Talent management Articles
Employee Engagement for Competitive Advantage
Your brand is only as safe as your least engaged employee. Engage your employees and align them with your corporate vision and values, as they are the face that represents your business at all levels, interacting with all stakeholders. Employee engagement is also an effective source for competitive advantage. Not only are employees an asset that is dynamic, flexible and resilient, but they are also difficult for your competitors to replicate, a source of value and uniqueness.
Managing Retention in FIFO Operations
In an increasingly competitive employment market fuelled by the resources boom, how can mining companies differentiate themselves to attract and retain quality fly-in fly-out (FIFO) talent?
There is abundant anecdotal evidence that the FIFO lifestyle compromises the well- being of the employees and their families in terms of stress, relationship break-down, alcohol and drug use, depression and suicidality. Lowered job satisfaction and increased stress appear to be associated with extended periods of absence from partners, friends and family members – particularly children. In addition, stress placed upon partners and children is likely to spill over onto the FIFO worker him or herself. University of Western Australia research (Clifford, 2009) shows that although there is limited evidence to support long term psychological detriments associated with FIFO work, it does appear to be associated with short term stress increments, along with decreased job satisfaction.
Are you helping to put a man on the Moon?
There is a well-known story linking NASA and employer branding during the rush to place man on the moon. In this story, it is suggested that whilst inspecting the NASA facility prior to take-off, President Kennedy came across a janitor in the hallway. Casually asking the janitor what he specifically did in the facility. The janitor’s response was quite remarkable. Not “I clean the ablutions and mop the floors”. No, the janitor showed an organisational-centric response in saying “Mr. President, I am helping to put a man on the moon”. Is your employer brand so strong that all people within your company are aligned and committed to your organisation vision?
Retention: Why it’s not just about the Money!
In a recent conversation with a business owner, he stated “employees are greedily seeking jobs that offer the highest salary and there is little that will prevent them from being poached or switching to another employer in favour of a higher salary”. I disagree and recent research supports my position.
The influx of Gen Y into our workforces demands that retention strategies must evolve to meet new expectations and needs. Recent research suggests that employees may be attracted by higher salaries; however retention rates can be dramatically improved through strong employer branding and consistently delivering on your Employer Value Proposition (Moroko 2008).
What Underlies Employee Engagement?
Employee engagement is currently very topical. It has been widely documented that there are links between an employee’s level of engagement and their willingness to remain with their employer. Attraction and retention of quality staff is also very topical, especially with the media reporting further skills shortages in the labour market as demand outpaces supply. So for any manager to proclaim, “My employees are engaged in their work” is commendable, but it begs the question of how engagement is measured and what underlying factors are used in this measurement.
Employee Surveys – Insourcing vs Outsourcing
It is widely recognised that employee engagement is essential to the success of any organisation; as such, research into employee’s intentions to stay, employee satisfaction and what influences these allows an organisation to be proactive in attraction and retention of the best employees. An organisation can either conduct employee research internally or commission an external research provider to complete the work. There are advantages and disadvantages to each approach that need to be carefully considered before choosing which option best suits your business/organisation’s needs.
Talent Retention as a Fundamental Business Strategy
It has long been stated there is an imperative need to successfully attract and thereafter retain top talent. However, the debate continues for developing effective strategies to aid employee retention. By meeting fundamental psychological employee needs, employee engagement and retention can be greatly enhanced.
Addressing the psychological needs of your employees is equally as important as their physiological needs. Employees are motivated by at least three psychological needs (Nohria et al 2008);
- The need to Acquire – social status, position/job title, responsibility.
- The need to Bond – be connected with your peers and superiors.
- The need to Comprehend – understand your work environment and any recent changes.
Recession Beating People Strategy
As 2010 draws to a close, there’s opportunity to reflect upon issues most Executives faced and continue to do so to this day such as the layover from the GFC, downsizing, the now present skills gaps & a definitive lack of Employee Engagement.
Understand people are your most important asset, and a critical start point when designing and implementing winning business strategy to prosper in 2011. Organisationally, your top four priorities should be:
Talent Management Imperatives
Talent management is strategically managing the flow of talent through your organisation and encouraging employees to continue to generate fresh perspectives, innovative ideas and constructive input. It’s about attracting and retaining key people, and allowing that talent to thrive – all of this combines to achieve and maintain a competitive advantage. Equally important is the need to introduce strategies which prevent loss of your key talent to competitors. The most effective people strategy is for companies to source the right people with the right skills and knowledge, in the right roles – overall this is Talent Management in its most pure, basic form. Real talent management though is about the few, not the many, meaning that companies focus on developing the potential of a few key people as future leaders and role models.
Leadership Development – Invest and Avoid the Skills Shortage
The good news for the economy is that unemployment is unlikely to reach the projected rate of 8.5%; the question remains however, that as recovery looms will Australia have the skills capacity in the workforce to take advantage of the upturn?
Recent research from the National Institute of Labour Studies indicates that unlike previous recessions, the skills shortage of 18 months ago has influenced companies to hold onto staff, rather than hiring and training young workers to boast the skills pool.