Tag Archives: retention

Talent management and retention in a changing world

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The economic changes brought about by the global financial crisis have reshaped the business world. This is a challenge of considerable importance for way human capital is developed and managed.  Successful talent management begins with a proper understanding of how people work effectively and more importantly what it is that makes them tick. Built on to this is the notion that people are motivated by different things. According to renowned author Daniel Pink, there are three things that motivate workers:

 

1)      Workers want to be given autonomy – they want to be in control of their time

2)      Mastery – workers want to make a contribution at work

3)      Workers want to make a contribution likened to a broader purpose in the company

The key takeaway for companies is that they must synchronize these three motivations with their own goals. If these three fit well, a winning situation is created. However, companies also need to address the issue of staff retention. Compensation is not the only reason to ensure employees stay happy and committed. Daniel Pink’s analysis of employee motivation, highlight non – financial factors as being increasingly important in dictating the motivation of employees in a post crisis world.

However, in practical terms the focus must also be on the economic cost. It costs more to hire a new worker than to train an existing worker, so the focus must be on retention. The time has come for companies to think of employee retention in an innovative light.

Socio – economic factors have radically altered the make-up of the average workforce that will impact a company’s recruitment and retention practices. People work across international boundaries and live longer. The work forces of the future will probably be made up of a 20 something, a 40 something and a 60 something worker. Multi – generational teams will be more prominent in the years to come. Companies need to actively think of creating balanced workforces that are rich in both age and experience, and focus on the human side of management. By adopting such practices, companies will be better prepared to meet tomorrow’s challenges.

Answer the phone – your next job may just be a phone call away

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Searching for a job isn’t fun, and if there is anybody out there who found it enjoyable, I would be most interested to hear from them. For most people, it is a stressful, time consuming and grueling experience. The global recession has only made it more difficult than ever before to look for a job with the average job search now taking 8 months, and even more depending on the type of industry.

The main challenge for all modern companies isn’t to find talent but to find the right quality of talent which is becoming harder to find.  An ageing workforce and lesser quality fresh talent coming off the conveyor belt is making recruitment and retention a number 1 challenge for companies. We are now entering a whole new age of employee engagement and retention where companies need to be on the front foot in the identification, development and retention of quality talent.

This challenge is now forcing many companies to become more innovative with their recruiting methods. Some companies have totally embraced social media and incorporated it into their recruiting apparatus, whilst others remain more loyal to traditional forms of recruiting via advertising in newspapers, job boards etc. Increasingly, many companies employ the services of a headhunter to help them find and attract talent. As we progress in this information age, technology is going to play an even greater role. As individuals we are going to be better connected with each other, and that means we will be more visible to the outside world. So if your name exists anywhere in print or online, the chances are you are likely to get an email or a call from a headhunter.

So if they called you, why should you entertain their call? First, they have probably contacted you about a job that isn’t advertised anywhere publicly. Headhunters have access to the ‘hidden job market’ so if they called you it’s because they think you might be suitable for a new challenge. Second, even if you do not display a genuine interest in what they want to talk to you about, it’s probably worth keeping in touch with them as you never know what the future holds. A good headhunter will be a very well connected person who could put you in touch with potential future opportunities. So if you have a particular skill set and haven’t had a call from a headhunter, you should expect one in the not too distant future.

Photo credit:  CELALTEBER