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LOOKING AT TALENT MANAGEMENT AND
  RETENTION STRATEGIES TO ENSURE
   SUSTAINABLE BUSINESS SUCCESS



           Presented by:
             Kay Vittee
CONTENT

1. Understanding the importance of talent retention

2. The evolving World of Work

3. Understanding the BPO workforce

4. Effective Leadership

5. Retention Strategies
UNDERSTANDING THE
IMPORTANCE OF TALENT
     RETENTION
Dimensions of the Crisis: A Shrinking
Workforce
                   Source: United Nations Department of Economic and Social Affairs
Projected population decline between
2006 and 2030 (in millions)
                        Source: U.S. Census Bureau Internal Data Base
Organisational Factors Most Impacted by
Turnover               Source: TalentKeepers, 2004
Retention Target
If all employees are viewed as talent then Retention-related
strategies 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
UNDERSTANDING THE BPO
      WORKFORCE
Y stay? Should you focus your retention
       strategies around gen Y?
Generation Y “Is the most high maintenance workforce in
the history of the world; they’re also going to be the most
high 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 offer
Source: UNC, Kenan-Flagler Business School
Retention barriers
                                                  Source: Business Training Experts


     Reasons employees leave in descending order
1     Employee/manager relationship
2     Inability to use core skills
3     Not able to impact the organisation’s goals, mission
4     Frequent reorganisations; lack of control over career
5     Inability to “grow and develop”
6     Employee/organisation values misalignment                 43% of Gen y’ers felt
7     Lack of resources to do the job                               extremely or very
                                                                   confident that they
8     Unclear expectations                                      could find another job
9     Lack of flexibility; no work-life balance                 if they lost or left their
10    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 facilitate
retention
“ A talented employee may join
a company because of its
charismatic leaders, its
generous benefits, and its world
class training programs, but
how long that employee stays
and how productive he is while
there is determined by his
relationship with his immediate
supervisor”
Source: Buckingham and Coffman, 1999
EFFECTIVE LEADERSHIP
The four major leadership styles
                    Source: Mark Murphy, CEO of Leadership IQ
RETENTION STRATEGIES
Reward categories influencing
attraction, motivation and retention of
employees
 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’s
ability to:
• Collaborate
• Connect
• Co-create &
• Control?
THANK-YOU
www.Quest.co.za

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Talent management and retention strategies

  • 1. LOOKING AT TALENT MANAGEMENT AND RETENTION STRATEGIES TO ENSURE SUSTAINABLE BUSINESS SUCCESS Presented by: Kay Vittee
  • 2. CONTENT 1. Understanding the importance of talent retention 2. The evolving World of Work 3. Understanding the BPO workforce 4. Effective Leadership 5. Retention Strategies
  • 4. Dimensions of the Crisis: A Shrinking Workforce Source: United Nations Department of Economic and Social Affairs
  • 5. Projected population decline between 2006 and 2030 (in millions) Source: U.S. Census Bureau Internal Data Base
  • 6. Organisational Factors Most Impacted by Turnover Source: TalentKeepers, 2004
  • 7. Retention Target If all employees are viewed as talent then Retention-related strategies should target 97% of the employee population Source: Dibble, 1997
  • 8.
  • 9. 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
  • 10. 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
  • 11. 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
  • 13. Y stay? Should you focus your retention strategies around gen Y? Generation Y “Is the most high maintenance workforce in the history of the world; they’re also going to be the most high performing.” (Hira 2007)
  • 14. 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)
  • 15. 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 offer Source: UNC, Kenan-Flagler Business School
  • 16. Retention barriers Source: Business Training Experts Reasons employees leave in descending order 1 Employee/manager relationship 2 Inability to use core skills 3 Not able to impact the organisation’s goals, mission 4 Frequent reorganisations; lack of control over career 5 Inability to “grow and develop” 6 Employee/organisation values misalignment 43% of Gen y’ers felt 7 Lack of resources to do the job extremely or very confident that they 8 Unclear expectations could find another job 9 Lack of flexibility; no work-life balance if they lost or left their 10 Salary/benefits current one - UNC
  • 17. Retention drivers • Relationship with Co-workers (25%) • Relationship with Manager (25%) • Desirable working hours (22%) • Attractive compensation (20%) • Attractive benefits (20%)
  • 18. Effective management facilitate retention “ A talented employee may join a company because of its charismatic leaders, its generous benefits, and its world class training programs, but how long that employee stays and how productive he is while there is determined by his relationship with his immediate supervisor” Source: Buckingham and Coffman, 1999
  • 20. The four major leadership styles Source: Mark Murphy, CEO of Leadership IQ
  • 22. Reward categories influencing attraction, motivation and retention of employees 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%
  • 23. 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.
  • 24. 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
  • 25. Are you embracing your workforce’s ability to: • Collaborate • Connect • Co-create & • Control?

Editor's Notes

  1. 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.
  2. 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
  3. This slide just highlight that the shrinking workforce is also affecting SA.
  4. I have included a video on the world of work (about 4min long – it really captures the essence of what this presentation is about).
  5. Can explain that you will focus on Gen Y as they make up majority of the BPO workforce
  6. If you want you can elaborate on some of the points based on experiences within Quest
  7. Makes you think? What is your social media policy?
  8. 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.
  9. This quote connect with the next topic on effective ledership
  10. 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.)
  11. This slide gives some practical tips on how to retain the staff
  12. These points refer back to the vidoe