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Retaining Talent

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Retaining Talent

  1. 1. RETAINING TALENT Presented by: Fred Lange
  2. 2. Paying Top Talent Work with UsWinning Strategies for Finding, Developing & Maintaining Top Talent RETAINING TOP TALENT Direct, Practical Advice that Works
  3. 3. Retaining Top Talent WHAT DOES TOP TALENT WANT? The world! First, they want a challenge and to have fun coming to work. So they want the resources and opportunity to make things happen. Second, top talent wants an informal culture with very little bureaucracy. Third, they want compensation thats tied to performance  Source: RADFORD CONSULTING Direct, Practical Advice that Works
  4. 4. Retaining Top Talent WHAT THEY WANT?  Empowering relationship with their manager A winning, high-performance culture The fun and excitement of working with a team of top talent The opportunity to grow, to meet challenges, to rise in stature and title Competitive pay, bonus and benefits  [Proactive increases in pay and compensation. Do not wait until the threat of quitting to pay people appropriately] Source: B.Smart, Ph.D. Direct, Practical Advice that Works Direct, Practical Advice that Works
  5. 5. Retaining Top Talent AMENABILITY OF COMPETENCIES TO CHANGERelatively Easy Very Difficult to Change Harder But Doable to ChangeRisk Taking Judgment IntelligenceLeading Edge Strategic Skills Analysis SkillsEducation Pragmatism CreativityExperience “Track Record” Conceptual AbilityOrganization/Planning Initiative IntegritySelf-Awareness Conflict Management Inspiring “Followership”Communications – oral Independence AssertivenessCommunications – written Stress Management EnergyFirst Impression Adaptability EnthusiasmCustomer Focus Likeability AmbitionPolitical Savvy Listening TenacitySelecting Talent (A-players) Team PlayerRemoving Marginal Talent (C-players) Negotiation SkillsCoaching/Training PersuasivenessGoal Setting Change Leadership Direct, Practical Advice that Works Direct, Practical Advice that Works
  6. 6. Retaining Top Talent THE LIKELIHOOD OF CHANGE frequentHow frequent is the behavior? Very difficulty to change “character-driven behaviors are like crabgrass: deeply rooted and difficult to weed out.” Manager’s willingness to change Very easy to change infrequent response to a expression of character particular situation How deeply entrenched is the behavior? Direct, Practical Advice that Works Direct, Practical Advice that Works
  7. 7. Retaining Top Talent FIRING MODEL Ease of making the decision. Do you conscientiously take your marginal play (C Player) through the appropriate steps of coaching, training, and looking for alternative jobs internally, and if all those steps have failed to produce an A player, do you then easily conclude, “He has to go?” Or, do you waver, procrastinate, avoid confronting the issues with the C player or perhaps even ignore the fact that you have an under-performer? Ease of implementing the decision. Once the decision to fire the C- player is made and will be implemented shortly, how easy or hard is it for you to fire the person? Are you a cold (“Hey, this is business, nothing personal”) sort, pulling the trigger on the C player without empathy? Or, do you sympathize and show human concern as you say, “Sorry, Charlie, but you have to go?” Direct, Practical Advice that Works Direct, Practical Advice that Works
  8. 8. Retaining Top Talent FIRING MODEL Ease of Making the Firing Decision Easy Hard Hatchet   Easy OstrichEase of Implementing Person the Firing Decision     Hard Top Grader Wimp Direct, Practical Advice that Works Direct, Practical Advice that Works
  9. 9. Retaining Top Talent REDEPLOYING Thorough & accurate assessment Reasonable performance goals Ongoing feedback Role modeling Comprehensive coaching No hard feelings Increase self-awareness by marginal c-player Increasing skills by c-player Opportunities for ego protection Direct, Practical Advice that Works Direct, Practical Advice that Works
  10. 10. Retaining Top Talent REDEPLOYING EXAMPLEREDEPLOYMENT: We transferred her to newly created Member Liaison position with no supervisory responsibilities, hired P/T Controller to run financials and manage office/accounting personnel. Direct, Practical Advice that Works Direct, Practical Advice that Works
  11. 11. Retaining Top Talent REDEPLOYING“Having interviewed more than 100 presidents and CEO’s who attributed their failure to “carrying C players” The vast majority of cases, they said, “I should have moved quicker to get rid of C-players” B. Smart, Topgrading Direct, Practical Advice that Works Direct, Practical Advice that Works
  12. 12. Retaining Top Talent MANAGEMENT OFFSITE (RE: TALENT) Do we have the talent to meet our goals? Will we have it? How successful are we in recruiting people, internally and externally? What is our hiring batting average? Where are we strong and weak in management? Which A players should be promoted, and to what jobs, in order to retain and develop them, but not put them over their head? How many external searches should we do, for what jobs? Have we made progress in culling the chronic C-players? Why not? Who’s responsible? Are we all in a full-court press for recruitment by developing and using our networks to generate candidates? Can we bypass search firms? How are we progressing on developing an internal “bench,” so we can have an optimal blend of promoting people from within and enriching the mix with talent from outside Direct, Practical Advice that Works Direct, Practical Advice that Works
  13. 13. Retaining Top Talent LIFE BALANCE SCORECARD  Good Not Good Enough Enough Critical Life Dimension1. □ □ Career success2. □ □ Wellness3. □ □ Relationships (family, friends)4. □ □ Giving something back5. □ □ Financial health/independence6. □ □ Spiritual grounding7. □ □ Recreation (pleasure, hobbies) Direct, Practical Advice that Works Direct, Practical Advice that Works
  14. 14. Retaining Top Talent SUPER MANAGER//COACH A Partner. “Hey, you’ve got a problem, let’s work on it together.” Interested, engaged, respected. Promotes autonomy. Helps coachee to independently diagnose problems, consider solutions; makes informed choices regarding development. Positive. Supportive, builds confidence, an enthusiastic motivator. Uses praise and recognition for progress and accomplishment. Never ridicules. Passionate. Has a sense of humor. Invariably respectful. Trustworthy. Honest. Maintains confidences. Open. Admits when wrong. Doesn’t over promise.       Direct, Practical Advice that Works Direct, Practical Advice that Works
  15. 15. Retaining Top Talent SUPER MANAGER//COACH Caring. Compassionate and empathetic. Sincere. Patient. Understands how hard it is to change. Tolerant. Reasonable. Results-oriented. Focuses only on important issues. Proactive. Infectiously committed to helping coachee perform. Follows through on promises. Perceptive. Understands coachee’s strengths, shortcomings, goals, needs. Authoritative. Knowledgeable. Wise. Clear and specific in feedback. Has common sense. Generates valid measures of improvement. Active listener. Plays back content and underlying feelings. Summarizes, clarifies.                  Direct, Practical Advice that Works Direct, Practical Advice that Works
  16. 16. Retaining Top Talent GM – TIP TO GIVE TO YOUR DIRECT REPORTSPretend Im in the room. When I was doing mergers and acquisitions for Honeywell, I once asked Ed [Spencer, CEO Honeywell] how he could trust me not to make mistakes in judgment with such big transactions. He said, "Just assume Im in the room with you. If a deal doesnt feel right-if you wouldnt do it with me sitting next to you- walk away." Source: Mannie Jackson , Globtrotters Direct, Practical Advice that Works Direct, Practical Advice that Works
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