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7/31/2019 Talent Retention
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Retaining Talent
7/31/2019 Talent Retention
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LBW CONSULTING
Leadership
Visionary companies were six times more
likely to promote insiders to chief executive
positions than the comparison companies
- from Built to Last by James Collins and Jerry Porras
who studied 36 visionary companies in USA
over a 100 year period
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LBW CONSULTING
Business Context
Competition
Shorter business cycles vs. Longer ones
Customer has choices
Innovation
Leadership building
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LBW CONSULTING
Business Context
Globalization
Technology Leverage
Cross cultural and cross border
Scale and Size
Speed and momentum
Talent shortage
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Implications for Talent
Cost of attrition can be as high as 4% of sales and 15% of profit
Cost of Attrition (12 to 18 months compensation for seniormanagement and 3 to 6 months for others reported by Haygroup Research)
Abundance of opportunities (cross sect oral movements). 1/3rdof the employees want to leave in next 2 years.
Compensation levels shooting up (cheaper to higher expat
managers for some sectors and higher level jobs)
Average Employee tenure expected to be around 2 to 4 years.
Expectation Management
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Major causes for attrition
Employer brand and sense of competition
Careers moving forward
Opportunity to use skills and Abilities
Incompetent managers
Lack of mentoring and handholding
Quality of top management
Sense of direction of the organization
Overwork and Burnout
Compensation at Market is assumed
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Impact Of Supervisor
The immediate boss defines your work environment.
If the boss sets clear goals, knows you, trusts you andinvests in you, you may forgive the company.
If the boss is insecure, people insensitive, lacks competence
& confidence would an employee stay?
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High Retention Supervisor
Honesty and Integrity
Teamwork
Ability to motivate and engage
Clarity of thought and Action
Feedback and listening skills
Open and Available
Likes to be surrounded by Talent
Speaks candidly and directly
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The Thin Line
The line between firmness and harshness,
between strong leadership and bullying and
between discipline and vindictiveness is very
fine but has to be drawn.
Dr. Abdul Kalam
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Managing Performance
Keep things simple. Do not get trapped in the complexity
of the system.
Frequent interactions, 30 minutes a month.
Focused on the future.
Encourage employee to keep track of his performance and
learning.
Career discussions and guidance at least once in a year.
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Need for Psychological lock-in
Money/Rewards Bonding and ownership
Over promising Realistic expectation setting
Self Development Leading and handholding
Strategy/ finance focus people developmentfocus
Physical Attrition Mental attrition
Treating Employees as employees treatingemployees as customers
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Home Grown Management
From now on, choosing my successor is the
most important decision I will make. Itoccupies considerable amount of thought
almost every day.
Jack Welch in 1991
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Retention strategies
Creating diversity at work place rather than clones and
uniformity
Exposure to competitive landscape and creating burning
platforms
Self and subordinate development goals to be made an
key component of Appraisal process.
Think tank programs for future talent pipeline
Elevator pitches and competitions on business issues
Conduct Stay Interviews to predict attrition rather
than a post mortem
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Retention strategies
Rerecruit star employees back into company
Job stretch for high achievers
Make sure that critical business impact positionsare staffed with high quality talent
Compensation should be market linked and notinternally focused.
Dont misrepresent your company while hiring
Pay to learn new skills not linked to the currentjob
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