A Great Retention Plan Begins With A Great Talent Management Team
This past week, I had the opportunity to join these leaders on the Keystone Group International Keys to Business Growth Live Panel.
These are leaders who are innovative in their approach and embrace driving change and improving culture in their organizations.
Employee turnover is EXPENSIVE. So expensive. So much so that it can cost an organization the equivalent of six to nine months of the lost individual’s salary, or up to 40% of annual profit. Talk about expensive.
The name of the talent retention game is RETAIN or LOSE. Now more than ever, organizations need a concrete solution.
It was refreshing to sit amongst this group and share ideas and stories of what works and what hasn’t... And most importantly what these leaders are doing to improve employee engagement and enhance company culture in their organizations.
Doug Holmgren for example is the CIO at YA Engage. Even with his fancy title and long list of responsibilities, he has made the deliberate decision to pass on an office. Doug sits amongst his team, every day. He is in the trenches and able to keep a pulse on culture and activity of his team. What a positive impact this makes on the team as he is visible and available. Talk about an open-door policy!
Kris Lindahl the CEO at Kris Lindahl Real Estate has a designated ‘Culture Committee’ that plans monthly team building events. The events are created to strengthen the team’s relationships outside of the office and overall embraces the ‘work hard play hard mentality’.
I encourage you as a hiring leader to take inventory and ask yourself what you are doing to improve the culture in your organization. The task can seem daunting, but small gestures can make a grand impact on your team. I promise.
The competition is always looking to hire away the best talent. With the global work economy, top talent is able to work for competitors from all over the world without having to relocate.
Starting to make small tweaks to improve your company culture could result in saving you a great amount of time and money in employee turnover, losing a candidate to counter offers and your overall employment brand.
I challenge you to start talking to team members individually to learn about their strengths. Find out what aspects of their work give them energy and joy. Make every attempt to position your entire team to work to their strengths.
Doing so will give meaning to their work. Meaningful work is one of the most desired aspects of a position that all talent is seeking. Employees also like to see a project from start to finish. If you do not give it to them, they will look for it elsewhere.
Do not settle for status quo. Think outside the box and reconnect with your team. The results will surprise you!
Hope you find this information helpful. Would love to hear what you are doing to enhance the company culture at your organization.
P.S. If you’re ready to commit to being the leader of hiring the best employees, and accepting the responsibility of serving those who you get results for...then let’s chat. Schedule a call HERE