The Concerns and Frustrations of Leaders
Recently, I’ve been asking business leaders what their main frustrations and concerns are. The results are striking. Whilst it is no surprise to find talent acquisition and retention in the mix, I was a little taken aback that just over 93% said that it was their key issue. Several mentioned no other pain points at all!
This has prompted me to post on this subject. Obviously, it is much more complex than my few pointers below, and the size and type of organisation makes a big difference to the optimal strategy, but I hope this will give some food for thought and perhaps create a few necessary (overdue?) conversations.
There are a number of key ingredients for successful talent acquisition and retention. Several seem obvious, perhaps trivial, but it is amazing how many companies realise that they are not doing them well when they focus attention on them.
Clear job descriptions and expectations are essential. JDs must be accurate and detailed, and that candidates understand what is expected of them in the role. They can, and should, evolve over time as the role itself evolves. Possibly one of the most common mistakes here is that businesses allow people to grow and develop their roles (rightly) but fail to alter the JDs along the way.
Competitive pay and benefits are not always easy to set, especially during periods, like now, when it is an employee’s market. However, within reason, it can be a false economy to ignore pleas for higher pay/better benefits. Do your research – if you are going (or having) to say no, that is fine if your salaries are in line with current sector expectations.
Opportunities for growth and development must be part of the overall mix. Pay is very important, of course, although it is balanced to an extent by the prospects of personal and career development. The shiny new, higher-paying job that is tempting them is not so appealing if they can see a plan for them in your organisation. Give opportunities for employees to learn and grow with you, including training, mentorship, and career advancement. Crucially, don’t fall into the trap of doing this only for your ‘favourites’.
A positive company culture is essential, but what does it mean? Today, there is a need to understand that quite different motivators for the different generations. For this reason, a truly inclusive culture is vital. Here, I mean ‘inclusive’ in its literal sense as well as in an equality sense. Create a positive work environment that promotes collaboration, respect, and work-life balance.
Effective communication – is there any management or leadership piece that doesn’t talk about communication? I won’t drone on here about it, only to say – however good you are, be better at it!
Recognition and rewards play a big part in setting culture and improving retention. Showing appropriate recognition (even just acknowledgement) is a vastly underused aspect for many companies, and probably the most important thing you can do for staff.
