Retaining talent in today’s job market ppt
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Powerpoint for Capstone Class- Dr. Jose Lepervanche, FSCJ April 2013
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Retaining talent in today’s job market ppt
- 1. RETAINING TALENT IN TODAY’S JOB MARKET Shannon Brown MAN 4900 380480 Dr. Jose Lepervanche April 2013
- 2. WHAT EMPLOYERS NEED TO REVISIT… Improved retention practices Expectations of Gen Y Improving job “embeddedness” in their teams
- 3. IMPROVED RETENTION PRACTICES Fallacy of retention through poor economy “While job markets are tight and cuts are being made, the fear of being let go for reasons out of their control is always present, therefore not a reason to stay and remains dissatisfied. (White, 2012)
- 4. REVISIT STRATEGIES “Stay” interviews to uncover interests, strengths and best skills, as well as motivations, career opportunity and performance needs. Retention practice committee that develops an organization “brand” Create mission statements, etc. and review and define them on a regular basis.
- 5. GEN Y Misconceptions Entitled Spoiled Impatient Technology- addicted Need Instant Gratification Need Constant Praise
- 6. GEN Y REALITY Feel “backed up” and delayed in advancement by Boomers staying in the rat race longer. Looking for more than pay- “They look for fulfillment, relevancy of the work, self- development and training.” (Baird and Smith, 2009) Almost desperate to get ahead in their careers and are looking for mentors and networking opportunities. (McQueen, 2010)
- 7. JOB EMBEDDED-NESS Also known as “stickiness” Includes both on and off the job factors
- 8. ON THE JOB FACTORS Links to other workers Their own perception of the job and its importance Risk of what would be lost if they left
- 9. OFF-THE-JOB FACTORS Neighborhoods Subsidizing housing in desirable areas Community Engagement Volunteering through work Schools, Stores and Activities Relationships, discounts, etc.
- 11. HELP WITH THE FAMILY DYNAMIC EAP Family Activities Employee Networking for assistance
- 12. CUSTOMER-BASED APPROACH Customer-type of relationship Needs of employee are satisfied “Feeling valued is often more powerful than a raise.” (White, 2012)
- 13. CONCLUSIONS It’s not all about money Stickiness is not about the fear of the unknown Need to feel part of the team Clear pathway to advancement Know their contribution counts Needs must be met, just like a customer Leaders today must cultivate and motivate to avoid voluntary attrition
- 14. WORKS CITED Baird, R. & Smith, R. M. (2009, October 19). Don't panic. Newsweek, 154(16), E10. DOI: resolver.linccweb.org Cardy, R., & Lengnick-Hall, M. (2011). Will they stay or will they go? exploring a customer- oriented approach to employee retention. Journal of Business and Psychology, 26(2), 213-217. Retrieved from disocver.linccweb.org Jiang, K., Liu, D., McKay, P. F., Lee, T. W., & Mitchell, T. R. (2012). When and how is job embeddedness predictive of turnover? A meta-analytic investigation. Journal Of Applied Psychology, 97(5), 1077-1096. Kraimer, M., Seibert, S., Wayne, S., Liden, R., & Bravo, J. (2011). Antecedents and outcomes of organizational support for development: The critical role of career opportunities. Journal of Applied Psychology, 96(3), 485-501 inclusive. Retrieved from discover.linccweb.org McQueen, M. (2010). The new rules of engagement: A guide to understanding & connecting with generation y . Garden City, NY: Morgan James Publishing. White, D. E. (2012). The secret of employee retention: feeling valued is often more powerful than a raise. SaskBusiness, 33(3), 44. Retrieved from resolver.linccweb.org (2013). Three ways to strengthen talent engagement. T&D, 67(3), 21. Retrieved from resolver.linccweb.org
Editor's Notes
- Three major initiatives employers need to explore or re-explore are:1)Improved retention practices- in difficult economic times, many priorities took he place of keeping good people on board while looking for opportunities to cut postions (maybe) by attrition. 2) Assure that we are truly prepared for Gen Y and all that they will need. There will be 80 million of them in the workplace once they all matriculate and older generations aren’t necessarily prepared for them.3)Improving Job Embeddedness to stem voluntary attrition.
- The first thing is to remind Senior Management and Human Resource departments that it is a fallacy to think employees will stay when there is a bad job market, because of fear.
- Some strategies are to-1)Conduct “Stay” interviews, long before there is a need for an exit interview, and find out what keeps you good employees coming to work every day. They need to be motivated, have clear career paths and truly investigate where they see themselves in the future with the company.2) Create a retention practice committee that develops an organizational “brand, not for the company’s customers and products or services, but a brand that looks at the employees needs and the company’s commitment and philosophy about it.3) Create mission statements that are relevant for all employees, top to bottom and be prepared to revisit and redefine them on a regular basis. The market changes and the company’s priorities may need to a well, but Senior Management needs to support them, but they have to be relevant to the hourly employees as well.
- Some of the perceptions and misconceptions regarding Gen Y-Entitled- We have the Boomers and very early Gen X’ers to thank for raising their children the way they have. Every generation wants their children to have more, but Boomers also experimented with a lot of new child-rearing ideas that may have been beneficial from some aspects, but didn’t make them a smaller, identical version of the Boomers.Spoiled- All parents want their children to have more that they did, and we’ve seen this through the last 20-30 years with 16 year-olds with brand new cars, the newest, trendy clothes and the leading edge of technology in their back pocket.Impatient- Why should a young adult be patient with a 10-15 year plan for advancement when they can get answers to their questions from Google in 15 seconds? Also, with very free, creative workplaces like Google, or Apple, or Microsoft heralded in the news, why can’t every employer provide that same atmosphere?Technology-addicted- A Gen Y’s whole life is in the palm of their hand, from banking to shopping, to music and even investing. Boomers were some of the people at the forefront of the technology we cannot seem to survive without today. Again, thank them when you see them!Instant Gratification- There is no need to wait for much of anything anymore and they can dowload their favorite song and replay it in less than a minute, and for much less than what Boomers ever paid for a record, CD or cassette.Need Constant Praise- These are the products of the self-esteem “Everyone gets a trophy” syndrome, whether you came in first place or tenth place and everyone does “great” even if they didn’t do so “great”. Competition and learning how to lose was not always on the minds of parents, coaches and teachers. Even teachers are now “blamed” if their students don’t do well on a test because they must have not taught it the right was for the child to learn- It could almost never be the child’s fault! Again, Boomers are thanksed again because Gen Y needs more praise because they were raised with constant praise, even when maybe ot deserved.
- Gen Y feels backed up and actually most of the time blames the Boomers for the job market they inherited when they graduated from college- and that the Boomers are not getting out of the way fast enough for them to progress through the ranks. Maybe Boomers are and are not to blame, but being a large generation themselves, they were in the same predicament, but didn’t have things like better health care and empty retirement accounts that kept the Greatest Generation in the mix for longer than usual.Gen Y is looking for more than pay-They want fufillment. Developmental opportunities, relevancy, training and clear pathways. They have insatiable energy and want to make a difference, if give the opportunity.Almost desperate- Gen Y is hungry, and they do look for mentoring and networking opportunity, but do not have much patience for outcomes that will take years.
- Job embeddedness is the “stickiness” or the attachment employees have to their place of employment. It includes on- and off-the- job factors that are far more than money.
- On the job factors include their Links to other workers and those teams that have meaning and purpose. The Gallop Q12 shows that having a “best friend” at work is very important to job satisfaction. Also, their own perception of their job and its importance is paramount. They are not happy enough to just make widgets for widget’s sake. They need to understand how their contribution, no matter how big or small, impacts the team or the company as a whole. The final on the job factor is what the risk would be and what they might lose if they left. Seniority, tenure, benefits are just a few common risks, but there are uncommon risks as well and employers with stickiness also prompt an employee to think about what the team would do without them.
- Some off-the-job factors include neighborhoods where the company is or where the employee may live to be able to get to work. Stickiness in this area might include subsidized housing in desirable areas. Community engagement for the employee would included involvement in civic, religious or other stickiness factors and the company can encourage these by encouraging community involvement through the company, especially listening to the employees to see what passions may be the right causes to become involved and even “doing good” on company time. Schools, stores and activities are important in convenience and quality, especially for employees who have children, and the company should strive to forge relationships with local businesses for incentives and discounts.
- The biggest factor in stickiness is still one out of the employer’s reach- The family dynamic. The old addage “when Mama aint happy, nobody’s happy” can and still does apply today and it is easier to say “leave your baggage from home at the door” than it is to do.
- Some ways that a company can help with the family dynamics is to have an EAP (Employee Assistance Program) in place for confidential counseling, legal concerns, medical and financial advising as well as a way to report to the top level of management anything that would be considered “whistle-blowing” which can be a topic that needs discretion and assurance of anonymity. Also, having family activities, where spouses, children, parents, etc. can get to know the company and the employees to understand why family members go to work everyday and hopefully, why they like to. Also, employees networking peer-to-peer and assisting each other by donating vacation hours and maybe even lawn care or errand-running creates a team or family “feel” of helping each other out when there are challenges or issues at home.
- The customer based approach inferes that employers and employees have the same type of relationship as a customer and a company- where the needs of the employee need to be satisfied to carry out their duties. The quote from White says it all.
- Some conclusions-It is not all about the money when it comes to job satisfaction. Stickiness is not about the fear of the unknown. Employees need to feel part of the team and they need a clear path for advancement if they do their job and are successful. They need to know that their contribution, large or small, makes a difference and their needs must be met, just like a customer. Leaders today must cultivate and motivate to avoid voluntary attrition.