Are you ready to compete for talent? As our economy cycles, things change and people move. According to recent job satisfaction surveys, about 1 in 3 workers will change jobs in the next 6 months, (Saba), 49.5% of employees are "not engaged" and another 16.5% are “actively disengaged." (Gallup)
Significant numbers of people have stayed in jobs that may have been less than optimal for various reasons while waiting for their “window of opportunity.” Many organizations are now taking a fresh look at making winning cultural moves in order to foster better workforce engagement and retention. As the economy creates better jobs, employers who are unprepared will pay a high price in turnover.
What should forward looking leaders be thinking about?
· Act Now – Don’t wait. Re-recruit your stars and rising stars. Understand the demographics of your workforce, what motivates them and then get the “word on the street.” What you hear may not match what you think is going on. Do you actually know what they do day in and day out, or do you think you know?
· Reinforce the direction of the organization and the rationale for actions taken when the economy was softer. This simple act of sharing the rationale often helps to cement retention by getting to the “Why”. Key Employees are often attracted to the real mission of an organization but cannot subscribe to what they don’t know.
· Make it an ongoing conversation. Engage in real recurring genuine touch points that connect key employees to their potential career path. Be 100% certain that they understand expectations and know what it takes to be successful. Be mindful of timing as circumstances can change as stars emerge.
· Dust off Succession Planning – Marry up the needs of the individual and the needs of the organization. Find out what these employees want. What is their desired outcome? Insulate your organization from the coming flirtations from competitors and search firms as employees become less risk averse.
· Tell High Potential’s (HiPo’s) they are on the radar screen as HiPo’s. Give them exposure to developmental situations where they may have to lead without authority, increasing their ability to influence. As HiPo’s may rise in the organization, their ability to influence on a bigger scale adds value and they become less of a functional expert.
· Have a real developmental plan to reduce or eliminate limiting behaviors. Don’t be afraid to spend a little money on it as it will usually pay off in multiples via retention and productivity. These are the behaviors that often limit a star from rising, things like managerial temperament, communication and presentations skills.
So, are you ready to Compete for Talent?
For a deeper dive please listen to our free VoltCast “On Demand”