Cutting Employee CHURN!
All worthwhile businesses want the better people on the market to fill gaps in their business model. This is true from the boardroom to the basement. Yet, CVs and resumes merely show the qualifications and experience a candidate has but notes little/nothing about 'a' candidates motivation (their Why) and behaviour (their How)! Recruitment algorithms almost universally employed by online agencies compare the hard-facts well enough but are notoriously weak at assessing the soft-facts!
Failing to accurately assess ~ and continue to review ~ soft-facts of 'employees' is twice-costly as bad performers are let go ~ or just walk out ~ and good performers find better situations because they feel you have not delivered on your promises; either way, you'll have to start all over again!
If you require more convincing, a recent survey stated that in the 21st-century career marketplace more than 33% of employees over the age of 30 leave their position within 12-months, and this rises to almost 50% for those under 30 (millennials)!
Whether you agree or not with the above stat, career placement today is a candidates market and too many accept your job-offer, whilst seeking a 'proper situation'!
So what focus must every discerning employer possess?
Work History ~ until the second global conflict of the 20th-century, it was commonplace to look forward to a job-for-life. In the last quarter of that century, job-life expectation within the same company halved to around 20-years, then halved again to around ten years before halving once more to 5-years by the close of the century.
This could be alarming to any thoughtful 21st-century employer, so what can be done to improve your selection and retention of the best people for your opportunity? How can you rise to the top ranking, from the employee's perspective? And, how can you expect a reasonable return on your investment from your people?
THE 5-Principle Motivators
In reverse order, the following five headings highlight what today’s wannabe employees expect from employer's. READ ON …
5th place ~ OPPORTUNITY ~ discerning candidates don’t join or remain with a company for money alone. Talented individuals want to be challenged and when they have ‘cracked’ any particular job-role they naturally look for an opportunity to progress. Should they not see an ongoing opportunity with you, they will seek it via the Internet ~ Opportunity Knocks!
4th place ~ COMMUNICATION ~ people remain enthusiastically engaged when they are kept in the loop. Today's email and smartphone technologies provide instant written communications with everyone from the basement to the boardroom. To feel engaged employee's routinely want to know what you expect of them and what you will provide to help them secure their work-related objectives. Without continuous 2-way comm’s there is no direction to the accomplishment on time of any essential task. Poor communicators drive good employees into the arms of good communicators!
3rd place ~ LEADERSHIP ~ today's employees demand mutually beneficial leadership with the onus on supervising management to recognise AND accommodate the individual's personal reward system and behaviour. Discovering that someone seeks rewards that cannot be satisfied by you after he or she have been taken on is a total waste of everyone’s time and is very, very expensive. Likewise, it is equally costly when an employee’s behaviour conflicts with your customers' expectations!
2nd place ~ VISION ~ employees need to know that you know where you are leading them or don’t be surprised if good people leave and bad ones linger! Similarly, every company must persistently and consistently publish/promote their set of acceptable behaviours that compliments their reputation in the marketplace.
1st place ~ RECOGNITION ~ the No. 1 turn-off for more than 60% of employees is watching indiscriminate awards to individuals viewed as the only person to benefit. Of course, there is merit to published pay scales when used correctly but too many companies put high talent into lower grades at placement without a clear career path to climb higher (see Item No. 5). Locking loyalty in may be as simple and relatively inexpensive as throwing the occasional party, or providing cost-saving perks, or subsidising meals, or free health club membership, or dental and Medicare, all spread over the initial years of engagement. Limited Company Vesting Share Option Schemes is an excellent incentive to seal higher performers to the company, too.
- Start with Why & How
- Ensure Written Communications Are Received and Actioned ~ each way
- Lead with Mutual Benefit in mind
- Promote, promote and promote your Company Vision
- Lock-In Loyalty
TO DISCUSS ANY PART OF THIS PAPER CALL JOHN ON 07900 251258.
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