Retaining Top Industry Talent Creatively
According GlobalHR Research, the talent shortage is intensifying. “Expect a shortage of management talent for some time as economic growth outstrips home-grown talent in emerging markets as managers in advanced countries choose entrepreneurship in increasing numbers.”
How do you remain competitive and attract and retain top talent in your industry? The singular mantra from the 1990s-2008 for financial industry professionals was “show me the money.” The emerging 21st century American workforce is no longer focused only on money. Investing in great salaries, including a signing bonus, and enhancing company benefits has always been important.
The New Talent Rules
Firm culture and work-life balance are equally important today. America’s contemporary workforce demands work/life balance. How can managers accomplish this along side of sales quotas and increasing profit pressures?
Try thinking out of the box. Golfing events, tennis round-robins, ski weekends, corporate “Olympics” games, family days, or even fun-filled bowling outings can achieve a well-needed break from the intensity of the daily grind. Scheduling a community activity day once a quarter can enhance employee morale, relieve performance pressure, and subsequently improve overall employee efficiency. The trade-off of a few day’s work a year by recognizing the human needs of your workforce is worth the return in employee productivity.
Learn some key moves from highly successful companies like SAS Institute, a private information technology firm in Cary, North Carolina, whose attrition rates are remarkably low (2%). According to Fortune Magazine’s “100 Best Companies to Work For,” SAS consistently attracts and retains employees by making them feel valued.
CEO Jim Goodnight claims that valuing employees directly contributes to consistent revenue growth and profitability. "In our industry, rapid innovation and extreme customer care are essential…The best way to make that happen is by supporting people. We have spent decades perfecting a culture and work environment that encourages creativity by addressing the day-to-day stresses and concerns that employees inevitably bring to work.”
Leading Your Industry
This may not be what you learned in traditional core management programs. Extracting every ounce of available energy from your workforce without paying attention to their common humanity is an outdated 20th century model. If you want to compete in today’s talent market, it makes good business sense to understand what top-skilled employees are demanding in quality of life perks in addition to salary and traditional benefits.
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