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Which side of the Talent Management scale do you see?
Back in 2012, a global report from Mercer centred on a startling statistic. The consultancy had interviewed over 360,000 ‘professionals’ across all developed economies and found that, in European countries, there was a record-low level of engagement; with an astonishing 60% of employees simply waiting for more ‘certain times’ before moving on from their unfulfilling roles or unsatisfactory workplaces.
It would appear that those ‘certain times’ have returned in many parts of Europe, as valuable professionals leave for pastures new and Employers discover to their cost a short supply of readily available ‘good replacements’, with potentially major implications for company strategy, capability and profits. The team here at Resource Central have pondered this phenomena long and hard – leading us to ask the question: is this a crisis of Recruitment (Candidate Attraction)? Or Retention (Employee Engagement)?
If it’s the latter, then this CAN be rectified. After all, the core function of developing existing internal employees, and in particular leveraging key employees, is an inexpensive and effective strategy for driving growth. But that can only happen sustainably if Employees are viewed as more than ‘a cost centre’. ‘Retention’ must be viewed not only as a way to mitigate risk, but as a growth strategy as well.
How effective will employers be to navigate such a shift within their organisation? This will be largely determined by how they maintain momentum within. In the current marketplace, many employers do not intend to increase base salaries, so ‘other’ factors will dictate how successful companies will be in keeping talent. Those ‘other factors’ will be the glue that improves the ‘connectedness’ that underpins employee engagement, retention – and business success.
So what are the top issues that affect Employees (outside their immediate remuneration). The 2014 Accenture Report identified the following hierarchy of needs:
- Opportunities for advancement
- Efficient planning and decision making
- Knowing how the business is performing
- Communicating with ‘Me’.
And communication is at the heart of all of these.
Retention isn’t about ‘Control’. Retention is about ‘Communication’
‘Engagement’ at any level within a business cannot exist without a strategy. And your employment strategy is reliant on the balance between informal and formal systems. High performing organisations don’t rely on one more than the other. It’s about a ‘balance’.
Your ‘Formal’ mechanisms include:
- Your Strategic Business Plan
- Regular Employee Feedback Meetings
- Involvement of Employees in Plan Setting
- Your Orientation Programs
- Your Workplace Policies
Employees, on the other hand, are looking for a ‘real conversation’, where transparency and trusted collaboration are paramount. And your internal controls – delivered through technology – gives you the data and information to share common ground, offering you both greater control and the ability to open up real conversations with your employees. In other words, your control mechanisms are also the starting point to share ideas and discuss sensitive issues. It equips you and your employees with the necessary information to have intelligent conversations. It enables your whole organisation to embrace future opportunity. And it’s also a practical platform from which to build a retention strategy. It means Retention CAN be managed – through communication.
‘Engagement’ at any level within a business cannot exist without a strategy. And your employment strategy is reliant on the balance between informal and formal systems. High performing organisations don’t rely on one more than the other. It’s about a ‘balance’.Steve McNally - Director of Brand & Communications
It’s not about ‘one-size-fits-all’ communications – it’s about taking the ‘small data’ from each employee and working through a framework that provides a matrix of ‘engagement solutions’ based on real-time needs. It’s about understanding the individual employee’s relationship with their peers, the job itself – and you as an employer. It starts with a rigorous Employee Segmentation. And it will hopefully never end, as you retain the people you want to retain.
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Top Image & Link: Ancillary Retention Strategies in BPO