RETENTION: THE NUMBER ONE ISSUE FACING COMPANIES TODAY
Beth Ross, July 3, 2009
RETENTION—THE NUMBER ONE ISSUE FACING COMPANIES TODAY
As we moved into the 21st Century, Retention of employees became a top priority. Now that we are in the midst of an economic downturn, Retention is even more important.
Why? Several reasons, both for now and future, come up.
It has been easy for companies to find excellent talent to fill open slots today. Here they are—and what will keep them from being lured away by recruiters and great opportunities as the economy gets better?—which it will. We just don’t know when, but preparing now is crucial.
There is much talk now of the new word Onboarding. Onboarding is the process of acquiring, accommodating, assimilating and accelerating new employees and team members, whether they come from outside or inside an organization.
This process of bringing new users into a company, system, culture, or methodology is creating new thought. Books are being written on the subject. The book, The First 90 Days, by Michael Watkins came forth in 2003, and that was the beginning.
Executive Coaches often now get assignments in New Leader Assimilation. Without attention to leadership and assimilation of new executives, the whole process can fall through the cracks. It costs a lot to find and hire leaders with the right skill-set background and either leadership skills, or the potential to develop these skills, in place. Hiring mistakes are costly, and lack of attention to creating a platform for leadership is even worse.
Losing employees means having to hire yet again. Everything has to start from the beginning, causing goals and objectives to be re-evaluated, and creating a feeling of lack of stability in the organization.
Building a shared culture is essential for retention. Proper onboarding of new team members can be important, increasing productivity and creating this needed shared culture.
Retention is closely tied to hiring the right team members in the first place. Recruiting the right candidates is therefore going to be one of the most important components in Retention
During this downturn, recruiters have been terminated in high numbers in companies, so forward thinking companies need to be considering their upcoming recruiting practices and personnel seriously.
Recruiters within companies will turn out to be on a contract basis initially, until it can be determined which individuals can contribute on a long-term basis to the organization. This will create some interesting compensation issues, as in the past, recruiters often preferred to work on contract. We may be looking at serious issues of compensation with organizations, particularly as this relates to the place of Recruiting or Talent Management within company Human Resources organizations
So here is the question: what can employers do to retain their best employees and prevent recruiters from wooing those employees away to competitors?
• Concentrate on fair and equitable compensation policies
• Provide on-going Leadership Training
• Create a corporate culture that invites participation, contribution, and growth possibilities
• Keep communication channels open
• Give employees the opportunity to be a part of change and growth within the organization
Happy employees will stay. That’s the bottom line. Employers need to keep a handle on what that means to their hand-picked workforce. Recruiters and other companies will always be attempting to lure top talents away.
Retention is THE issue for retaining your top workforce.
Beth Ross, Ph.D.
www.bethross.com
bross2734@aol.com
212-8761-759
RETENTION—THE NUMBER ONE ISSUE FACING COMPANIES TODAY
As we moved into the 21st Century, Retention of employees became a top priority. Now that we are in the midst of an economic downturn, Retention is even more important.
Why? Several reasons, both for now and future, come up.
It has been easy for companies to find excellent talent to fill open slots today. Here they are—and what will keep them from being lured away by recruiters and great opportunities as the economy gets better?—which it will. We just don’t know when, but preparing now is crucial.
There is much talk now of the new word Onboarding. Onboarding is the process of acquiring, accommodating, assimilating and accelerating new employees and team members, whether they come from outside or inside an organization.
This process of bringing new users into a company, system, culture, or methodology is creating new thought. Books are being written on the subject. The book, The First 90 Days, by Michael Watkins came forth in 2003, and that was the beginning.
Executive Coaches often now get assignments in New Leader Assimilation. Without attention to leadership and assimilation of new executives, the whole process can fall through the cracks. It costs a lot to find and hire leaders with the right skill-set background and either leadership skills, or the potential to develop these skills, in place. Hiring mistakes are costly, and lack of attention to creating a platform for leadership is even worse.
Losing employees means having to hire yet again. Everything has to start from the beginning, causing goals and objectives to be re-evaluated, and creating a feeling of lack of stability in the organization.
Building a shared culture is essential for retention. Proper onboarding of new team members can be important, increasing productivity and creating this needed shared culture.
Retention is closely tied to hiring the right team members in the first place. Recruiting the right candidates is therefore going to be one of the most important components in Retention
During this downturn, recruiters have been terminated in high numbers in companies, so forward thinking companies need to be considering their upcoming recruiting practices and personnel seriously.
Recruiters within companies will turn out to be on a contract basis initially, until it can be determined which individuals can contribute on a long-term basis to the organization. This will create some interesting compensation issues, as in the past, recruiters often preferred to work on contract. We may be looking at serious issues of compensation with organizations, particularly as this relates to the place of Recruiting or Talent Management within company Human Resources organizations
So here is the question: what can employers do to retain their best employees and prevent recruiters from wooing those employees away to competitors?
• Concentrate on fair and equitable compensation policies
• Provide on-going Leadership Training
• Create a corporate culture that invites participation, contribution, and growth possibilities
• Keep communication channels open
• Give employees the opportunity to be a part of change and growth within the organization
Happy employees will stay. That’s the bottom line. Employers need to keep a handle on what that means to their hand-picked workforce. Recruiters and other companies will always be attempting to lure top talents away.
Retention is THE issue for retaining your top workforce.
Beth Ross, Ph.D.
www.bethross.com
bross2734@aol.com
212-8761-759
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