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Retaining your talent

Retaining your talent. Tools and tactics for keeping the best Jim Cannon, PhD, FCIPD, FCMI. The War for Talent. Why?. The higher price for top talent – ‘the winner takes all’ economy. Competence. ‘New’ relationship. Traditional relationship. Reward. Source: Wall street Journal, 2002.

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Retaining your talent

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  1. Retaining your talent Tools and tactics for keeping the best Jim Cannon, PhD, FCIPD, FCMI C.A.N.N.O.N A s s o c i a t e s

  2. The War for Talent Why? C.A.N.N.O.N A s s o c i a t e s

  3. The higher price for top talent – ‘the winner takes all’ economy Competence ‘New’ relationship Traditional relationship Reward C.A.N.N.O.N A s s o c i a t e s Source: Wall street Journal, 2002

  4. Do you ever get fed up with your job? C.A.N.N.O.N A s s o c i a t e s

  5. Why do people stay? Why do people leave? C.A.N.N.O.N A s s o c i a t e s

  6. The organisation Adapted from The War for Talent by Michael Williams Great Company Great vision/mission Achievement ethic Market/product leader Great brand image Strong values Great Job Challenge Opportunity Wealth Creation Team synergy Expanding Great Talent Management Coaching/feedback Mentoring Early promotion Great boss Empowered The people Add value Move forward Adrenaline flow Fulfilment Satisfaction Contribution Competence Personal Growth Interdependence Identification Affiliation Loyalty Commitment Involvement C.A.N.N.O.N A s s o c i a t e s

  7. Sunday Times (UK) 100 Best companies to work for • Engagement is affected by: • Leadership behaviour and values – ‘can I follow this person?’ • Well-being – stress, pressure and work life balance • My manager – ‘support, trust and care of my immediate manager’ • My team – relationships with colleagues and cultural norms • My company – ‘how do I feel about this organisation?’ • Personal growth – Challenge, skills development and opportunities for advancement and / or variety C.A.N.N.O.N A s s o c i a t e s

  8. Giving something back – how their companies help their society and community in particular • Fair compensation (relation to organisation peers, personal peers and perception of their psychological contract C.A.N.N.O.N A s s o c i a t e s

  9. Key reasons for voluntary employee turnover(source: CIPD UK survey 2007) • Promotion outside organisation • Change of career • Lack of development • Relationship with manager • Stress • Ill health (other than stress) • Reward • Family responsibilities C.A.N.N.O.N A s s o c i a t e s

  10. Reason for joining Needs and satisfaction = Need contribution balance Un- decided lifestage Responsibilities More permanent committed Decision to leave Critical factor ‘Last Straw’ External labour market Termination Some factors affectingthe decision to leave Temporarily committed Reference group behaviour. Value system. Performance feedback. Pay structure. Expectations about promotion. Knowledge of other opportunities. Individual joins Age, grade, length of service, skill type; level Ill health & death retirement financial inducement C.A.N.N.O.N A s s o c i a t e s

  11. Employer influence onlabour turnover- Where? most firms are Internal labour market causes Employer influence External labour market causes C.A.N.N.O.N A s s o c i a t e s Bevan (1988)

  12. Employer influence onlabour turnover high most firms are actually here but…. think they are here Internal labour market causes Employer influence External labour market causes low C.A.N.N.O.N A s s o c i a t e s Bevan (1988)

  13. Exit interview – a case study(a survey of 177 people who left an organisation over a period of a year) Reason given at termination interview Pregnancy 4 Marriage 1 More money 17 Better job 23 Promotion 5 Leaving the area 7 Change of career 4 Wanted a change 8 Did not get on with boss 2 Working conditions 4 Domestic reasons 15 Dissatisfied 12 Training 8 Other 18 Total 128 C.A.N.N.O.N A s s o c i a t e s

  14. Exit interview – a case study(a survey of 177 people who left an organisation over a period of a year) Reason given Reason given six at termination interview months after leaving Pregnancy 4 4 = Marriage 1 0 - More money 17 12 - Better job 23 28 + Promotion 5 2 - Leaving the area 7 7 = Change of career 4 3 - Wanted a change 8 18 ++ Did not get on with boss 2 11 ++ Working conditions 4 10 ++ Domestic reasons 15 3 -- Dissatisfied 12 3 -- Training 8 5 - Other 18 22 + Total 128 128 C.A.N.N.O.N A s s o c i a t e s

  15. Conventional wisdom about labour turnover • Turnover: • decreases as age increases • decreases as skill increases • decreases as service increases (How does this compare with your organisation?) Wastage:- C.A.N.N.O.N A s s o c i a t e s

  16. X Born 1961 – 1981 Culturally progressive Technically savvy ‘Latchkey kids’ Sceptical, non committal about careers Y(The’ Millenials’) Born 1981-2003 ‘born with computers at their fingertips Technically savvy Decisive and career driven Socially conscious Individualistic Fond of social networking Generations X and Y These characteristics are derived from studies in the US and Europe. Do they apply in Australia? C.A.N.N.O.N A s s o c i a t e s

  17. Controlling labour turnover • expect labour wastage - consider the pattern • reduce its impact through planned handover • be competitive in the labour market – not just money • emphasise areas of satisfaction • reduce areas of dissatisfaction • analyse reasons for turnover • use feedback to change management systems / practices And above all treat people as individuals C.A.N.N.O.N A s s o c i a t e s

  18. Wastage curve- historically true, but what about the future? ‘Induction crisis’ 100 80 ‘Differential transit’ 60 Numbers of leavers ‘Settled connection’ 40 20 0 Service (years) C.A.N.N.O.N A s s o c i a t e s (Tavistock Institute)

  19. Think retention. It is worth doing because…. • High costs of labour turnover • loss of skills / experience – scarcer to find • Myths and conventional wisdom don’t apply • ‘The longer serving people will stay regardless’ • ‘They should be lucky they have a job’ • ‘We are a great company, why would anyone want to leave?’ • Designing jobs and structures around people isn’t so stupid • Ensure management and supervisors understand the challenges of the war for talent, especially at induction C.A.N.N.O.N A s s o c i a t e s

  20. Screen for engagement factors • Adaptability • Passion for the work • Emotional maturity • Positive disposition • Self efficacy • Achievement orientation C.A.N.N.O.N A s s o c i a t e s

  21. The view of the future from Davos ‘Companies have to treat their employees like volunteers: every day they have to provide compelling reasons why their most talented employees should keep coming to work. This would not just be about money; chiefly it would be about building socially valuable corporate communities in which individuals feel valued. Managers who could create such communities and inspire their most creative employees would be like gold dust: “Finding community-building talent is the single most precious resource in the modern world”. Source: FT article ‘The view of the future from Davos’ (February 2006) C.A.N.N.O.N A s s o c i a t e s

  22. The emerging shape of organisations ?What is the glue that holds it all together? Primary employees - key skills - shared values - commitment Secondary Employees Support skillsShort-term Temporary employees Agency Sub- Bought-in staff Consultants contractors services C.A.N.N.O.N A s s o c i a t e s

  23. Treating people as valued individualsBuilding strong collaborative relationships (regardless of contractual relationship) C.A.N.N.O.N A s s o c i a t e s

  24. Reconciling individual and organisational perspectives Past Present Future Career and life goals Experience, skills, knowledge and expertise Current priorities for career Career Management Employer Employee Coach Combined expertise of people in the organisation Current priorities Determined by business need Talent required to stay competitive C.A.N.N.O.N A s s o c i a t e s

  25. I WANT I AM ABLE REALITY C.A.N.N.O.N A s s o c i a t e s

  26. New career options • Lateral moves– increasing your portfolio of marketable skills • Enrichment – making your current job more interesting / challenging • Advancement – moving up the ladder (when your abilities and needs coincide with the company’s) • Exploration – seeking other jobs where your skills might be utilised • Realignment – downshift to work that suits you and your lifestyle • Relocate – moving to a new organisation / industry C.A.N.N.O.N A s s o c i a t e s

  27. Designing a retention strategy Create flexibility around: • Timing • Location • Work patterns (shifts, variety) Ease tensions around: • Relationships • Stressors Develop opportunities for: • Variety • Future development (Think generation Y) Use coaching to: • Enhance individual recognition and performance C.A.N.N.O.N A s s o c i a t e s

  28. Designing a retention strategy (2) • Recruit for retention • Promote work life balance • Tailor talent management strategies to meet organisatinal and individual needs • Development • Career • Tailor reward packages to meet organisational and individual needs • Cafeteria benefits C.A.N.N.O.N A s s o c i a t e s

  29. So lets design a retention strategy... What can we do / are we doing to improve retention in our organisations? C.A.N.N.O.N A s s o c i a t e s

  30. Thank you C.A.N.N.O.N A s s o c i a t e s

  31. PANIC ZONE STRETCH ZONE COMFORT ZONE Perceived Difficulty EASY ZONE Perceived Ability C.A.N.N.O.N A s s o c i a t e s

  32. The Stress Model - Mediation Early Background Lifestyle Significant Life - events Personality Demands Resources Thoughts and beliefs Stress Reaction C.A.N.N.O.N A s s o c i a t e s

  33. Demands and Resources – Pressure and performance This analysis gives three phases of pressure which can be related to performance. Phase 1 - Surplus Resources in excess of demands Understress Phase 2 - Break even Resources and demands in balance Eustress Phase 3 - Deficit Demands in excess of resources Overstress 3. Optimum 4. Coping 5. Strain 2. Stimulation Performance 6. Burn out 1. Rust-out Pressure C.A.N.N.O.N A s s o c i a t e s

  34. The nine commandments of stress control • plan your day - get control • give yourself satisfaction • be realistic • know yourself - concentration, energy, limits • delegate- 360 degrees • balance - mental and physical • say no • look for the positive – the ‘Denisovich’ factor • laugh at the world and yourself C.A.N.N.O.N A s s o c i a t e s

  35. The tools • Understanding people’s attitudes and motivations • Identify why people join your organsiation • Identify sources of satisfaction and dissatisfaction • Identify sources of iriitation leading to labour turnover – the termination interview • Factors affecting an individual’s fit to the job and the organisation • Checklist for retention tactics • Checklist of actions taken to improve staff retention (CIPD, UK survey, 2005) • Assessing fit to current lifestyle and work-life balance C.A.N.N.O.N A s s o c i a t e s

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