The burning imperative to do more with less has taken its toll on employee loyalty
Bloomington, MN (PRWEB) February 19, 2013
Retaining top talent is one of the most pressing business issues in 2013. The retention of top talent ensures the long term health and success of the business (i.e., customer satisfaction, sales, effective succession planning and perpetuation of organizational knowledge). There are significant costs to turnover including lost training investments and knowledge, unhappy coworkers, reduced productivity due to vacant positions, and costly candidate searches. Also, fewer Generation X employees are prepared for leadership in order to take the place of the retiring Baby Boomer executives.
Current job market trends raise the risk of losing good employees. Hiring levels have picked up in 2013 and social media has made it easier for recruiters and competitors to find talent quickly. Employee satisfaction is low due to organizational downsizing, lack of salary increases, cuts in pay and/or work hours, reduced benefits, and increased workloads and expectations. The burning imperative to do more with less has taken its toll on employee loyalty.
CPI Twin Cities, a leading executive services and career transition firm, recommends the following strategies to retain top talent:
1. On-board new employees well.
2. Structure fast-track development roles to clarify expectations and deliverables and to minimize role overlap. Be careful to assign high potential employees to managers who will not be threatened by them and who will mentor them.
3. Provide balanced feedback (positive and constructive), demonstrate appreciation for hard work, and publicize high performance.
4. Focus on long-term employee development and building skills necessary for career success (may include mentoring programs, networking events, online learning resources, cross-functional working opportunities, and stretch assignments).
5. Pay top talent at or somewhat above market value.
6. Help employees balance work and life. Provide flexible or remote working options.
7. Engage employees in direct communication. Involve them in important decisions and keep them informed of new developments. Listen to employees and act on their suggestions.
8. Hold managers accountable for positive people skills. Are they talking to their team members? Do they discuss development opportunities with them? (Unskilled, incompatible, insensitive supervisors and mismanagement are among the primary reasons why employees leave an organization.)
9. Create a good work environment, including a culture of development and recognition.
CPI Twin Cities’ clients who focus on long-term employee development often choose the Manager as Coach Learning Series TM (MACLS). MACLS is designed to increase managers’ and leaders’ coaching skills and behaviors for improved business performance of their organization. It goes far beyond training. It is based on research findings that show companies who support a coaching culture and teach managers how to coach can increase business performance.
Recent studies show effective coaching increases employee engagement as much as 33%, and improve business results as much as 133%.
CPI Twin Cities is hosting a briefing on this program March 28, 2013 at 1:00. This briefing is intended for HR Leaders, Learning and Development professionals and Line Managers interested in learning more about how to use coaching as a tool to improve individual and organizational performance and engagement. For information contact Margo O’Dell at 952-915-7645 or at margo.odell(at)cpitwincities(dot)com. Seating is limited and registration is required.
About CPI Twin Cities:
CPI Twin Cities is a firm of executive coaches, leadership development experts, and career consultants with deep expertise in creating and delivering powerful and customized solutions that lead to sustainable results. In 2006, the business was purchased from Personnel Decisions International (PDI) and today is a privately held company, owned and led by Patricia Berg, and a team of highly qualified executive coaches and career consultants in Bloomington, Minnesota.