25 Feb Talent Retention: Keys to Going From Good to Great
“Those who build great companies understand that the ultimate throttle on growth for any great company is not markets, or technology, or competition, or products. It is one thing above all others: the ability to get and keep enough of the right people.”
― James C. Collins, “Good to Great: Why Some Companies Make the Leap … and Others Don’t”
As a new generation enters the workforce and leadership positions, organizations are faced with the challenge of attracting and retaining the “right” talent. Gallup’s upcoming book entitled “It’s the Manager,” explores the fundamental cultural shifts employers must make to provide a work environment that meets and supports the needs of these emerging generations of talent.
Gallup’s ongoing research recommends these six cultural shifts to attract and maintain talented employees:
- Move from providing a paycheck to providing a purpose.
Although compensation is important and must be fair, it is not the primary motivator in the workplace anymore — employees must feel that their work has meaning.
- Move from job satisfaction to personal development.
While the bells and whistles of a workplace are a perk, the upcoming generation of employees look past the ping pong tables and latte machines for a work environment that will allow them to hone their personal skills.
- Move from being a boss to a coach.
Emerging talent highly values team leaders who can coach them and help them understand and build their strengths.
- Move from annual reviews to ongoing conversations.
With the recent shift in technology, incoming team members are accustomed to consistent communication and feedback. While formal evaluation and communication is valuable, the annual review must be reconsidered.
- Move from fixating on weaknesses to developing strengths.
Hyperfocus on flaws and mistakes hardly ever motivates an employee to change or grow, therefore an organization’s time is much better spent developing and enhancing the strengths of their team members.
- Move from participation to ownership.
Upcoming generations of employees are looking for organizations that embrace their strengths and abilities, provide purpose to their work, and allow them to contribute to their workplace meaningfully.
“You absolutely cannot make a series of good decisions without first confronting the brutal facts.”
― James C. Collins, Good to Great: Why Some Companies Make the Leap … and Others Don’t
- Many of our organizations have work cultures that repulse the incoming talent they will need to go from good to great.
- Shifting an existing culture is possible, however, it is extremely challenging.
Take a long look at your employee experience and be intentional by focusing on what the cutting-edge research tells us are the keys for attracting and retaining the right talent.