“ Career” is a term defined by the Oxford dictionary as an individual’s ‘course or progress through life’
Worker Shortage Skill Shortage Talent Management Global Competition Diversity Loyalty Worker Shortage Skill Shortage Talent Management Global Competition Diversity Loyalty EnvironmentalTrends Known Challenges….
Some known facts…. It Costs Much More to Replace Employees Than to Keep Them
Some known facts… Money may attract people to the front door but something else is needed to keep them from going out the back door.
Embeddedness Theory of Retention (by Holtom et al.) Premise: The more embedded an employee is in the organization, the less likely they will actually leave. Embeddedness factors include: –Fit: With organization--working conditions, culture. With community--affordable housing, commute, pace, etc. –Links (connections): To people and projects in organization. With the community. –Sacrifice: What would I have to give up? From organization (benefits, flexibility, tuition, perks). Community (schools, neighborhoods, friends). 8
Why is there a need to RETAIN Assess the organization “fear factor” Business impact of attrition Growth agenda Identify sensitive zones & target
Information You Must Know Current Employees: Why do they stay? New Employees: Why did they say yes? Former Employees: Why did they leave? Interviewed, But Said “No”: Why?
Manager’s Role in Retention Most Managers Think About Retention When It is Too Late Average Manager Does Not Take Personal Responsibility for Employee’s Departure Most Factors For Turnover Are Within their Control Most Managers Do Not Receive Adequate Training
Reasons Retention Efforts Fail Not connected to the vision, mission, and organizational values Top leadership not involved Not made part of the organizational strategy Not tied to the bottom line No clear goals No one held accountable Delegated to HR to fix
What can one do? Train Hiring Managers Groom Leaders to ‘WALK THE TALK’ Rate People Skills as More Important Than Technical Skills Visibly Behave in Ways that Reinforce Values Do Not Tolerate Behaviors that Violate Values Treat employees with Respect when things are going well and with Dignity when in crisis. Assign Responsibility for Retention
Areas of relative high pressure Private Banking Wealth Management SME / Mid Markets Retail Corporate banking-RM, Analytics Global Market-Analytics Areas of relative stability Front-line Operations Overall Talent Outlook