Keep What You’ve Got: Attracting and Retaining Top Talent
By Dana Borowka, MA – Excerpt from the book, Cracking the Business Code
During the next ten, twenty, and thirty years, finding qualified sales and customer service people is going to get more difficult, thanks to a shrinking workforce and a maturing population. Therefore, retention of your top people is more important than ever.
Attracting talent, retention, and training (or onboarding individuals) all fall into one big melting pot. Finding, supervising, and keeping employees are not stand-alone items — each affects the other.
Ten years ago the shot heard ‘round the recruiting world was the McKinsey & Co. declaration that better employee talent is worth fighting for. The 1998 bombshell article in the McKinsey Quarterly titled, “The War for Talent,” predicted a battle that would last for decades.
Publications like Fast Company quickly spread the news from the boardroom bunkers to the cubicle trenches. The reason was demographics and the retirement of the Baby Boom generation. The battle cry was to not only improve hiring practices, but to work harder to retain your best employees.
McKinsey’s supply and demand predictions have come true with a vengeance. The U.S. workforce, which grew by 54 percent from 1980 to 2000, is only expected to grow by 3 percent from 2000 to 2020.
During the past decades, companies have proven that you can’t win the war just by spending more. When it comes to finding and keeping employees, pay is secondary for top talent. But if you build up an outstanding reputation, people will line up to work at your organization.
You have to realize that reputation matters. People talk. Images get established. Web postings take place. Today, no organization can afford to have a bad reputation. A number of years ago, the airline industry did a study that showed that a bad experience was communicated to around 300 people and a great experience was shared with only 30 or less.
So, where do you start in order to build a positive reputation from within and without? It all begins with taking the time to uncover, identify, and understand how the team is communicating. No matter how high tech our world has become with instant messaging, emailing, and cell phones, the biggest problem we all have is still communications.
To illustrate, think of a whale. Probably everyone reading this article visualized something different. Some are seeing in their mind’s eye a peaceful pod of gray whales migrating south. A few think of a friendly Shamu jumping out of the water at Sea World. While others picture a scary Monstro swallowing Pinocchio. How often do you discuss a topic with someone in the workplace and they completely misunderstand what you wanted?
Communicating with prospective employees begins way before an application or interview. A number of years ago a client of ours identified some traits they wanted members of their team to have. The company realized they needed to position themselves in their narrow marketplace as the place to work. Whenever a company executive gave a speech to an association group they always ended the talk with mentioning that they are the Rolls Royce of organizations to work for. If anyone knows of A players who want to work at the best place to use their skills and talents, then have them give the company a call.
Fast forward a number of years. My firm conducts personality testing for all of this company’s final candidates. For certain levels, we also do phone interviews, always asking how they heard of the organization. Consistently we have heard it was because of their reputation in the industry for being the best place to work for utilizing skills and talents.
Learn what is driving your top talent people. If you help them to succeed you’ll create a high level of retention and become a magnet for recruiting. So what does all of this have to do with retention? It’s about setting your people up for success, and this takes active management and mentoring.
Permission is needed from Lighthouse Consulting Services, LLC to reproduce any portion provided in this article. © 2020
Dana Borowka, MA, CEO of Lighthouse Consulting Services, LLC and his organization constantly remain focused on their mission statement – “To bring effective insight to your organization”. They do this through the use of in-depth work style assessments to raise the hiring bar so companies select the right people to reduce hiring and management errors. They also have a full service consulting division that provides domestic and international interpersonal coaching, executive onboarding, leadership training, global options for expanding your business, sales and customer service training, operational productivity improvement, 360s and employee surveys as well as a variety of workshops. Dana has over 25 years of business consulting experience and is a nationally renowned speaker, radio and TV personality on many topics. He provides workshops on hiring, managing for the future, and techniques to improve interpersonal communications that have a proven ROI. He is the co-author of the books, “Cracking the Personality Code”, “Cracking the Business Code” and “Cracking the High-Performance Team Code”. To order the books, please visit www.lighthouseconsulting.com.
If you would like additional information on this topic or others, please contact your Human Resources department or Lighthouse Consulting Services LLC, Santa Monica, CA, (310) 453-6556, email@example.com & our website: www.lighthouseconsulting.com.
Lighthouse Consulting Services, LLC provides a variety of services, including in-depth work style assessments for new hires & staff development, team building, interpersonal & communication training, career guidance & transition, conflict management, 360s, workshops, and executive & employee coaching. Other areas of expertise: Executive on boarding for success, leadership training for the 21st century, exploring global options for expanding your business, sales and customer service training and operational productivity improvement.
We recently launched a new service called Sino-Am Leadership to help executives excel when stationed outside their home country. American managers in Asia and Asian managers in America face considerable business, personal, and leadership challenges because of the cultural differences. This unique program provides personal, one-on-one coaching. For more information visit, https://lighthouseconsulting.com/performance-management/talent-development/sino-american-management-style/. We also have an affiliate in the UK who covers all of Europe so we are now a true multi-national company that can support our clients globally.
Excellent article; thank you for sharing!