Six Strategies for Developing Talent cont'd.
Every organization needs and wants to attract and develop the best and brightest -- those people who are oriented toward growth and achievement. The following are six key strategies companies can use to win the war for talent.
1) Hook Employees to A+ Managers: We've all heard the quote, "People join organizations and leave managers." A recent study by McKinsey, entitled "The War for Talent 2000" cites the importance of working for great managers. 85% of employees who worked for an under-performing manager said that, "It made them want to leave the company." To attract talent, selecting and promoting outstanding managers is one of the most important challenges.
2) Provide Work/Life Flexibility: According to a recent survey by CareerBuilder, Inc., the vast majority (61%) of job-seekers sought career opportunities with companies that were flexible, supportive, and understanding of personal and family needs. Work/life balance issues are major contributors to employees leaving organizations. Boomers, Gen Xers and GenYs want a life.
3) Challenge Creativity: Today's most talented workers don't want jobs that offer them stock options, but careers that challenge and enable them to be creative, according to a study by Decision Partners. The study, commissioned by IBM found that the fastest way for a company to lose young talent is to bore them. As such, employers must push and challenge their young employees during their first two to five years with the company to ensure they do not get bored and start job shopping.
4) Offer ongoing opportunites for personal and professional development: Top talent is very concerned about opportunities to learn and grow. Most companies incorporate professional development and educational assistance programs into their recruitment and retention efforts. An investment in training and development sends a strong message that management cares about employees, believes their potential is worth developing, wants them to grow, and aims to promote internally to fill key positions.
5) Link Business Results to Daily Activites: Leaders must communicate the organization's mission and strategies. Employees want to see that their work makes a difference and contributes to the mission and business strategies. Motivated employees want to see how their daily activities and decisions contribute to the health and viability of the organization. They can't, if they don't know the mission and strategies.
6) Recognize and Reward Accomplishments: A recent survey of business students by Wetfeet.com, a career Website, asked respondents to rate the importance of 35 job attributes, The survey found that recruits want to know they'll be valued for what they can do. Companies often boost salaries and bonuses, but study after study shows that what best motivates employees are less tangible rewards such as personal recognition for a job well done.
Checklist for Developing People
- Identify top 10% of individual contributors. Complete the RETENTIONSMART Assessment on each of them. Have conversations that rebuild their loyalty and commitment by following the assessment guidelines.
- Take the Retention & Development Indicators® to determine where to focus talent development dollars. In a do more with less economy, targeting your HR initiatives is more important than ever.
- Check the stress level of employees during these unstable times. What are their issues and concerns? Provide the LIFEMAP® so they can pinpoint key life/balance issues. Look for ways to partner with them to reduce the stress. Performance and productivity will improve.
- Identify your A+ Managers. Reward and reinforce them privately and publicly for their contributions. Give them a copy of the TALENTBUILDER® Coaching Guide for Managers as a thank you for work well done.
- Make a promise to only select, hire or promote A+ Managers. Use the Talent Building Survey® to support your decisions and for self-selection. Track the progress of those managers selected this way.
Caela Farren, Ph.D. and principal of MasteryWorks, Inc. is a 30 year expert in career development for employees, managers and organizations. MasteryWorks, based in McLean, VA. has been helping people design and develop their careers for the past 25 years. Farren is also the author of Who's Running Your Career? Creating Stable Work in Unstable Times (Bard Press).
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