Archive for March, 2015


Engagement and talent retention

Monday, March 30th, 2015

 

Are any of these issues on your agenda?
Are they keeping you awake at night or would you simply like to get a bit better at them?

Engagement and talent retention are tipped to be among this year’s key people management issues, according to Josh Bersin (Redesigning the Organization for a Rapidly Changing World, January 2015). This resonates with us because, in the course of our work, we frequently hear the comment “we could do better with regard to engagement”

 

When we delve deeper, research on engagement reveals some startling statistics – actively disengaged employees outnumber engaged employees by 2 to 1 (State of the Global Workplace, Gallup, 2013).

A 2014 global survey of than 18,000 employees by LinkedIn indicates that, for those people either actively or passively looking for alternative jobs, the top five most important reasons for considering a move:

  1. Opportunities for advancement
  2. Better compensation and benefits
  3. More challenging work
  4. A role that was a better fit for the skill set
  5. More learning opportunities.

When one overlays the gradual but inexorable demographic change and the cost of replacing staff, it reinforces the importance of retaining good people.

So, why aren’t organisations better at engaging their good talent? And by good talent, we don’t just mean the high performing-high potential stars in box 9 on the talent matrix, we’re including those in the ‘mighty middle’ who consistently deliver but may not have aspirations beyond their current type of job and may not make much fuss about their dissatisfaction.

Based on coaching individuals across a wide spectrum of roles and industries, we have observed some common themes that relate directly to engagement:

  • The majority of people like receiving feedback for doing a good job.
  • Capable individuals do not see a burgeoning in-tray of tasks or projects as development.
  • Employees welcome the opportunity to discuss, explore and develop their careers.
  • Organisations that differentiate talent are able to offer more satisfying development opportunities to key performers and high potentials.

Organisations that address these themes and take action to fix what needs fixing can turn around low workplace engagement in order to drive better business outcomes.

Whilst every organisation must address engagement and talent retention in the context of its workforce, culture and business conditions, there are best practices that apply to all organisations and we will focus on some of these in future blogs.

 

What’s new in competency frameworks?

Friday, March 27th, 2015

 

For the last two decades we have defined competencies as ‘measurable characteristics of a person that are related to success at work’. They can be technical in nature, such as the ability to develop a business plan or design a software program, or behavioural, which describe how a person goes about their job.The ability to build strong customer relationships and deliver customer-centric solutions may drive success in a sales role, whilst motivating people to do their best to help the organisation achieve its objectives may be the key to effectiveness as a manager.

The value of behavioural competencies is well established. Ongoing research by Lominger, Korn Ferry and others has consistently found that that they account for between 40 and 60 percent of total job performance.

Organisations around the world recognise the need competency frameworks that link individual competencies to the broader goals of the organisation, filtered through the business context and competitive strategy.

However, two factors are emerging that are shaping the way organisations think about their competency needs:

  • The rapidly shifting business environment demands increasing levels of resilience, flexibility and the ability to lead change and they want competencies to reflect this.
  • Many leaders recognise that they are facing an inadequate supply of top quality, ready-now talent and this is having a profound impact on hiring and selection.

In this context, the innovative new Korn Ferry Leadership Architect™ has a number of features with special appeal to those who want to:

  • Make sure their competencies are described in contemporary language that truly reflects the needs of jobs today.
  • Align competencies to their current business drivers and challenges, whilst also addressing future needs.
  • Precisely target a list of the most high-impact behaviours, skills and attributes.
  • Ensure competencies are relevant to people across the business, whilst keeping them simple and easy to use.
  • Take much of the guesswork out of putting the right talent in the right role at the right time.

In upcoming blogs we will describe how competencies themselves have evolved, how they are applied at different levels in the organisation and ways to overcome the most common challenges in implementing competency frameworks.