Business growth is dependent on a finding, recruiting and retaining a strong and motivated team. It sounds straightforward, however, the current Labour Market Statistics show that unemployment is low and the number of vacancies being advertised is high. This is a contributing factor to widespread skill shortages.
In the Quarterly Recruitment Outlook, the British Chamber of Commerce found that 73% of respondents were experiencing difficulties in attracting employees with suitable skills, experience and competence for roles. When looking at the regional break down, the figure was 81% in the South.
How can Companies Attract Talent?
A high salary is the default answer and no one can deny that remuneration does play a part in attracting the right calibre of applicant. Having said this, these days, with differences in generational expectations from the employee to the employer; salary is not enough, and dare I say it: sometimes you could be paying people too much!
If you are really looking for a specific skill set, ditch the rigid job description. Look for people who demonstrate the personal qualities, values and attitudes you seek as an organisation, and what you need in your team.
If you seek technical knowhow and innovating thinking, does it really matter if the applicant has a degree or specific industry experience (perhaps alternative industry viewpoint may highlight blind spots compared to those from within the industry?) Will it impact on the business if they are unable to work standard full-time hours? (arguably, those who work fewer hours in the day are more productive and therefore ‘get more done’).
A forward-thinking individual is going to want to keep pace with change and upskill, so consider what training and development opportunities you can/do offer? Where do they see themselves in 5 year’s and do you have the resources to support this goal and their career direction?
If you want to encourage applicants who will fit the mould, you need to be clear about the company values, mission and objectives. Explain how are these put into practice (at a tangible level) and how every employee is encouraged to contribute. When there is natural synergy, you encourage stronger working relationships and greater job satisfaction.
How can Companies Retain Talent?
Recruitment is a time-consuming and costly process. When you have found the right people for your organisation, it is increasingly important, and competitive to keep them. Last year an Investors in People’s Job Exodus survey reported that 47% of the UK workforce was planning to find a new job within 12 months. How can you encourage your team to stay put?
Possibly a good place to start is by considering the reasons that employees leave their job. The opportunity of receiving a higher salary falls below many other factors, namely:
- Unfavourable work culture
- Weak leadership and poor management
- Shortage of training, development and career progression opportunities
- Lack of job satisfaction
- Conflict with managers or colleagues
- Feeling undervalued
Looking at these reasons, it is clear that in order to retain talent you need strong and positive leaders. These individuals need to be skilled in recognising and drawing on the talent in their team. Leaders should openly engage with their team, be effective communicators and empower individuals to achieve their potential.
Enhancing the Performance of Accidental Managers
The challenge is that many leaders have stepped into a management role without the required people skills. In addition, they have not received the right training and follow up support required to implement their learning. They may be technically competent, an expert in their field and highly experienced, yet they are not equipped with the skills to manage a team and get the most from individuals. This is where a performance coach comes into play.
As a performance coach with a business psychology background, I work with managers to address the specific challenges of getting the most out of their team. Far from cracking the whip, our approach is to enhance communication skills, build confidence and encourage behavioural change.
In my experience, the majority of employees will respond well to managers who:
- Invite and act on contributions from the whole team
- Train and trust their team to work both collaboratively and with autonomy
- Give fair and genuine praise to individuals who have achieved or provide feedback to support the development of individuals.
- Promptly address and resolve issues that arise in a challenging yet supportive way
- Demonstrate company values and instil pride in working for the organisation
- Create an inclusive environment where employees understand their value and purpose in relation to the business and know what they are working towards.
When I bring out the best in each manager, the outcome is a positive ripple effect through the organisation. As a result, the likelihood of motivated, supported and rewarded employees leaving the company is greatly reduced.
As an example of this, today an executive coaching client share his feedback with me, that until commencing our coaching sessions, he felt as though he was in a box with the lid firmly locked down. He behaved in a way that reflected this and as such limited himself, and his achievements at work. This had an impact on the standards and performance of his team. After three coaching sessions with Krush, he felt as though this metaphorical ‘box’ was now wide open and he could see many more possibilities. He now saw the opportunity to do more to contribute towards his own career progression and the sales success of the business.
If talent retention is hindering growth in your organisation and you would like to discuss the benefits of performance coaching for managers, contact Krushma at Krush Coaching on 07792 620112.