Retaining talent is critical to the long term success of a company. Managers spend a lot of time, effort and money in the hiring process to screen and select the best possible employees and they definitely need to retain that talent.
Employee turnover has a high associated cost and various estimates show what that could be. According to a study by the Society for Human Resource Management, employers need to spend the equivalent of six to nine months of an employee’s salary in order to find and train their replacement.
Change is a constant in today’s job market and keeping abreast with the new requirements is critical to job success. Nothing remains forever and with the rapidly changing job environment and the advancement of technology in today’s world, it is only natural that employers are also looking for new and changing job skills in their work force.
The year has begun. Goal setting processes have started and maybe still in progress. However why not try it out in a new fashion to make it more effective by utilizing the Domino Effect.
In basic terms the Domino Effect is when one event causes another similar event to happen, which again in turn causes another event to take place and so on ………… The Domino effect not only takes advantage of some of the core principles of human behaviour ie commitment levels and consistency but also enforces the fact that if a person commits to a goal or proposal, than they will focus on achieving that goal as they link it to their own self esteem to do so.
It is a common human trait that we only trust our self to do things correctly and hesitate to entrust the task to another person. Although you may understand the fact that delegation is a very powerful skill that can be used to boost your own productivity as well as that of the team, yet most of us hesitate and continue to resist the act of delegation.
A common myth is that in order to get results we need to motivate our employees. For Managers and Leaders it is an ongoing concern and most leaders are spending a major chunk of their time trying to motivate their team to achieve the goals set out for them. HR is constantly involved in developing tools and schemes to provide support to leaders in their quest for motivating their employees.
Goal setting is a tool that can be beneficial to us in all areas of our life, be it at home, work, fitness program or any other interest or hobby we may be following. The process of setting goals for ourselves not only influences our performance in that area but it also helps to build a positive change in us such as motivating us and breeding success. The success factor also contributes to building our self confidence.
Setting goals for yourself in all walks of your life are a requirement of success. In order to be successful one needs to know what one wants to achieve and how to go about it. If one does not map the requirements for attaining a goal one can never be successful.
Latest research by Deloitte shows us that some of the biggest challenges facing leaders in the business world of today are related to company culture, employee engagement and retention. Not only that, over 50% of business leaders rated these matters as urgent to focus on.
What are the reasons behind these challenges? The answer is directly linked to the “ECONOMY” when the economy picks up the bargaining power of employees also rises. Not only that we need to thanks the social websites like LinkedIn and Glassdoor as well. There is so much public information available related to a company’s employment brand on the internet.
Economic downturns, financial difficulties, changing market conditions, mergers or other factors may suggest that reducing the workforce is the answer. This has been a very pervasive managerial practice for over decades, but the question that arises is – how successful is this practice in reality ?
In many cases the pain related to downsizing cannot be avoided but time has shown that such activities rarely deliver the anticipated results. The impact on the human element may in many cases outweigh the minor benefit gained in terms of reduction in HR costs.