from the Turning Good People Into Top Talent blog series
By Bob Moore, CMC, Managing Principal, Talent Management Institute
Numerous surveys consistently reveal that CEOs are most concerned about low levels of employee engagement and retention. There is good reason for this concern. According the U.S. Dept. of Labor Statistics, the number of job quits have increased each month since the end of the recession, between 2.7 and 2.8 million for the past 11 months.
Are you an HRD or Talent Management Executive charged with implementing solutions to the nagging problem?
If so, here are seven strategies to consider:
- Measure your retention.
You must measure what you want to improve. Determine the specific retention levels for each team/department.
- Evaluate your selection process.
Assess all key positions and establish job relevant criteria for each – particularly team leaders. Then, implement a job-talent fit strategy.
- Implement a leadership skill development process.
Employees don’t quit jobs; they quit managers. Select only those with the potential to be leaders of high performing teams. Then, provide development for their skills and provide tools to optimize their capacity to achieve outstanding team results.
- Provide recognition and rewards.
Highly effective team leaders find ways to recognize team members for their accomplishments. Provide team leaders with the results of the job-talent fit assessment of their team members, which will illustrate the gap between the motivation the job provides and the employee who wants to be most productive.
- Improve working conditions.
Find ways to provide greater flexibility in where, when and how the work gets done. Knowledge workers expect it and the Millennials will require it. Overly rigid work rules can drive top talent away.
- Re-evaluate your benefits package.
With a multi-generational workforce, it is unlikely that a one-size-fits-all approach will be adequate. Be sure that your benefits package is not the reason your talented employees consider looking elsewhere.
- Assess workplace stress.
Levels of workplace stress have been on the rise for several years. This is particularly the case with high turnover causing heavier workloads. Check out the recently introduced TMI/TTI Workplace Stress Quotient.
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Bob Moore, CMC