IN TODAYS AGGRESSIVE BUSINESS ENVIRONMENT THE CHALLENGE TO SUSTAIN A COMPETITIVE ADVANTAGE PREOCCUPIES THE MINDS OF BUSINESS LEADERS. SO HOW DOES AN ORGANISATION DISTINQUISH ITSELF IN A HIGHLY COMPETITIVE MARKETBUSINESSES ARE DEPENDANT ON THEIR TOP PERFORMERS TO INNOVATE AND TO PROVIDE SERVICES THAT DIFFERENTIATES THE COMPANYIN OTHER WORDS ORGANISATIONS ARE RELIANT ON THEIR HUMAN ASSETS FOR SUSTAINED BUSINESS SUCCESS.
This slide just highlight the importance why companies should be worried about staff turnover. The pool of fresh talent is shrinking so to be effective in the future companies should retain the younger workforce of today
This slide just highlight that the shrinking workforce is also affecting SA.
I have included a video on the world of work (about 4min long – it really captures the essence of what this presentation is about).
Can explain that you will focus on Gen Y as they make up majority of the BPO workforce
If you want you can elaborate on some of the points based on experiences within Quest
Makes you think? What is your social media policy?
This information is based on major research studies and is clear that management is right on top.Perhaps you can give stats on current turnover in some of the call centres Quest manages – illustrate the point that this generation finds it easy just to up and leave. The are also very comfortable going back to the parents when they leave their job.
This quote connect with the next topic on effective ledership
If you don’t challenge people and you don’t build an emotional bond with them, you’re an Avoider (you’re also not doing much that could be called leading). If you challenge people to exceed their limits, but you don’t have much of a connection with them, you’re an Intimidator. If you connect with your folks, but you don’t challenge them all that much, you’re an Appeaser. And if you issue great challenges while still building intense connections with people, you’re the ultra-desirable 100% Leader. (Youcan take a test on www.leadershipiq.com/leadership-test to see where you fall.)
This slide gives some practical tips on how to retain the staff
These points refer back to the vidoe
LOOKING AT TALENT MANAGEMENT AND RETENTION STRATEGIES TO ENSURE SUSTAINABLE BUSINESS SUCCESS Presented by: Kay Vittee
CONTENT1. Understanding the importance of talent retention2. The evolving World of Work3. Understanding the BPO workforce4. Effective Leadership5. Retention Strategies
UNDERSTANDING THEIMPORTANCE OF TALENT RETENTION
Dimensions of the Crisis: A ShrinkingWorkforce Source: United Nations Department of Economic and Social Affairs
Projected population decline between2006 and 2030 (in millions) Source: U.S. Census Bureau Internal Data Base
Organisational Factors Most Impacted byTurnover Source: TalentKeepers, 2004
Retention TargetIf all employees are viewed as talent then Retention-relatedstrategies should target 97% of the employee population Source: Dibble, 1997
The old employment contract Employee Employer Loyalty (not leaving the Job Security (job for life) company) Conformity (following Promotional prospects instructions) Commitment (working hard, Training long hours) opportunities/incentives Trust in Organisation (keeping Sponsorship/ rescue when in promises) trouble
The new employment contract Employee Employer Transferable/ portable Employability/marketability competencies Commitment to continuous Flexible learning opportunities learning (web based) Exciting, innovative and High performance on the job challenging work - Key for retention Tolerance of change and Flexible work practices ambiguity
The shift in generations Veterans Baby Generation Generation Generations (born before Boomers X (1960- Y (1980- 1940) (1940-1960) 1980) 2000) Extra days Recognition Flexibility Non-financial leave schemes incentives Sponsor Services for Fun workplace Reward education staff Reward programs practice – what each Challenging Good Meaningful generation projects guaranteed work values from an packages and organisation short-term incentives “Grand celebrations”Source: 21st Century Pay Solutions Group
Y stay? Should you focus your retention strategies around gen Y?Generation Y “Is the most high maintenance workforce inthe history of the world; they’re also going to be the mosthigh performing.”(Hira 2007)
Characteristics of Gen Y• Fitness minded• Entitled• Gender differences are smaller• Race issues are smaller• Social life is more important than work life• Need for praise• Want to contribute on the first day of work• They’ve been made to feel special• Need to know they are on a career path• and respond strongly to money(Hira 2007)
Gen Y are tech savvy multi-taskers They switch their attention between 64% ask about media platforms like social media laptops, smartphones, policies during tablets & television 27 job interviews times per hour on average – as compared to only 17 1 in 3 Gen y’er said times for previous he/she would generations prioritise social media freedom, device flexibility and work mobility over salary in accepting a job offerSource: UNC, Kenan-Flagler Business School
Retention barriers Source: Business Training Experts Reasons employees leave in descending order1 Employee/manager relationship2 Inability to use core skills3 Not able to impact the organisation’s goals, mission4 Frequent reorganisations; lack of control over career5 Inability to “grow and develop”6 Employee/organisation values misalignment 43% of Gen y’ers felt7 Lack of resources to do the job extremely or very confident that they8 Unclear expectations could find another job9 Lack of flexibility; no work-life balance if they lost or left their10 Salary/benefits current one - UNC
Retention drivers• Relationship with Co-workers (25%)• Relationship with Manager (25%)• Desirable working hours (22%)• Attractive compensation (20%)• Attractive benefits (20%)
Effective management facilitateretention“ A talented employee may joina company because of itscharismatic leaders, itsgenerous benefits, and its worldclass training programs, buthow long that employee staysand how productive he is whilethere is determined by hisrelationship with his immediatesupervisor”Source: Buckingham and Coffman, 1999
Reward categories influencingattraction, motivation and retention ofemployees Top 6 factors: st Source: 21 Century Pay Solutions Group Attract Retain Motivate Monthly Salary /guaranteed 19.7% 9.8% remuneration 73.5% Variable Pay 5.4% 22.1% 29.7% Benefits 3.1% 7.0% Remuneration is only 1.8% Performance & career approximately 20 percent of the 8.9% management stay decision 27.0% 34.3% Quality of work environment 1.8% 3.3% 6.2% Work/home integration 7.3% 20.9% 18.1% 100% 100% 100%
Retention strategies geared around Gen Y Source: HCareers Initiate and maintain • They want their inputs to be valued open dialogue • Communication needs to be transparent Make work more • The want to feel personally inspired in their role meaningful – and more • Remember to have fun! fun Appeal to their sense • Engage your younger employees to head up charity of community service committees, development initiatives etc. and civic engagement Find out what makes • They take pride in their individuality so tailor retention them tick and reward initiatives to meet their needs • They want to be constantly challenged Keep them on their • Provide plenty of opportunities for professional toes development.
Gen Y wants to learn and grow with you Source: UNC, Kenan-Flagler Business School • Said opportunities for career 52% progression made an employer attractive • Said the opportunity for 65% personal development as the most influential factor in their current job • Said training and development 22% are the most valued benefits from an employer
Are you embracing your workforce’sability to:• Collaborate• Connect• Co-create &• Control?