How Safe are You from Talent Thieves? 

Talent Thieves 

When our house was robbed last year, it caused us to re-evaluate how we secured our valuables. An alarm system, window locks, and security doors have been put in place to help secure our most valuable possessions. We feel safer, but we know that regardless of the measures we implement, we are still vulnerable.

Your organization is vulnerable too. And the thieves who want to steal from you are not looking for televisions and electronics. They are looking to poach your best people. Talent thieves are on the prowl and it's important to think about your security measures.

Why the rash of talent theft? Economists are beginning to predict an economic recovery. Politicians are claiming that we are "out of the woods." The evening news is reporting upward trends. We've been waiting to hear the good news for years and it's finally beginning to trickle in. With each positive report, employees are considering their options. Sixty percent of employees in a Manpower survey said they intend to leave their current employer. Pent-up frustration with years of low or no pay increases, benefit cuts, and few opportunities for promotion naturally lead to increased turnover.

Competition for top talent is fierce. Your top performers now have options and the thieves are looking to steal them from you. But you can hold the competition at bay. Here are five tips for fending off the thieves so you can retain your superstars.

Be Competitively Fair. Pay matters. If your compensation plan is not competitive with the marketplace, you will lose talent. But being competitive doesn't mean you have to pay more than every other employer. It means that the pay you offer is fair and reflects what the job is worth relative to the market. Once the fairness issue is addressed, retention is more about the work itself and how employees feel working for you.

Over Communicate a Compelling Mission. When it's clear what you stand for and your mission is meaningful, employees feel committed. How does your work impact the lives of others? How do your efforts make the world a better place? How does your organization make a difference? If you clearly define a compelling vision, employees will want to stick around to help you achieve it.

Align Work with the Mission. Each employee needs to feel connected to your mission. Harvard Business Review cited that 37 percent of employee activity is not aligned with business goals. Every job and every task must support the mission. You've probably heard the story about the custodian at a NASA facility who, when asked what his job was, replied, "I'm helping put a man on the moon." From the top of the organizational chart to the bottom, commitment soars when everyone understands the value they bring.

Tell Them What You Think. In a Leadership IQ survey 66 percent of employees said they have too little interaction with their bosses and 67 percent said they get too little positive feedback from their bosses. Sixty-five percent said that when their bosses criticize poor performance, they don't provide enough information to be helpful. Frequent, meaningful feedback, regardless of whether it's positive or constructive, is a tool for engaging employees.

Ask Them to Stay. Conducting regular "stay interviews" is considered a best practice for retaining employees, and they are a lot more fun to do than exit interviews. To learn more about stay interviews, check out my February 2012 E-Tip. By asking employees what keeps them interested in the work, you are telling them that they are valuable. When they feel valued, they will be more resistant to talent thieves.

The thieves are out there, plotting to steal your best and brightest. But, you can keep them at a distance by being mindful about the well-being of your top performers. Believe me; it's easier to secure your valuables that it is to replace them.

 

 

Take 10:  Brief Training Video Now Available

TURNING SUPERVISORS INTO PERFORMANCE MANAGERS

 

Thanks to my friends at CRG emPerform for producing this brief online training clip about turning supervisors into performance managers.  In just 10 minutes you and your team will learn practical tools you can apply immediately.  Best of all, it's free!

 

 
 Take 10: How to Turn Supervisors into Performance Managers
Take 10: How to Turn Supervisors into Performance Managers

   

CRG emPerform is a web-based all-inclusive performance and talent management software solution. To learn more, visit the CRG emPerform website.  There you can also access more free webinar downloads related to Painless Performance Evaluations.

 

Don't you just love free stuff?

 

Final Footnotes 
NEWS & EVENTS FROM MARNIE

 

"I know what I have given you...I do not know what you have received."

--Antonio Porchia


One of the challenges of coaching and managing employees is that sometimes you just don't know if your efforts have had an impact. Did the employee care if you noticed their good work?  Did the co-worker see that you went out of your way to help?

 

My work isn't much different. I've been writing these E-Tips on a monthly basis since 2006.  Sometimes I wonder, does anyone really read this stuff? Just about that time I meet someone at a conference or a workshop who says something like, "I just read your last E-Tip and it really made a difference for me." Comments like that inspire me to keep writing. 

 

So, if you find value in these monthly reminders, please let me know or better yet, share E-Tips with others. 

 

And remember: Just because you don't know how your efforts are being received doesn't mean your efforts are unnoticed.  

 

Have a great month! 

 

Sincerely,

Marnie Green, IPMA-CP
Principal Consultant

 

May 2012
How Safe are You from Talent Thieves?
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