by Fronetics | Apr 27, 2015 | Blog, Strategy, Talent
The economy is getting back on track and some areas of business, like the supply chain, are growing rapidly and experiencing a dearth of applications, sometimes trying to fill “six to eight management jobs” for every one application received. So in an environment such as this, shouldn’t a company want to hang on tight to talented employees? The answer is yes. In a 2013 survey by Careerbuilder, 39% of employers were concerned about retention of top talent. Given the high cost it can take to fill an open position, keeping top employees around is vital to a company’s success.
Some of the things that tempt talented employees away are:
- The desire for new experiences, training and growth
- More money, stock options, vacation, and better benefits and perks
- A better title, a more prestigious company, a better location or environment
- Dissatisfaction in current job, one of the main causes being stress, work overload, and frustration with supervisors
- The “job hopping” climate— people expect to have many jobs over a lifetime unlike decades ago when one worked with a company for a lifetime
Many promising and talented workers expect a lot from the companies they work for “precisely because they work harder (and often better) than their peers, they expect their organizations to treat them well—by providing them with stimulating work, lots of recognition, compelling career paths, and the chance to prosper if the organization does.” When an employer disappoints even the most talented employee, productivity, effort, and interest falls. So how can a company prevent this from happening, and mitigate the risk of losing top talent?
Here is what companies can do to retain top talent:
- In a survey by Careerbuilder, 70% of employees reported that an increase in salary was the best way to retain them followed by 58% saying that benefits were important.
- Communicate with these employees and “assess their level of engagement” and satisfaction. Employees want to feel valued, so ask them if they feel valued.
- Understand that happiness in the workplace produces loyalty and productivity, and act on it. Be a thoughtful and generous leader. Provide career opportunities and work-life balance considerations.
- Ensure that your top talent is part of the conversation about the future of the company. These employees want to feel like part of something meaningful, so let them be stakeholders, too.
- Because of their talent and success, these employees may be given the brunt of the work. When top talent is recognized and rewarded, they will produce more. When they are not treated “fairly” they may become dissatisfied, less productive, and resentful.
- This idea may seem to work against everything previously listed, but allow for some risk. Don’t coddle these employees or shield them from failure that could prevent them from developing. Let them learn and grow. Ask yourself: do I want to retain top talent if they are incredibly high-maintenance or if their requirements are outrageous? Be generous, but don’t create a monster.
Honest conversations can often be the best way to retain top talent. Don’t assume that, in today’s climate with an increasingly savvy workforce, people will feel satisfied by simply being told they’re lucky to have a job. People often know they’re lucky to have a job, but top talent also believe something potentially more valuable: the company is lucky to have me. Everyone might be replaceable, but at what cost? Let your employees see you as an ally, as a caring entity, then you have a chance of earning their loyalty.
by Fronetics | Apr 27, 2015 | Blog, Strategy, Talent
The economy is getting back on track and some areas of business, like the supply chain, are growing rapidly and experiencing a dearth of applications, sometimes trying to fill “six to eight management jobs” for every one application received. So in an environment such as this, shouldn’t a company want to hang on tight to talented employees? The answer is yes. In a 2013 survey by Careerbuilder, 39% of employers were concerned about retention of top talent. Given the high cost it can take to fill an open position, keeping top employees around is vital to a company’s success.
Some of the things that tempt talented employees away are:
- The desire for new experiences, training and growth
- More money, stock options, vacation, and better benefits and perks
- A better title, a more prestigious company, a better location or environment
- Dissatisfaction in current job, one of the main causes being stress, work overload, and frustration with supervisors
- The “job hopping” climate— people expect to have many jobs over a lifetime unlike decades ago when one worked with a company for a lifetime
Many promising and talented workers expect a lot from the companies they work for “precisely because they work harder (and often better) than their peers, they expect their organizations to treat them well—by providing them with stimulating work, lots of recognition, compelling career paths, and the chance to prosper if the organization does.” When an employer disappoints even the most talented employee, productivity, effort, and interest falls. So how can a company prevent this from happening, and mitigate the risk of losing top talent?
Here is what companies can do to retain top talent:
- In a survey by Careerbuilder, 70% of employees reported that an increase in salary was the best way to retain them followed by 58% saying that benefits were important.
- Communicate with these employees and “assess their level of engagement” and satisfaction. Employees want to feel valued, so ask them if they feel valued.
- Understand that happiness in the workplace produces loyalty and productivity, and act on it. Be a thoughtful and generous leader. Provide career opportunities and work-life balance considerations.
- Ensure that your top talent is part of the conversation about the future of the company. These employees want to feel like part of something meaningful, so let them be stakeholders, too.
- Because of their talent and success, these employees may be given the brunt of the work. When top talent is recognized and rewarded, they will produce more. When they are not treated “fairly” they may become dissatisfied, less productive, and resentful.
- This idea may seem to work against everything previously listed, but allow for some risk. Don’t coddle these employees or shield them from failure that could prevent them from developing. Let them learn and grow. Ask yourself: do I want to retain top talent if they are incredibly high-maintenance or if their requirements are outrageous? Be generous, but don’t create a monster.
Honest conversations can often be the best way to retain top talent. Don’t assume that, in today’s climate with an increasingly savvy workforce, people will feel satisfied by simply being told they’re lucky to have a job. People often know they’re lucky to have a job, but top talent also believe something potentially more valuable: the company is lucky to have me. Everyone might be replaceable, but at what cost? Let your employees see you as an ally, as a caring entity, then you have a chance of earning their loyalty.
by Fronetics | Apr 23, 2015 | Blog, Leadership, Strategy, Talent
When it comes to hiring it is important to get it right. This is especially true for small businesses. This is not only because of the significant financial implications of a bad hire, but also because, as Jeff Haden points out,
“When employee No. 300 turns out to be a disaster, the impact on the business is relatively small and often confined to a small group of staff. When employee No. 3 turns out to be a disaster, everyone—and everything—suffers.”
When considering candidate for a position intelligent companies don’t focus on where the individual went to school, what degree was obtained, or the companies for which the individual has worked. Rather, intelligent companies focus on qualities; good employees tend to possess distinct qualities.
Here are 14 qualities that good employees possess:
Innovative
Good employees think outside the box and introduce new ideas and new methods for accomplishing a task or achieving goals.
Determined
Determined employees don’t see challenges or constraints as roadblocks. Rather they are unwavering in their resolve to accomplish the task, achieve the goal, or further their career.
Positive
Individuals who have a positive attitude and come to work with an optimistic outlook and tend to be more productive than negative or pessimistic individuals. Moreover, a positive attitude tends to be contagious; therefore, creating a more positive (and productive) workplace.
Confident
A confident individual is one who is willing to take on tasks that others avoid out of fear of failure or fear of a challenge. A confident individual is also someone who is not afraid to speak up and introduce new ideas, or question the status quo.
Honest
As Benjamin Franklin said: “Tricks and treachery are the practice of fools, that don’t have brains enough to be honest.”
Detail-oriented
While it is important to be able to see the big picture, being detail-oriented is critical.
Smart
When someone is smart they are willing and able to learn, to evolve, and to tackle challenges without needing to be coached or coddled.
Ambitious
An individual with a desire enhance their career is someone who will bring valuable contributions to your company.
Hard working
There is no substitute for hard work. As Vince Lombardi put it: “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
Cultural fit
It is critical that the individual be a good match for the culture of the company. If there is no cultural fit it is not only likely that there will be friction, it is also likely that the person won’t stay with the company very long.
Autonomous
A good employee is one who is able to work on their own without hand-holding.
Magnanimous
An individual who is considerate, humble, and recognizes the contributions and work of others is someone you want to have join your company and your team.
Accountable
A person who has proven that they are accountable to themselves and to others is someone you want to hire.
Proactive
When an individual is proactive they are more likely to approach their job with energy, and they are more likely to address and tackle challenges before challenges become problems.
by Fronetics | Apr 23, 2015 | Blog, Leadership, Strategy, Talent
When it comes to hiring it is important to get it right. This is especially true for small businesses. This is not only because of the significant financial implications of a bad hire, but also because, as Jeff Haden points out,
“When employee No. 300 turns out to be a disaster, the impact on the business is relatively small and often confined to a small group of staff. When employee No. 3 turns out to be a disaster, everyone—and everything—suffers.”
When considering candidate for a position intelligent companies don’t focus on where the individual went to school, what degree was obtained, or the companies for which the individual has worked. Rather, intelligent companies focus on qualities; good employees tend to possess distinct qualities.
Here are 14 qualities that good employees possess:
Innovative
Good employees think outside the box and introduce new ideas and new methods for accomplishing a task or achieving goals.
Determined
Determined employees don’t see challenges or constraints as roadblocks. Rather they are unwavering in their resolve to accomplish the task, achieve the goal, or further their career.
Positive
Individuals who have a positive attitude and come to work with an optimistic outlook and tend to be more productive than negative or pessimistic individuals. Moreover, a positive attitude tends to be contagious; therefore, creating a more positive (and productive) workplace.
Confident
A confident individual is one who is willing to take on tasks that others avoid out of fear of failure or fear of a challenge. A confident individual is also someone who is not afraid to speak up and introduce new ideas, or question the status quo.
Honest
As Benjamin Franklin said: “Tricks and treachery are the practice of fools, that don’t have brains enough to be honest.”
Detail-oriented
While it is important to be able to see the big picture, being detail-oriented is critical.
Smart
When someone is smart they are willing and able to learn, to evolve, and to tackle challenges without needing to be coached or coddled.
Ambitious
An individual with a desire enhance their career is someone who will bring valuable contributions to your company.
Hard working
There is no substitute for hard work. As Vince Lombardi put it: “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
Cultural fit
It is critical that the individual be a good match for the culture of the company. If there is no cultural fit it is not only likely that there will be friction, it is also likely that the person won’t stay with the company very long.
Autonomous
A good employee is one who is able to work on their own without hand-holding.
Magnanimous
An individual who is considerate, humble, and recognizes the contributions and work of others is someone you want to have join your company and your team.
Accountable
A person who has proven that they are accountable to themselves and to others is someone you want to hire.
Proactive
When an individual is proactive they are more likely to approach their job with energy, and they are more likely to address and tackle challenges before challenges become problems.
by Fronetics | Apr 22, 2015 | Blog, Leadership, Strategy
The world has changed a lot in a century, but Andrew Carnegie’s ideas on leadership endured.
When reading the list of specific traits that define “successful leaders in all walks of life” compiled by Napoleon Hill from an interview with Andrew Carnegie, current or potential leaders might feel intimidated or overwhelmed. Then again, if they’re strong leaders according to Carnegie, they might feel as though they’re being described. On the list are thirty-one attributes ranging from being driven, focused, determined, loyal, attentive, tactful, fair, enthusiastic, open-minded, optimistic, creative, persistent, interested in others motivations, able to collect facts before making judgment, and responsible for the actions of their subordinates, among other things.
We know strong leaders don’t work alone. Carnegie knew how to surround himself with others, those who were talented and shared his vision. According to an Inc. article The Best Leaders Don’t Do It Alone, the most successful leaders also have others in mind: “The most successful leaders, activists, and companies have missions to help a community of people, from Martin Luther King rallying the civil rights movement to Mahatma Gandhi unifying India–or even TOMS CEO Blake Mycoskie’s ‘One for One’ program that provides shoes to children in need. ‘People don’t like to follow leaders who are dedicated only to their own personal glory, but they will sacrifice everything for leaders and communities who give them a higher calling, a greater purpose.'” Carnegie himself was, perhaps, the greatest example of philanthropy. By his death in 1919 it is thought that he donated $350 million, and urged his peers to do the same.
Is the wisdom of Andrew Carnegie dated, after nearly a century? Current studies are in line with his beliefs. A 2014 study asked 332,860 bosses, peers, and subordinates what skills had the greatest impact on a leader’s success. “Inspires and motivates others” ranked first at 38 percent, followed by “displays high integrity and honesty” and “solves problems and analyzes issues” at 37 percent.
The Harvard Business Review follows columnist Dan Savage’s formula that he applies to personal relationships, “good, giving, and game” but applies them to professional relationships as well. They say a leader needs to be:
Gifted
They need to be superb at what they do. They need to, as Carnegie also felt, be able to go above and beyond others’ efforts. They need to be, “smart, prepared, and well-informed, they need to engage in conversations with curiosity and capability. But to be on a team, they need to go beyond that. They need to be gifted communicators and gifted learners, mastering conflict without being offensive, and adapting to their own changing roles as the organization grows.”
Giving
They need to put the good of the company before their own immediate interests. They must also be curious about the work of others on their team and “be good-hearted, mutually respectful, and gracious, resisting the urge to dominate, take the upper hand, or shine at the expense of others.” Recent studies have also shown that being the traditionally distant, or “tough” manager leads to stress in employees, which can lead to increased days off, higher health care costs, and turnover. Giving and fair managers bring about loyalty and productivity in employees.
Game
Carnegie listed that a good leader must be able to take criticism and take risks. They need to possess the “kind of confidence that allows them to be questioned by others — even take blame and feel threatened — without becoming defensive.”
The world has changed a lot in a century, but Andrew Carnegie’s ideas on leadership haven’t. They can be applied to our current world, one he may have never imagined, though given his qualities as a leader, he may very well have envisioned it all.
by Fronetics | Apr 22, 2015 | Blog, Leadership, Strategy
The world has changed a lot in a century, but Andrew Carnegie’s ideas on leadership endured.
When reading the list of specific traits that define “successful leaders in all walks of life” compiled by Napoleon Hill from an interview with Andrew Carnegie, current or potential leaders might feel intimidated or overwhelmed. Then again, if they’re strong leaders according to Carnegie, they might feel as though they’re being described. On the list are thirty-one attributes ranging from being driven, focused, determined, loyal, attentive, tactful, fair, enthusiastic, open-minded, optimistic, creative, persistent, interested in others motivations, able to collect facts before making judgment, and responsible for the actions of their subordinates, among other things.
We know strong leaders don’t work alone. Carnegie knew how to surround himself with others, those who were talented and shared his vision. According to an Inc. article The Best Leaders Don’t Do It Alone, the most successful leaders also have others in mind: “The most successful leaders, activists, and companies have missions to help a community of people, from Martin Luther King rallying the civil rights movement to Mahatma Gandhi unifying India–or even TOMS CEO Blake Mycoskie’s ‘One for One’ program that provides shoes to children in need. ‘People don’t like to follow leaders who are dedicated only to their own personal glory, but they will sacrifice everything for leaders and communities who give them a higher calling, a greater purpose.'” Carnegie himself was, perhaps, the greatest example of philanthropy. By his death in 1919 it is thought that he donated $350 million, and urged his peers to do the same.
Is the wisdom of Andrew Carnegie dated, after nearly a century? Current studies are in line with his beliefs. A 2014 study asked 332,860 bosses, peers, and subordinates what skills had the greatest impact on a leader’s success. “Inspires and motivates others” ranked first at 38 percent, followed by “displays high integrity and honesty” and “solves problems and analyzes issues” at 37 percent.
The Harvard Business Review follows columnist Dan Savage’s formula that he applies to personal relationships, “good, giving, and game” but applies them to professional relationships as well. They say a leader needs to be:
Gifted
They need to be superb at what they do. They need to, as Carnegie also felt, be able to go above and beyond others’ efforts. They need to be, “smart, prepared, and well-informed, they need to engage in conversations with curiosity and capability. But to be on a team, they need to go beyond that. They need to be gifted communicators and gifted learners, mastering conflict without being offensive, and adapting to their own changing roles as the organization grows.”
Giving
They need to put the good of the company before their own immediate interests. They must also be curious about the work of others on their team and “be good-hearted, mutually respectful, and gracious, resisting the urge to dominate, take the upper hand, or shine at the expense of others.” Recent studies have also shown that being the traditionally distant, or “tough” manager leads to stress in employees, which can lead to increased days off, higher health care costs, and turnover. Giving and fair managers bring about loyalty and productivity in employees.
Game
Carnegie listed that a good leader must be able to take criticism and take risks. They need to possess the “kind of confidence that allows them to be questioned by others — even take blame and feel threatened — without becoming defensive.”
The world has changed a lot in a century, but Andrew Carnegie’s ideas on leadership haven’t. They can be applied to our current world, one he may have never imagined, though given his qualities as a leader, he may very well have envisioned it all.
