Feature:
Creating a Retention Culture

While the U.S. economy may be growing at a rate of 3-4% each year, employers are seeing a corresponding decrease in the availability of bright, talented 35- to 45-year olds. When you combine that with the idea that at any given time 75% of the employees in a typical organization are at least passively searching for new jobs, you begin to see how a raging war for talent could be just around the corner.

If corporations can’t stop the shrinking of the workforce, then HR Managers and executives are going to have to put greater focus on how to retain the talented individuals they have already employed.

Building a retention culture starts with an understanding that great, high performing people are the foundation that leads to sustainable success. Great people need great leaders to guide them, thus the goal of every company should be to ensure that leadership is not only top notch, but developed in all areas of the organization.

A few ago, Randstad conducted a poll of U.S. employees. Of those responding to the poll, 86% told Randstad that their happiness on the job depended on their employers letting them know that they were valued. Instantly, I wondered how well companies were performing in relation to this expressed employee need. Judging from the statistics, I'd say companies are doing a poor job letting their people know they are valued.

It could be easy to point the finger at employers and assume that they don't care about their people. Before we judge them too harshly, we probably ought to define what employees mean when they say their happiness depends on their employers letting them know that they are valued.

One way that employees feel valued is in the compensation they receive for the work that they do. And as one HR study after another show, compensation is not THE driver of a strong retention culture. Sure great compensation and benefits do help, and in the end people choose to stay with their organizations for many more reasons than money.

Here are just a few:

Employees want meaningful work. They want to make a contribution that is uniquely their own. This requires management to lead and coach and stop trying to force people into a "one size fits all" approach to getting the work done.

They need clear expectations. Define the required results and then let good people do their work. Within reasonably established boundaries, be willing to let people tap their own unique and creative ideas to come up with innovation solutions to their work.

People want to know that their employers care about them and want to know that they are willing to invest in their professional career growth and development. A commitment to offer ongoing training and development is an afterthought for far too many companies.

People want to know that they are appreciated for the work that they do. This certainly seems to suggest that creating a retention culture starts with looking beneath the surface of what's really happening in your company.

So here’s the question: Is your company’s environment one of harmony that promotes an attitude of success, well being and abundance for all? If not, that seems like a good place to get started!

Barbara Giamanco is the CEO of Talent Builders, Inc. a leading provider of people development products and solutions. Offering a range of assessment tools, facilitation programs and e-learning to fit a variety of needs, we work with clients to develop strong, vibrant retention cultures. For more information about Talent Builders, visit www.talentbuildersinc.com or call (404) 459-4030.

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