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Part 1 managing talent retention and succession planning in the next decade

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Part 1 managing talent retention and succession planning in the next decade

  1. 1. Managing Talent Retention and Succession Planning in the Next Decade Part 1 - The Challenge In the current workforce scenario, we have for the 1st time, 4 generations working at different levels in a single organisation. The biggest challenge organisations worldwide face today is the spectre of managing this generation diversity to enable Talent Retention. To manage this generation diversity in the next decade there is a critical demand for organizations to develop contemporary talent management techniques, including how they attract, retain and develop talent. To future proof their organizations there is an urgent need for them to respond by taking significant steps to relook at their leadership development and succession planning processes to meet the expectations of their future leaders. We have the baby boomer generation who are gradually exiting over the next decade or even sooner. There is the Gen Y, though open to adapting, has its own mindset and world view. And then we have the very unpredictable whole new generation of the Millennials, These young people who are into their early 30s and mid 20s are now coming into the workforce while the Gen X are moving in to fill the positions of the exiting baby-boomer Senior Management roles. This generation diversity poses a challenging spectre of talent erosion and sustainability of a pool of high potentials for succession planning. The management methods of the exiting Chief Executives are largely of the old school ‘command and control’, where it is disrespectful to question authority. Having been brought up under this regime, the compliancy methods of the middle management mainly comprising of the risk averse Gen X, though with their soft skill training on inter-personal relations, are largely lacking in the awareness of the expectations of the Gen Y and the Millennials who are brought up in the internet and social media era. The Need for Talent Retention Until very recently businesses have been conveniently heavily reliant on ‘Foreign Talents’ as cost effective and readily available means. With the clamp down by the authorities on hiring foreign talent in response to netizens outcry, companies are struggling with talent retention and succession planning issues. It is becoming increasingly obvious that a decent pay packet, a comfortable work environment, a pampering ‘com & ben’ package, a gym membership and pool tables at the pantry and ironically even well intended promotions are not enough to retain talent these days. This stems from the older generations mistaken assumption that the younger Gen Y employees main interest is in being developed for administrative management roles. In response to the corporate world’s need to future proof their organisations for talent retention, NACN Consulting conducted a study over the year, with a team of experts pooled together from schools of thoughts on Counselling Psychology, Appreciative Inquiry, Integral Mindfulness, Leadership Profiling and Business Consulting. A research was undertaken to understand the behavioural patterns of the different generations, particularly the Gen Y and the Millennials, from
  2. 2. the workplace perspective. From the interactions with 4 generations of corporate workers from all levels, the team arrived at the following findings. • The management methods of the exiting Chief Executives are largely of the old school ‘command and control’, where it is disrespectful to question authority was not conducive. • The Gen X mainly comprising of middle management having been brought up under this regime to be compliant, especially as it was much needed during their era of construction and development to ensure success of organisations as well the country’s growth. • The Gen Y which with an ever questioning mind seeking explanation and rationalisation to everything right from their formative years, , grew up in the internet age which allowed accessibility hitherto to unknown and remote sources of information thereby developing its own world view. • The advent of the new entrants – the tech savvy and ‘touchy, feely’ Millennials or Gen Z brought up in the social media age, where they can express what they want. What they are searching for is whether the corporate vision and the career that is being offered are exciting or energising and meets their aspirations. High attrition issues faced by organisations • The number one reason employees quit is due to lack of recognition. Sixty-five percent of employees do not feel recognized at work. • When employees leave they take with them the knowledge, skills and experience that contributed to the organisations’ success. • Increased overtime costs or disgruntlement are incurred when existing employees pick up the slack to cover a former employee’s duties. • Replacement costs associated with recruitment such as advertising, search and agency fees, applicant screening, interviewing, etc. • Repeated on-boarding time consuming efforts such as orientation, classroom training and settling down. • Low morale of existing employees experiencing high turnover of their colleagues with whom they have just begun to bond with. So what’s the next move? • Change the way you drive engagement in your workforce. • Make it unimaginable for them to leave your company. Recognize achievements in-the-moment and the behaviours that lead to positive action and exemplary results. Create an energised workplace! • Engage, align, and recognize your employees so they stay in the game and achieve greater success
  3. 3. • In order to triumph over disengagement, your business must abandon old-school engagement strategies. Now is the time to adapt to your new reality as a future-focused employer with a stable talent pool to sustain growth. Recruiting, retaining, and inspiring top talent has never been more essential—especially when 60 percent of new jobs will require skills held by 20 percent of the population. Every employee must be engaged, must be aligned with business objectives. An enthused employee makes 100 times lesser errors in their work than disengaged employees. The negative impact of Disengaged Employees 1. Disengaged employees fire customers. Sixty-eight percent of customers leave because of poor employee attitude. 2. Disengaged employees call in “sick.” Disengaged employees look for an escape route from the place they hate most—their workplace. Even worse, your engaged employees (the ones showing up to work and putting in extra discretionary effort) have to pick up the slack, negatively impacting their own performance. When employees call in sick, the organization suffers from a loss of productivity. 3. Disengaged employees will leave your company. Sixty-five percent of employees quit because of a lack of recognition. 4. Disengaged employees negatively impact profitability. Disengaged employees cost an organization approximately $3,400 for every $10,000 in annual salary as they are under productive. Disengaged employees make 100 times more errors than their engaged colleagues. The Need for Contemporary Talent Management Methods Innovative methods of Talent Management are crucial to future proof our businesses. When you speak of innovation in HR you talk about introducing new ideas and methods. Besides the spate of various soft skill trainings and technology available to enable talent management, there is an urgent need for organisations to arrest the high attrition rate of talent potentials to ensure sustainability and growth of their businesses. From the findings of our business consultants compiled from the inroads made into the workplaces of our corporate clients, we have explored the behavioural patterns of the generations and mapped them against our in depth knowledge in the areas of enrichment programs like Counselling Psychology, Appreciative Inquiry, Integral Mindfulness and Leadership Profiling. From our study of these concepts we have compiled a set of contemporary techniques of Talent Retention programs focussed on senior and middle management corporate leadership. The innovative training programs recommend teaching specific engagement techniques that create awareness of the expectations and the psyche of the two younger generations of workers. We have therefore put together the positive values of our Leadership Enrichment Training programs for the middle management for successful retention of the younger talents, enabling them to fully integrate into the workplace managed by the earlier generations. Part 2 on the approach shall be posted in a fortnight. Watch this page.

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