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Without top talent, the potential for recovery may be prolonged and painful

Around the world, employees have had nearly 9 months to assess how their employer is responding and reacting to this pandemic. Many employers have realized that human capital is the most precious asset of the organization and are working hard to retain talent. Other employers may be on belt tightening, headcount reduction and reorganizations of varying types. Top performers are watching how organizations react and recruiters are watching top performers.

Without top talent or with the loss of top performers, the potential for recovery may be prolonged and painful. The best of the best are being sought out by other companies via direct hire or with the help of an independent recruiter.

Each passing week brings new challenges. This new environment for work has brought on unexpected challenges with work from home, virtual meetings and conferences, new cybersecurity demands, and the loss of traditional revenue streams. Project work in a dispersed environment has extended timelines and made deliverables more difficult to achieve. The future rests with your top talent, yet they are facing motivation and availability issues like never before. Childcare and elder care are consuming many top producers. Motivation and morale are on wild tides rolling in and out with each new stay-at-home order or closure of daycare centers.

Retention strategies are critical in addressing and retaining top talent now, more than ever. The pandemic has employees reassessing the cities and locales where they live, friends, health, their careers and certainly their employers. If your leadership team is not growing loyalty with their actions, then they are eroding the bond to your most critical asset. Recruiters are watching and hearing how employers are responding to the challenges they face. The actions of some employers, or their failure to act, is creating targets for recruitment of top talent. Now is the time to double down on your best and brightest because if you do not, someone else surely will. Retain talent or become a source of top talent. That is the simple choice you face.

This article was originally published as “Retain Talent” by Dave Nerz on the NPAworldwide blog.

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Posted in The world @work

6 savvy Employee Retention strategies

The world of construction and engineering in Melbourne is booming, which means skilled professionals are in high demand. And in turn, they’re always being tapped on the shoulder by people like me telling them there’s a better opportunity elsewhere. The truth is, there usually is. 

With companies desperate to employ good people, they often over pay and price out the person’s current employer. Other factors play into why people move, but if you were offered a 25%+ pay increase, I’m sure you would find it hard (as I would) not to take it.

I think people entering the workforce now look at employment as a lifestyle rather than a job. It’s not enough to be financially rewarded for their work, they want to learn new skills, make new friends, have fun and experience fulfillment whilst being environmentally sustainable! So that’s what employers have to give them, if they want the person to stay at the company for many years.

So how can employers retain talent?

  1. Obviously remunerating the employee in line with the current market, which usually means a pay increase. Ask yourself what you’d be prepared to pay to replace your best employees and then give that amount to them before they look elsewhere. 
  2. Develop a years of service/rewards program that motivates your workforce to stay on with the company. 
  3. Provide your employees with challenges and make sure they experience different opportunities at work to prevent them seeing their work as ‘just a job’. 
  4. Offer flexible working arrangements. Numerous studies have shown employees are more productive and engaged when able to balance work with other aspects of their lives.
  5. The best thing you could do for the person and your company is to train them. Give them access to different learning courses. Reward them for achieving a new certificate or qualification. Not only will it benefit them personally, but your business will gain from the added knowledge. 
  6. Talk to your employees. Ask them what they want to do, what they want to achieve. Ask them if they’re happy in their current role. And if they’re not, discuss the possibility of a change in role and see if your business can provide a new career pathway.

Your people are your biggest asset (not your clients or your projects), they’ll spend more time working for you than doing anything else.

What’s working for you in your world @work?

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Posted in Technical & Operations, The world @work