Over the last year I have talked with many friends, colleagues and acquaintances regarding their happiness with their current jobs. Not one has told me they are excited to go to work each day but rather that they are being asked to do so much more with a lot less (that’s not anything new to all of us), they are not appreciated for the extra time and work they are putting in and that the general atmosphere of their workplace is tense and stressful. Some have even quit their jobs hoping to find that “golden opportunity” with a different great company. Are the days of employee satisfaction and engagement gone forever or is this just a temporary state of being? Are the days of employee loyalty and trust gone as well?
Where we are today
• According to WJM Management Advisor, they conducted a survey to which 47% of respondents claimed to be “miserable or “sometimes miserable” with their job. This compares to the survey of two years ago that indicated only 18% felt this way to the same survey question.
• A survey by the Center for Work-Life Policy reports that between June 2007 and December 2008, the proportion of employees who claim loyalty to their companies dropped from 95% to 39%; the number saying they "trust" their organizations from 79% to 22%.
• With unemployment in the U.S. at 10%, executive happiness and retention understandably become less of a priority for organizations that are preoccupied with bolstering productivity and protecting profits during difficult economic times.
So Why Do You Care?
• According to Monster.com, 79% of jobholders said they have stepped up their search for a new place to work since the recession began.
• Considering demographic trends it will soon get harder and harder for corporations to fill the vacant seats: low birth rates, baby boom retirements and caps on immigration could reduce the number of working people by 20-40% (The Economist, 10/10/09).
• A recent study by the Chandler McLeod Group revealed that 95% of the 930 executives surveyed were seeking alternative employment with 73% of the group pursuing other opportunities on an active basis!
In other words, an economic recovery may herald a seller's market for talent like we've never seen before. And of course, the ones most likely to hit the exits are the ones with the most talent and potential - i.e. the executives most sought after by your competitors!
So What Can You Do?
• Diversified and varied responsibilities vs. just more work. Studies show that giving more responsibility is one of your best strategies. It takes more than money to make people passionate. Dr. Tracy Duberman, WJM's SVP, Organizational Effectiveness states, "It's really about giving people increased opportunity, bigger roles, empowering them more, and watching them closely to see if they step up to, and are able to handle, each increased level of responsibility."
• Leadership communications. Your leaders’ communication skills are key to building a high-retention culture and high-engagement. This includes the C-Suite articulating compelling, strategic business goals and promoting the growth and improvement of the company's talent to support these objectives. This not only means leaders being clear about the business plan, but also transparent about talent selection and promotion, as well as coming clean with employees and sharing the “dreaded” bad news.
• Assess the skills needed to grow your workforce now and beyond recovery
• Identify what skills you have in your workforce and where the talent gaps are and what talent you will need to attract – talent skills mapping is critical at this time.
• Develop a talent attraction strategy, including revisiting the organization’s culture to ensure it aligns not only with the revised business strategy but also the type of talent you are retaining and attracting.
• Talk to employees about their career development plans and what motivates them. Remember it is easier and cheaper to retain than recruit!
• Be transparent and open about staffing projections, career development opportunities, and the “real” situation. Building and retaining trust is critical.
It is clear that until companies reach the realization that their “A” players are going to jump ship as soon as a better opportunity presents itself executive employee dissatisfaction will continue until it explodes. Employee engagement and employer trust are going to be the staples for an organization to survive the coming year.
What is your company doing to make sure that your valued executives are engaged, and committed? It is their futures you hold in your hands. Why should they trust you with something so important?
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Having been in the staffing business for over 13 years now I have had countless opportunities to not only place hundreds of job seekers but to also interview thousands. It seemed like the perfect job for me when I was offered my first position as a Junior Recruiter as I had always been a people watcher. Growing up in New York City I was exposed to many different cultures and backgrounds and even as a small child I had a strong desire to understand people’s needs and try to figure out how I could help them. Some called me a do-gooder others called me nosey. Truthfully, I think I just enjoyed the challenge of trying to figure people out. Psychology fascinates me, most especially when I consider how it affects an individual’s success rate at achieving their biggest professional or creative dreams.
ReplyDeleteI have met many candidates who have had tremendous skills in their chosen profession. Amazing architects, marvelous marketing professionals and fabulous fashion designers. I have worked with some of the very best in human resources, operations and technology. Of the top-notch folks there is one absolute common denominator: emotional stability. How can I tell when someone is emotionally balanced you ask? What I have observed over the years about these high-performers is there fluid body language, consistent positive attitude and uncompromising approach in communicating with their peers as well as direct reports in a respectful manner. There is only one problem with my effective yet imperfect measuring stick described above: we can never be 100% sure what’s going on in someone else’s mind based on an interview. That’s where psychology based assessments come into play.
High turnover in executive level positions is often the result of the decision maker assessing a candidate’s potential fit for a role by going with their instinct, an instinct that is inherently biased and based on personal opinion and experience even if in a professional setting. It’s the equivalent of a doctor making a diagnosis based solely on a physical exam without running blood work or x-rays. Psychological assessments provide the “Brain Scan” to identify various aspects of a candidate’s personality and behavior and essentially determine how well this candidate can “roll with the punches.”
My plan is to effectively communicate to decision makers that the use of psychology based assessments for openings within their organization coupled with their professional instincts is absolutely priceless and unusually effective at preventing a bad hire. Every chance I get I will let them know that Edwards Executive Search is on the cutting edge of this approach to staffing at the executive level. The decision maker is the specialist in their field and EES is the technician explaining the results of the” lab work.” It’s a partnership that identifies the most appropriate course of treatment for that particular staffing need. It allows EES to help bring highly developed business minds into their organization.