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Retention Is Everyone's Issue
One might argue that retention is our clients’ issue and should be none of our (recruiters’) concern.
I have a different opinion, I think it is very much our issue and that we need to step in and show concern for this very real inhibitor to our ability to build long term relationships. There are some recruiters who feel if their clients did a better job in retaining people that they would lose revenue and then there are the other recruiters who feel if their clients did a better job of retention, employee development and succession planning that would lead to additional revenue, more placements and more credibility.
Let’s get real; in today’s business climate everyone wants top talent. Very few clients are settling for what they can get, on the contrary they are taking the stand that they can be picky and hold out for the right candidate. With that attitude they are opening themselves up to the better candidates, however a great candidate being hired for a not so great team is just as bad of an investment as a mediocre candidate being hired for a great team. Once you determine that a given client is worth your time, attention and energy it makes sense to take a look at their retention strategies to determine if they have what it takes to attract and secure top talent.
When looking at Retention, look for strategies that fall into one of five categories; Environmental, Relationship, Support, Growth and Compensation. There are many of schools of thought that believe that as I have listed it, compensation is the last of the 5 most influential strategies.
Environmental strategies can include creating an environment that people feel they are part of something really great, something bigger than what they bring to the table as an individual, and something where they feel collaboratively that the team is out to make a difference. This includes elements like a compelling mission & vision, customer focus, ethical business practices and a company that operates with a high level of integrity. It also includes ensuring that the employees work in a safe secure environment, as well as an environment that is consistently staffed with like minded, competent people. In a nut shell companies that practice environmental retention, walk their talk, hire right and believe that like attracts like; they also de-emphasis status and privilege. Additionally, they take the stand that every team member is just as valuable as the next, regardless of their role.
Relationship strategies can include strategies like managers understanding why people work for and stay at the organization, knowing who their people are, what makes them tick and what drives their performance. Companies that practice relationship strategies for retention resolve conflicts, dismantle silos, strengthen on boarding and employee bonding programs, assign mentors, care for people as individuals as well as contributors, and they spend the time to build trust and partnership with their workforce.
Support retention strategies include the avoidance of mushroom management; dissolving any perception of uncertainty and instability in the company through open honest communication and the removal of barriers to task accomplishment. These companies look to provide additional support resources as in people, tools and technology to get the job done more efficiently and more effectively; they encourage new ideas and adjust jobs to fit strengths and talents of their team. These companies also do a great job of defining responsibility, authority, and accountability. Additionally, these companies pride themselves on involving employees in decision making and problem solving therefore creating collaborative synergistic interdependent relationships.
Growth retention strategies include employee development programs that impact the company’s succession plan and build the depth chart. These consist of formal education and training stipends or reimbursement programs, employee self development funds and career planning programs. Often these are the same companies that pride themselves on creating an environment of continuous improvement. These companies also invest significant dollars in developing on the job training and leadership development programs.
And last yet certainly not least are compensation strategies for retention. These include sharing benefits and perk package with employees in a format of ‘total employee investment’; this lets the employee know what they are really getting, above and beyond their paycheck. Compensation strategies also include programs that link pay to performance; flexible medical spending and flex benefit programs. Other non financial forms of compensation are pto, child care assistance, car wash services, dry cleaning pickup and delivery, and in office massages.
Knowing what the top companies are offering is the first place to begin.
Whether your clients have large budgets or not it is important to know what they offer in terms of retention and how important the whole theory of retention is to them. As the market continues to tighten up, Retention is becoming a major concern for some, and as they implement programs to combat the war for talent, candidates will become much more aware of what they can be offered. Given your clients want the best candidate and many of them are out of touch with what it takes above and beyond the dollar value offer to land that person.
This is where your knowledge and commitment make you stand out from the sea of competition.
Join me in reaching the designation of certified retention specialist through the National Association Personnel Services in October, in Orlando!
I have a different opinion, I think it is very much our issue and that we need to step in and show concern for this very real inhibitor to our ability to build long term relationships. There are some recruiters who feel if their clients did a better job in retaining people that they would lose revenue and then there are the other recruiters who feel if their clients did a better job of retention, employee development and succession planning that would lead to additional revenue, more placements and more credibility.
Let’s get real; in today’s business climate everyone wants top talent. Very few clients are settling for what they can get, on the contrary they are taking the stand that they can be picky and hold out for the right candidate. With that attitude they are opening themselves up to the better candidates, however a great candidate being hired for a not so great team is just as bad of an investment as a mediocre candidate being hired for a great team. Once you determine that a given client is worth your time, attention and energy it makes sense to take a look at their retention strategies to determine if they have what it takes to attract and secure top talent.
When looking at Retention, look for strategies that fall into one of five categories; Environmental, Relationship, Support, Growth and Compensation. There are many of schools of thought that believe that as I have listed it, compensation is the last of the 5 most influential strategies.
Environmental strategies can include creating an environment that people feel they are part of something really great, something bigger than what they bring to the table as an individual, and something where they feel collaboratively that the team is out to make a difference. This includes elements like a compelling mission & vision, customer focus, ethical business practices and a company that operates with a high level of integrity. It also includes ensuring that the employees work in a safe secure environment, as well as an environment that is consistently staffed with like minded, competent people. In a nut shell companies that practice environmental retention, walk their talk, hire right and believe that like attracts like; they also de-emphasis status and privilege. Additionally, they take the stand that every team member is just as valuable as the next, regardless of their role.
Relationship strategies can include strategies like managers understanding why people work for and stay at the organization, knowing who their people are, what makes them tick and what drives their performance. Companies that practice relationship strategies for retention resolve conflicts, dismantle silos, strengthen on boarding and employee bonding programs, assign mentors, care for people as individuals as well as contributors, and they spend the time to build trust and partnership with their workforce.
Support retention strategies include the avoidance of mushroom management; dissolving any perception of uncertainty and instability in the company through open honest communication and the removal of barriers to task accomplishment. These companies look to provide additional support resources as in people, tools and technology to get the job done more efficiently and more effectively; they encourage new ideas and adjust jobs to fit strengths and talents of their team. These companies also do a great job of defining responsibility, authority, and accountability. Additionally, these companies pride themselves on involving employees in decision making and problem solving therefore creating collaborative synergistic interdependent relationships.
Growth retention strategies include employee development programs that impact the company’s succession plan and build the depth chart. These consist of formal education and training stipends or reimbursement programs, employee self development funds and career planning programs. Often these are the same companies that pride themselves on creating an environment of continuous improvement. These companies also invest significant dollars in developing on the job training and leadership development programs.
And last yet certainly not least are compensation strategies for retention. These include sharing benefits and perk package with employees in a format of ‘total employee investment’; this lets the employee know what they are really getting, above and beyond their paycheck. Compensation strategies also include programs that link pay to performance; flexible medical spending and flex benefit programs. Other non financial forms of compensation are pto, child care assistance, car wash services, dry cleaning pickup and delivery, and in office massages.
Knowing what the top companies are offering is the first place to begin.
Whether your clients have large budgets or not it is important to know what they offer in terms of retention and how important the whole theory of retention is to them. As the market continues to tighten up, Retention is becoming a major concern for some, and as they implement programs to combat the war for talent, candidates will become much more aware of what they can be offered. Given your clients want the best candidate and many of them are out of touch with what it takes above and beyond the dollar value offer to land that person.
This is where your knowledge and commitment make you stand out from the sea of competition.
Join me in reaching the designation of certified retention specialist through the National Association Personnel Services in October, in Orlando!
Views: 127
Replies to This Discussion
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Permalink Reply by Claudia Faust on
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Margaret, this is an excellent article filled with good information about retention strategies. I'd never seen it broken down so clearly into specific areas -- great job.
I do have a question for you, though. It is one thing to assess a client's (or employer's) strategies to retain talent, but what can a recruiter to do with that information as a result? It seems that 3rd party recruiters can consult with their clients, which may or may not affect change, but internal recruiters are often in the position of working the system without a lot of power to change the status quo.
Do you have some suggestions for those who have a heart for making an impact in their own companies?
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Permalink Reply by Margaret Graziano on
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Claudia.....good question, I would say the only way either a 3rd party or an internal recruiter could make a change is to hit the bosses where it counts, tell them the impact on the bottom line - every time a good person walks out, takes another offer. They need to do their homework or find someone who has the statistics on the financial impact, like Gerry Krispin. They can survey people when they leave and find out the real deal, they can recommend their bosses attend a retention course, buy them books like "Being an Employer of Choice". They can make it their business to be an influence in this hot and heavy subject. Pretty soon companies will get that they are the source of their own problems, it's physics. Hope that helps.
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You said it well:
Margaret Graziano said:They can make it their business to be an influence in this hot and heavy subject.
I had too many of these conversations with internal recruiters over the years while managing corporate teams, and agree that there isn't a silver bullet when it comes to change. Rather, it is one's commitment to influencing that generally is most effective. Recruiting leadership must be visible in the discussion as well, and have the ability to navigate the minefield of political turf where it exists.
Great post, Margaret.
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Permalink Reply by Parijat Chandra Pathak on
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I fully agree with ur thought. I m sure ur article will awaken many recruiters. Great job.
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Permalink Reply by John Sumser on
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This is a fantastic start to an important conversation.
Retention is a balancing act. Too much and you kill the company, too little and you do the same. Getting it right is more than policies and procedures.
Really great retention over decades leads to moribund orgaqanizations that can no longer attract new blood. It's not that Retention is the sole culprit. Like anything, Retention works in moderation. But when the average tenure of the core employees is over five or six years, it's impossible for new people to get ahead.
Like expiration dates on milk, some hires merit planned attrition form the beginning. It takes a particularly special kind of person to adapt to the changes that any company goes through over years. You've got to "rotate the stock" in order to make sure that fresh ideas and perceptions are continually available.
A Recruiter who can look at Retention from this sort of STRATEGIC PERSPECTIVE is worth having around.
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Hey there I have been trying to reach you. Are you up for a phone meeting or a quick chat. I am heading out to SF saturday. I love your thought process.
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what's the best way to reach you?
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Permalink Reply by Amitai Givertz on
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Certified retention specialist? National Association Personnel Services in Orlando? Margaret, can you post more details please...
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Yes I know!!!!
Margaret Graziano said:Claudia.....good question, I would say the only way either a 3rd party or an internal recruiter could make a change is to hit the bosses where it counts, tell them the impact on the bottom line - every time a good person walks out, takes another offer. They need to do their homework or find someone who has the statistics on the financial impact, like Gerry Krispin. They can survey people when they leave and find out the real deal, they can recommend their bosses attend a retention course, buy them books like "Being an Employer of Choice". They can make it their business to be an influence in this hot and heavy subject. Pretty soon companies will get that they are the source of their own problems, it's physics. Hope that helps.
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