This may come as a surprise, but have you considered that many of your competitors are actively pursuing your talent? Right Management research tells us that nearly half of employees (45%) say they were contacted by another company about a possible job offer during the past 12 months. If you aren’t tuned into this reality, it’s time to pay attention.
Sure, there may be some wishful thinking amid the data. But it’s fair to consider these reported job offers as another sign the job market is stirring. For the past couple of years our research has tracked a restless workforce, frustrated by the slow job market, always on the lookout for greener pastures, cruising job sites, putting out feelers and e-mailing resumes. At the same time, what’s become a kind of perpetual job hunt is now matched by organizations which constantly scan the potential talent on tap in the marketplace.
No doubt social networking has accelerated the growing back and forth in the job market. Because of social networking every employee is now more visible. Everyone seems to be linked or recommended, and everyone knows people at many different companies. This is a dynamic that feeds on itself and is reshaping the fundamentals of the job market in ways we may not yet understand.
For their part, employers need to be unquestionably concerned that their people may be targeted by competitors. A revitalized job market will put a lot of intellectual property into play and employers are increasingly uneasy about their ability to retain top talent.
It would benefit employers to have clarity around the particular skills and competencies they need today and in the future. Identify your true real-up-and-comers and have a conversation of consequence with them about their careers. Take pains to align their individual goals so they can deliver on business objectives. Employees actually want to know and need to know how they can contribute to the current and future success of the business.
Sure, there may be some wishful thinking amid the data. But it’s fair to consider these reported job offers as another sign the job market is stirring. For the past couple of years our research has tracked a restless workforce, frustrated by the slow job market, always on the lookout for greener pastures, cruising job sites, putting out feelers and e-mailing resumes. At the same time, what’s become a kind of perpetual job hunt is now matched by organizations which constantly scan the potential talent on tap in the marketplace.
No doubt social networking has accelerated the growing back and forth in the job market. Because of social networking every employee is now more visible. Everyone seems to be linked or recommended, and everyone knows people at many different companies. This is a dynamic that feeds on itself and is reshaping the fundamentals of the job market in ways we may not yet understand.
For their part, employers need to be unquestionably concerned that their people may be targeted by competitors. A revitalized job market will put a lot of intellectual property into play and employers are increasingly uneasy about their ability to retain top talent.
It would benefit employers to have clarity around the particular skills and competencies they need today and in the future. Identify your true real-up-and-comers and have a conversation of consequence with them about their careers. Take pains to align their individual goals so they can deliver on business objectives. Employees actually want to know and need to know how they can contribute to the current and future success of the business.
Wednesday, March 16, 2011
Stemming the Tide of Employee Defections
As new opportunities begin to open up in the job market the loss of top performers has emerged as the top concern of employers across the country. As many as one in three senior executives and human resource professionals told us that defection top talent is their most pressing HR challenge. A further 30% are suffering from a lack of high-potential leaders in their organizations and 22% have low engagement and lagging productivity. Staggeringly, 18% reported that they have a shortage of talent at all levels
Loss of top talent will likely emerge as the most pressing concern for many employers in the year ahead. This seems particularly prevalent in the service industry whose growth largely depends on the creativity and knowledge of their key employees. In fact, it’s now more of an expectation. After all, it’s no secret there’s a lot of pent-up frustration in the workplace and that many, if not most, employees have been floating their resume.
Many employers find themselves faced with a dilemma. Right now they don’t want to do much hiring, but at the same time they think they will lose top people. If these defections play out, that in turn will mean more hiring to fill key gaps. It seems pretty sure that in the year ahead job churn and turnover will notch upward, which may harm growth at many organizations.
Those organizations that can evaluate what drives workforce engagement – and the lack of it – are in a much better position to mitigate the risks of top talent flight to competitors. Simply understanding what the current workforce engagement levels are is no longer a sufficient strategy to stem the tide of potential attrition. Organizations that can identify what drives engagement in actionable terms, so that those drivers can be leveraged in an overall retention strategy, will be the winners of the emerging talent migrations.
Tuesday, February 15, 2011
Leaders Beware: Mass Exodus Looms
Workers are poised for a mass exodus in 2011. They are feeling increasingly restless and intend to leave in droves if opportunities open up in the job market, according to a recent poll we conducted of 1,400 workers. As many as 84% of the employees say they plan to look for new jobs in 2011, up from 60% reported in our survey a year ago. Only 5% now say they intend to remain in their current position.
While somewhat alarming, this finding is more about employee dissatisfaction and discontent than a measure of projected turnover. We view it as a barometer of trust in management or commitment to the job. Basically, it’s a workplace equivalent to opinion polling on whether or not ‘this country is moving in the right direction.’ Just as people are questioning their elected leaders in government, so too are workers wondering if their management is up to the challenge of renewed growth or developing a sound strategy moving forward.
The underlying factors contributing to employees’ backlash is most likely the prolonged recession, continued job market weakness along with disruptive economic and workforce changes. Employees’ trust has been seriously shaken and there is a general lack of confidence in leaders.
The discontent is widespread. But this does not mean an organization’s management is helpless and nor can it afford to ignore the problem. If the job market picks up a lot many employees are going to take advantage of it, and organizations stand to lose some of their top contributors. This is a wake-up call to management.
One proactive step management should take is to identify star performers and have open and constructive career discussions with them. High-value employees always have opportunities available to them. Know who they are and be sure to take care of them in ways that are meaningful and aligned with the businesses goals.
Do you know the commitment levels of your employees? Do you have a plan in place to retain your star performers?
While somewhat alarming, this finding is more about employee dissatisfaction and discontent than a measure of projected turnover. We view it as a barometer of trust in management or commitment to the job. Basically, it’s a workplace equivalent to opinion polling on whether or not ‘this country is moving in the right direction.’ Just as people are questioning their elected leaders in government, so too are workers wondering if their management is up to the challenge of renewed growth or developing a sound strategy moving forward.
The underlying factors contributing to employees’ backlash is most likely the prolonged recession, continued job market weakness along with disruptive economic and workforce changes. Employees’ trust has been seriously shaken and there is a general lack of confidence in leaders.
The discontent is widespread. But this does not mean an organization’s management is helpless and nor can it afford to ignore the problem. If the job market picks up a lot many employees are going to take advantage of it, and organizations stand to lose some of their top contributors. This is a wake-up call to management.
One proactive step management should take is to identify star performers and have open and constructive career discussions with them. High-value employees always have opportunities available to them. Know who they are and be sure to take care of them in ways that are meaningful and aligned with the businesses goals.
Do you know the commitment levels of your employees? Do you have a plan in place to retain your star performers?
Thursday, February 3, 2011
Work Priorities Overrun Vacation
As Forbes reports, futurists in the 1970s predicted that by now technology would have so shrunk our workloads that we'd all be paddling about in a leisure-and-vacation playland. How wrong were they? Workloads and business priorities are overrunning taking earned vacation time. In fact, nearly half of employees failed to take all their vacation time in 2010. Personally, I find it somewhat disturbing. Although it is an improvement over a year ago, when in the identical survey we found that two-thirds of workers weren’t taking all the time that was due to them.
For many employees, fears of job insecurity and work pressures after layoffs were probably the main reasons why so many gave up vacation time. So it may be that our latest finding reflects a somewhat healthier workplace mindset.
Still, with only half of workers actually taking all of their vacation in 2010, many employees are likely uncertain about their futures. There’s clearly a lot of stress among employees in both Canada and the U.S. There are heavier workloads as well as uncertainty about business viability and the chance of more cutbacks. Leaders would do well to improve employee productivity and wellness by regularly communicating the state of the organization and sharing the role that each employee plays in its future success.
After all, vacation time is an earned employee benefit and it affects work-life balance and overall wellness. Vacation plays a fundamental role in fostering a healthy, productive workforce. Foregoing some vacation days may by itself not prove significant, but when many employees come to feel they can’t take the time to which they’re entitled real harm may be done…and the results can be high turnover, low retention, absenteeism, frequent health or safety claims or a host of other HR problems. Vacation time is essential for balance and wellness.
In my opinion, employers should do all they can to encourage their workers to take the vacation time due to them What’s good for the workforce is almost always good for the business. Business growth depends on the quality of an organization’s talent.
For many employees, fears of job insecurity and work pressures after layoffs were probably the main reasons why so many gave up vacation time. So it may be that our latest finding reflects a somewhat healthier workplace mindset.
Still, with only half of workers actually taking all of their vacation in 2010, many employees are likely uncertain about their futures. There’s clearly a lot of stress among employees in both Canada and the U.S. There are heavier workloads as well as uncertainty about business viability and the chance of more cutbacks. Leaders would do well to improve employee productivity and wellness by regularly communicating the state of the organization and sharing the role that each employee plays in its future success.
After all, vacation time is an earned employee benefit and it affects work-life balance and overall wellness. Vacation plays a fundamental role in fostering a healthy, productive workforce. Foregoing some vacation days may by itself not prove significant, but when many employees come to feel they can’t take the time to which they’re entitled real harm may be done…and the results can be high turnover, low retention, absenteeism, frequent health or safety claims or a host of other HR problems. Vacation time is essential for balance and wellness.
In my opinion, employers should do all they can to encourage their workers to take the vacation time due to them What’s good for the workforce is almost always good for the business. Business growth depends on the quality of an organization’s talent.
Monday, November 29, 2010
Sending mixed messages
Employers often send mixed messages about the work/life balance their organization offers, paying lip service to the idea of workforce health and wellness without really committing to it. This can be very difficult to resolve. Employees become fearful: “What if I don’t put in the extra time like others in my department? Will this slow down or prevent a future promotion?”
Most employees want to be seen as team players. They do not want to risk being viewed as lacking commitment, energy, or enthusiasm. Companies and leaders need their people to be agile, responsive and improve their productivity.
Technology helps organizations be productive 24/7. Well-equipped international companies can respond to customers and colleagues in every time zone. Businesses use social media web sites to connect with customers and prospects across physical, geographical and technological boundaries. However this 24/7 cycle presents a paradox. Since people cannot work around the clock and always be instantly available, this makes the 24/7 pace unsustainable.
Instead of shorter work weeks, technology – i.e., global Internet connectivity – has increased everyone's workload. Email is just one example. Most people feel overwhelmed by the hundreds, if not thousands, of messages that arrive each and every day in their inbox. Some important messages may be overlooked or, worse, a power outage brings your email server down. A new prospect or customer inquiry may be forever lost.
While it appears that human productivity has increased a thousand fold, in reality we are accomplishing less and are increasingly less productive than perceived.
It is time for leaders to re-evaluate their goals and expectations. Simply telling your people to take a long lunch or use their vacation time is not enough. When workforce talent is stretched so thin, burnout quickly results. Reassess timelines. Push, but be reasonable about timeframes and expected outcomes.
As a leader, coach your employees on their decision-making skills. Help them create decision-making guidelines and adequately prioritize so they can effectively manage their workloads. Your goal is to help them avoid focusing on the wrong things – i.e., the non-critical path tasks – and keep them focused on the critical work. By effectively influencing your decision-makers and coaching your staff on setting goals and milestones, this will keep them on track and prevent projects from stalling.
Reward efficiency – e.g., your team accomplished project goals ahead of schedule and under budget. You will earn their gratitude and trust.
It is important to both commit to and maintain a work-life balance. If your team does not have the opportunity to re-energize, they will make costly mistakes. It is far better that they accomplish optimal results the first time around.
Most employees want to be seen as team players. They do not want to risk being viewed as lacking commitment, energy, or enthusiasm. Companies and leaders need their people to be agile, responsive and improve their productivity.
Technology helps organizations be productive 24/7. Well-equipped international companies can respond to customers and colleagues in every time zone. Businesses use social media web sites to connect with customers and prospects across physical, geographical and technological boundaries. However this 24/7 cycle presents a paradox. Since people cannot work around the clock and always be instantly available, this makes the 24/7 pace unsustainable.
Instead of shorter work weeks, technology – i.e., global Internet connectivity – has increased everyone's workload. Email is just one example. Most people feel overwhelmed by the hundreds, if not thousands, of messages that arrive each and every day in their inbox. Some important messages may be overlooked or, worse, a power outage brings your email server down. A new prospect or customer inquiry may be forever lost.
While it appears that human productivity has increased a thousand fold, in reality we are accomplishing less and are increasingly less productive than perceived.
It is time for leaders to re-evaluate their goals and expectations. Simply telling your people to take a long lunch or use their vacation time is not enough. When workforce talent is stretched so thin, burnout quickly results. Reassess timelines. Push, but be reasonable about timeframes and expected outcomes.
As a leader, coach your employees on their decision-making skills. Help them create decision-making guidelines and adequately prioritize so they can effectively manage their workloads. Your goal is to help them avoid focusing on the wrong things – i.e., the non-critical path tasks – and keep them focused on the critical work. By effectively influencing your decision-makers and coaching your staff on setting goals and milestones, this will keep them on track and prevent projects from stalling.
Reward efficiency – e.g., your team accomplished project goals ahead of schedule and under budget. You will earn their gratitude and trust.
It is important to both commit to and maintain a work-life balance. If your team does not have the opportunity to re-energize, they will make costly mistakes. It is far better that they accomplish optimal results the first time around.
Monday, November 22, 2010
Treat employees like customers and build long-term relationships
Take the time to secure long-term and strategic relationships with your current employees, both average and high performers. Successful employee relationships mean strong retention. This will save your organizations thousands if not millions of dollars by reducing attrition.
If you are able to retain top performers, this transforms what some employees may consider a short-term opportunity into a long-term and genuine partnership. As companies endeavor to secure both share of market and share of mind from customers and prospects, apply the same concept to your employees.
Given the high cost of recruiting, training, and retention, it will invariably cost your company more if you are continually seeking new external talent. Using a long-term and strategic approach and – i.e., growing from within – offers numerous benefits: a sustained organizational culture, evolving institutional knowledge, strong and enduring customer relationships, and a pipeline of internal talent to support and accelerate succession planning.
Engage your employees. Share with them your vision and strategic plan. Ask your employees to review and validate the marketing strategy and tactics used with customers. If employees see sickly quality control practices, poor customer service, and lack of sales and marketing integration, this wil make it impossible to convert high-performing employees into long-term organizational assets. Effective leaders do not micromanage. They recognize, for example, that requiring their team to check in every day and report on their progress is demeaning and not motivating. Instead, build personal and trusting relationships and create win-win solutions.
An organization's marketing and PR activities attempt to build and secure long-term customer relationships. Apply this same concept to your employees. It is far more cost effective and organizationally beneficial to respect and treat your employee well. If employees feel genuine emotional engagement they will be are inspired and commit their full energy, loyalty – and future – to the company.
If you are able to retain top performers, this transforms what some employees may consider a short-term opportunity into a long-term and genuine partnership. As companies endeavor to secure both share of market and share of mind from customers and prospects, apply the same concept to your employees.
Given the high cost of recruiting, training, and retention, it will invariably cost your company more if you are continually seeking new external talent. Using a long-term and strategic approach and – i.e., growing from within – offers numerous benefits: a sustained organizational culture, evolving institutional knowledge, strong and enduring customer relationships, and a pipeline of internal talent to support and accelerate succession planning.
Engage your employees. Share with them your vision and strategic plan. Ask your employees to review and validate the marketing strategy and tactics used with customers. If employees see sickly quality control practices, poor customer service, and lack of sales and marketing integration, this wil make it impossible to convert high-performing employees into long-term organizational assets. Effective leaders do not micromanage. They recognize, for example, that requiring their team to check in every day and report on their progress is demeaning and not motivating. Instead, build personal and trusting relationships and create win-win solutions.
An organization's marketing and PR activities attempt to build and secure long-term customer relationships. Apply this same concept to your employees. It is far more cost effective and organizationally beneficial to respect and treat your employee well. If employees feel genuine emotional engagement they will be are inspired and commit their full energy, loyalty – and future – to the company.
Tuesday, August 17, 2010
Leadership Development Making a Comeback
After several years of employers cutting spending on training, Bersin & Associates reports that half of the companies they surveyed plan to increase leadership development budgets and almost one-quarter plan to increase spending by more than 10%.
What’s behind this change in investment strategy? Many companies fear an exodus or shortage of qualified leaders as the economy picks up and customers re-engage. Their pipelines are weak or non-existent. Executives across most industries are having a hard time finding strong managers to fill vacancies. The result is that leadership training is gaining urgency amid the stronger economy.
Companies have been tested over the past few years as they experienced heightened levels of economic turmoil and unpredictability. Weaknesses in leadership capabilities are showing. As many as one-in-two managers fail. Not just at the top of the house, but for many firms leadership bench strength is proving to be shallow.
Looking for a quick fix, many companies opted for short-term approach to declining revenues by cutting costs during the recession. Companies are now restructuring and changing their models to include leadership development as they are struggling to find managers well-equipped with the leadership capabilities and behaviors needed to handle the kinds of changes we are experiencing at an ever-quickening pace. Engagement, retention, productivity and performance are suffering as a result of poor communication, lack of customer focus, ineffective strategic thinking, and the inability to link one’s workforce with the business strategy.
As your business levels start to pick up, consider the investments in leadership development you need to make to build a pipeline of ready-now leaders at your disposal, regardless of what changes might come your way.
What’s behind this change in investment strategy? Many companies fear an exodus or shortage of qualified leaders as the economy picks up and customers re-engage. Their pipelines are weak or non-existent. Executives across most industries are having a hard time finding strong managers to fill vacancies. The result is that leadership training is gaining urgency amid the stronger economy.
Companies have been tested over the past few years as they experienced heightened levels of economic turmoil and unpredictability. Weaknesses in leadership capabilities are showing. As many as one-in-two managers fail. Not just at the top of the house, but for many firms leadership bench strength is proving to be shallow.
Looking for a quick fix, many companies opted for short-term approach to declining revenues by cutting costs during the recession. Companies are now restructuring and changing their models to include leadership development as they are struggling to find managers well-equipped with the leadership capabilities and behaviors needed to handle the kinds of changes we are experiencing at an ever-quickening pace. Engagement, retention, productivity and performance are suffering as a result of poor communication, lack of customer focus, ineffective strategic thinking, and the inability to link one’s workforce with the business strategy.
As your business levels start to pick up, consider the investments in leadership development you need to make to build a pipeline of ready-now leaders at your disposal, regardless of what changes might come your way.
Thursday, August 5, 2010
Re-recruit your top talent
Linda Heasley, who heads up The Limited, was recently quoted in the New York Times as saying she “re-recruits her team every day”. In these times, not a bad business strategy!
The reality for employers is that 54% of organizations reported involuntarily losing high-performing workers during the first half of the year. Less than one-third were able to retain most of their top talent.
We know there are a lot of unhappy and dissatisfied employees coming out of the recession. But organizations must really focus on their top performers. Top performers are responsible for a significant percentage of the organization’s performance results and are more inclined to walk out the door than ever before. The real top performers in any organization will always have an opportunity to move. As business conditions improve, this will likely create more opportunities for high-value talent to pick and choose what suits them best.
Heasley’s advice is a good reminder that leaders should try to stay in tune with employees at both individual and collective levels. While engagement studies may provide insight into the sentiments of the overall workforce, it’s really important for companies to have a much broader enterprise-wide engagement strategy. One key component of such a strategy includes career discussions with individual employees. Managers need to know what their workers are thinking, what they want from their careers, and align this with the direction of the business.
An organization’s talent is often a company’s only differentiator. And high-performing employees are key to executing on business strategy. Business viability is at risk when workforce strategies and talent plans are ignored.
Employee engagement needs to be an active and ongoing part of your overall workforce strategy and part of leadership's everyday mindset. Do you know the engagement levels of your own workforce? And are your top-performers at risk of flight?
JYZDQJ366UZ5
The reality for employers is that 54% of organizations reported involuntarily losing high-performing workers during the first half of the year. Less than one-third were able to retain most of their top talent.
We know there are a lot of unhappy and dissatisfied employees coming out of the recession. But organizations must really focus on their top performers. Top performers are responsible for a significant percentage of the organization’s performance results and are more inclined to walk out the door than ever before. The real top performers in any organization will always have an opportunity to move. As business conditions improve, this will likely create more opportunities for high-value talent to pick and choose what suits them best.
Heasley’s advice is a good reminder that leaders should try to stay in tune with employees at both individual and collective levels. While engagement studies may provide insight into the sentiments of the overall workforce, it’s really important for companies to have a much broader enterprise-wide engagement strategy. One key component of such a strategy includes career discussions with individual employees. Managers need to know what their workers are thinking, what they want from their careers, and align this with the direction of the business.
An organization’s talent is often a company’s only differentiator. And high-performing employees are key to executing on business strategy. Business viability is at risk when workforce strategies and talent plans are ignored.
Employee engagement needs to be an active and ongoing part of your overall workforce strategy and part of leadership's everyday mindset. Do you know the engagement levels of your own workforce? And are your top-performers at risk of flight?
JYZDQJ366UZ5
Tuesday, August 3, 2010
What's growing in your greenhouse?
You’ve made significant investments. You’ve put the infrastructure and systems in place. You’ve cultivated, nurtured and multiplied. Now it’s time to reap the rewards as you harvest the wealth of all you have grown… from your workforce, that is. And the last thing you want to see is your investment walking out the door just as it begins to deliver returns.
Why does retention matter? Your workforce provides a critical competitive advantage. While some organizations feel many employees can be easily replaced, the truth is that there is no way to easily replace the institutional knowledge, customer relationships and business opportunities that walk out the door with them. Losing top performers leaves organizations in the precarious position of plugging gaps that can leave them scrambling to meet objectives. And given the mismatch between demand for talent and the skills available, it may not be so easy to fill those plugs. We know that those with sought-after skills can leave, by choice. Investing in employee retention efforts can be the fabric that enables your organization to thrive rather than fade away.
An organic talent development process enables organizations to promote from within. Promoting from within is an opportunity that can have significant positive impact on the organization’s future success. It maintains the integrity of the company’s brand, fosters strong corporate identify, and provides continuity of the organization’s culture. It also instills confidence in leadership, provides hope for career advancement with the same employer, and leverages shared knowledge and the investment made to develop that knowledge. And, just as important, it’s a valuable retention tool in your engagement strategy.
With a strong, “ready now,” committed and highly-engaged workforce, you are a force with which to be reckoned. Investing in developing talent also breeds a culture of high-performance – one that your competitors will strive to emulate.
What are you growing in your organization?
Why does retention matter? Your workforce provides a critical competitive advantage. While some organizations feel many employees can be easily replaced, the truth is that there is no way to easily replace the institutional knowledge, customer relationships and business opportunities that walk out the door with them. Losing top performers leaves organizations in the precarious position of plugging gaps that can leave them scrambling to meet objectives. And given the mismatch between demand for talent and the skills available, it may not be so easy to fill those plugs. We know that those with sought-after skills can leave, by choice. Investing in employee retention efforts can be the fabric that enables your organization to thrive rather than fade away.
An organic talent development process enables organizations to promote from within. Promoting from within is an opportunity that can have significant positive impact on the organization’s future success. It maintains the integrity of the company’s brand, fosters strong corporate identify, and provides continuity of the organization’s culture. It also instills confidence in leadership, provides hope for career advancement with the same employer, and leverages shared knowledge and the investment made to develop that knowledge. And, just as important, it’s a valuable retention tool in your engagement strategy.
With a strong, “ready now,” committed and highly-engaged workforce, you are a force with which to be reckoned. Investing in developing talent also breeds a culture of high-performance – one that your competitors will strive to emulate.
What are you growing in your organization?
Tuesday, July 27, 2010
Looking through the window
Managing one’s brand these days can have the fragility and transparency of glass. The combination of technological revolutions, the growth in individual employees having greater power to exercise personal choice, and rising customer sophistication have resulted in such innovations as Glassdoor and Vault. Employees can comment on company and leadership performance and put it out there for the world to see. CEOs can view their own approval ratings based on employee comments and votes.
Such websites are putting pressure on leaders to be more active in managing their own brand – both their personal brand and also their organization’s brand. Individual communication that may have once been regarded as private one-to-one conversations can now be regarded as essentially public if you factor in the transparency of communications on such social media sites as LinkedIn, YouTube and Facebook.
Entrepreneur magazine forecast that the number one marketing trend for 2010 would be transparency and trust. Well, the same applies for leaders.
The ubiquitous nature of technology means that it is always on and inviting participation. It is changing how, where, when and by whom work gets done. It’s about coordination, collaboration and transparency. Leaders need be in tune with the feedback available on these new channels and be proactive with personal and professional brand management. It’s not just about listening to what's being said, but also about actively participating in the discussions.
Use the transparency tools available today to track the sentiment of employees and match these against your own company engagement scores. Assess the feedback on your culture, identify challenges and opportunities and invest in your own leadership development.
With brand transparency what it is today, you never know who may be looking through your window.
Such websites are putting pressure on leaders to be more active in managing their own brand – both their personal brand and also their organization’s brand. Individual communication that may have once been regarded as private one-to-one conversations can now be regarded as essentially public if you factor in the transparency of communications on such social media sites as LinkedIn, YouTube and Facebook.
Entrepreneur magazine forecast that the number one marketing trend for 2010 would be transparency and trust. Well, the same applies for leaders.
The ubiquitous nature of technology means that it is always on and inviting participation. It is changing how, where, when and by whom work gets done. It’s about coordination, collaboration and transparency. Leaders need be in tune with the feedback available on these new channels and be proactive with personal and professional brand management. It’s not just about listening to what's being said, but also about actively participating in the discussions.
Use the transparency tools available today to track the sentiment of employees and match these against your own company engagement scores. Assess the feedback on your culture, identify challenges and opportunities and invest in your own leadership development.
With brand transparency what it is today, you never know who may be looking through your window.
Thursday, July 22, 2010
Looking Beyond the Obvious
As the talent mismatch widens, employer’s need new mindsets for sourcing candidates. Look beyond the obvious supplies of talent and consider hiring candidates who fit with your culture and train for specific skills that are teachable to fulfill the requirements of the role.
To fill large and systemic talent gaps, expand the pool of available candidates and consider:
Internal role changes
The best source of new talent may already reside in your organization. Redeploy existing talent to new roles and locations. People are willing to move geographies yet employers are still learning how to capitalize on this trend. Consider redeploying existing talent before laying them off. As many as 18% of outplaced candidates are rehired by their past employer.
Consider skills transfers
Some industries are cutting their workforces, while others are growing faster than the talent supply. Consider the talent available in low-growth industries that can migrate to new fields. Review the Bureau of Labor Statistics Employment Projections 2008-2018 to see where the growth is and where the shrinkage is to come from. Some of these people may have highly valued skills – such as those in sales, finance and management – that can easily be transferred to a new industry. Be opportunistic in response to significant changes in local labor markets, such as businesses closing or relocating and leaving capable people behind. According to Human Capital Management, nearly half (47%) of jobseekers change industries to land a new role.
You can’t change what is happening relative to external trends or today’s economic reality. But you can change your workforce strategies in order to respond to those trends and position your company to effectively meet these challenges and beat the competition.
To fill large and systemic talent gaps, expand the pool of available candidates and consider:
Internal role changes
The best source of new talent may already reside in your organization. Redeploy existing talent to new roles and locations. People are willing to move geographies yet employers are still learning how to capitalize on this trend. Consider redeploying existing talent before laying them off. As many as 18% of outplaced candidates are rehired by their past employer.
Consider skills transfers
Some industries are cutting their workforces, while others are growing faster than the talent supply. Consider the talent available in low-growth industries that can migrate to new fields. Review the Bureau of Labor Statistics Employment Projections 2008-2018 to see where the growth is and where the shrinkage is to come from. Some of these people may have highly valued skills – such as those in sales, finance and management – that can easily be transferred to a new industry. Be opportunistic in response to significant changes in local labor markets, such as businesses closing or relocating and leaving capable people behind. According to Human Capital Management, nearly half (47%) of jobseekers change industries to land a new role.
You can’t change what is happening relative to external trends or today’s economic reality. But you can change your workforce strategies in order to respond to those trends and position your company to effectively meet these challenges and beat the competition.
Tuesday, July 20, 2010
How Fit Are Your Next Employees?
The changing nature of work and the dwindling size of the traditional talent pool are converging – leaving companies searching in new ways to meet the demand for the skills required in today’s economy.
Employers need to redefine the parameters of their search for talent and focus on new priorities. Essentially, hire employees for their potential to fit within your culture and team and invest in developing the specific skills needed to perform on the job. Manpower calls this Teachable Fit – a new approach for easing the talent mismatch.
The premise works as follows: When employers can’t find candidates with the full range of skills needed for particular positions, they can recruit candidates, perhaps from outside their industries, who possess adjacent skills with an eye toward filling the gaps in their capabilities. It’s important to understand how fillable those gaps are – both in terms of technical skills and candidate mindsets – and at what cost. We know from Right Management research that as many as one-in-three employers are looking for a good motivational fit compared to only about one-in-ten who are looking for specific technical skills or relevant experience.
From a CEO perspective, it is important to assess where you are today and where you want to be – before you can even start to build the bridge between the talent strategy and the business strategy. Assessing talent enables you to evaluate your current workforce and forecast future needs; the resulting gap analysis provides a roadmap for sourcing, onboarding, developing and accelerating talent, and aligning performance with your business direction.
Today’s talent mismatch will continue to intensify. That means more competition for available qualified people, against a backdrop of what Talent Management reports as higher turnover and as many as one-in-four high-performers walking out the door. Employers need to think differently about how they fill the talent needs now and in the future. They must look beyond the usual places for candidates and consider those who are best positioned with their skills and personalities to benefit from training and development.
Check back tomorrow for the third in Owen's four-part series on Teachable Fit and how to expand your talent pool.
Employers need to redefine the parameters of their search for talent and focus on new priorities. Essentially, hire employees for their potential to fit within your culture and team and invest in developing the specific skills needed to perform on the job. Manpower calls this Teachable Fit – a new approach for easing the talent mismatch.
The premise works as follows: When employers can’t find candidates with the full range of skills needed for particular positions, they can recruit candidates, perhaps from outside their industries, who possess adjacent skills with an eye toward filling the gaps in their capabilities. It’s important to understand how fillable those gaps are – both in terms of technical skills and candidate mindsets – and at what cost. We know from Right Management research that as many as one-in-three employers are looking for a good motivational fit compared to only about one-in-ten who are looking for specific technical skills or relevant experience.
From a CEO perspective, it is important to assess where you are today and where you want to be – before you can even start to build the bridge between the talent strategy and the business strategy. Assessing talent enables you to evaluate your current workforce and forecast future needs; the resulting gap analysis provides a roadmap for sourcing, onboarding, developing and accelerating talent, and aligning performance with your business direction.
Today’s talent mismatch will continue to intensify. That means more competition for available qualified people, against a backdrop of what Talent Management reports as higher turnover and as many as one-in-four high-performers walking out the door. Employers need to think differently about how they fill the talent needs now and in the future. They must look beyond the usual places for candidates and consider those who are best positioned with their skills and personalities to benefit from training and development.
Check back tomorrow for the third in Owen's four-part series on Teachable Fit and how to expand your talent pool.
Thursday, July 15, 2010
Too much bottom-line focus can backfire
To meet the demands of today’s tough economy, many companies have been focusing more than ever on the bottom line. Too often, the result is a harried, stressful atmosphere, one in which managers, under pressure to make their numbers, are aggressively pushing staff to achieve financial goals. But, that’s a situation that can backfire. With less focus on new ideas and innovation to gain competitive advantage, many companies may find themselves not positioned strategically for the future. On top of that, they may be experiencing lower morale and employee engagement – and, as a result, reduced levels of productivity and retention.
In fact, a global study conducted by Right Management of companies in 11 countries found a clear correlation between employee engagement and intention to leave a company. For example, engaged employees across all levels of the organization are seven times less likely to leave in the next year than those who are not engaged and 1.5 times more likely to stay at least five years.
Organizations need to find ways to continue to improve operating efficiencies in the current economy, while still encouraging innovation, demonstrating employees are valued and ensuring a reasonable work/life balance. The message for companies? Creating an environment that recognizes individual contributions – while fostering creativity and a little risk-taking – can lead to higher engagement levels and a more-satisfied and loyal employee. And, those engaged individuals will be more productive, as well.
Those organizations that meet this challenge can expect to have a workforce with a competitive head start – ready and able to take advantage of new opportunities as the economy improves – rather than struggling just to keep up.
In fact, a global study conducted by Right Management of companies in 11 countries found a clear correlation between employee engagement and intention to leave a company. For example, engaged employees across all levels of the organization are seven times less likely to leave in the next year than those who are not engaged and 1.5 times more likely to stay at least five years.
Organizations need to find ways to continue to improve operating efficiencies in the current economy, while still encouraging innovation, demonstrating employees are valued and ensuring a reasonable work/life balance. The message for companies? Creating an environment that recognizes individual contributions – while fostering creativity and a little risk-taking – can lead to higher engagement levels and a more-satisfied and loyal employee. And, those engaged individuals will be more productive, as well.
Those organizations that meet this challenge can expect to have a workforce with a competitive head start – ready and able to take advantage of new opportunities as the economy improves – rather than struggling just to keep up.
Wednesday, May 19, 2010
Are your high performers prime for poaching?
Given our hyper-competitive marketplace, everyone is looking for an edge – especially if that edge comes from poaching your talent. So, rest assured, right now one or more of your competitors is probably gunning for your high performers – your workforce elite – and those likely to outperform and drive significant success within your organization. While hiring will remain lackluster in 2010 and efforts to control costs will continue to be a key focus, organizations will be ramping up their efforts to attract and hire these high performers as they seek ways to get a jump on the competition. Risk losing your high performers, and risk losing any hope of becoming an industry leader.
It’s necessary to understand that this high performing group marches to a different drummer. A cookie-cutter approach to retaining and engaging them won’t work. Any organization using a “one size fits all” strategy to manage their workforce will lose. High performers have unique needs and demand more choice and challenge – compelling organizations to employ a more flexible and customized “one size fits one” strategy.
What does this mean? Quite simply, not everyone is motivated by the same thing. And there are significant differences in what motivates high performers versus average performers. But we do know that high performers share some common needs, which include the need for greater challenge, risk, decision-making and leadership responsibility. Give them what they need and everyone wins. They’ll find their work meaningful and engaging and you’ll reap the benefits of an innovative, high performance culture.
Are your high performers getting what they need?
It’s necessary to understand that this high performing group marches to a different drummer. A cookie-cutter approach to retaining and engaging them won’t work. Any organization using a “one size fits all” strategy to manage their workforce will lose. High performers have unique needs and demand more choice and challenge – compelling organizations to employ a more flexible and customized “one size fits one” strategy.
What does this mean? Quite simply, not everyone is motivated by the same thing. And there are significant differences in what motivates high performers versus average performers. But we do know that high performers share some common needs, which include the need for greater challenge, risk, decision-making and leadership responsibility. Give them what they need and everyone wins. They’ll find their work meaningful and engaging and you’ll reap the benefits of an innovative, high performance culture.
Are your high performers getting what they need?
Friday, April 16, 2010
Welcome to the launch of our blog, Talent@Work
The key to success in today’s hyper-competitive global economy is a comprehensive vision of where the company wants to go, the value it delivers and how it’s going to get there. To achieve this success, an organization must apply the same rigor in developing its workforce strategy as it does in creating its business strategy –unleashing the knowledge, innovation and creativity of every employee.
In architecting a workforce strategy, you must first understand how complex trends and shifting business realities will impact your organization – now and in the future. This then allows you to identify the right people for the right jobs, build the necessary leadership competencies and skills, and develop and retain your best talent.
Through our blog, we want to help you build an exceptional workforce that will drive high levels of performance. To that end, we plan not only to share our knowledge and expertise, but also to create a forum for discussion through which you can share your own experiences and insights. Ultimately, we hope to provide relevant and surprising information that will help you to make practical workforce choices – positively impacting your organization’s ability to deliver on its business strategy.
It’s about your people. They’re your strategic weapon. They’re the real power driving your organization forward. The world of work is changing. We can help make sure you're ready with a workforce that provides you with real competitive advantage.
Stay in touch and let us know how the world of work is changing for you.
In architecting a workforce strategy, you must first understand how complex trends and shifting business realities will impact your organization – now and in the future. This then allows you to identify the right people for the right jobs, build the necessary leadership competencies and skills, and develop and retain your best talent.
Through our blog, we want to help you build an exceptional workforce that will drive high levels of performance. To that end, we plan not only to share our knowledge and expertise, but also to create a forum for discussion through which you can share your own experiences and insights. Ultimately, we hope to provide relevant and surprising information that will help you to make practical workforce choices – positively impacting your organization’s ability to deliver on its business strategy.
It’s about your people. They’re your strategic weapon. They’re the real power driving your organization forward. The world of work is changing. We can help make sure you're ready with a workforce that provides you with real competitive advantage.
Stay in touch and let us know how the world of work is changing for you.
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