The clichés about how to reduce employee turnover are many. Even the Wall Street Journal likes to spout so-called tried and true methods for reducing turnover. These include interviewing candidates carefully to make sure they have the right skills, getting creative with benefits and flexible work structures, and giving recognition to promote a happy, productive workforce.
While the term “Employee Engagement” has a formal definition, it can be broken down into 3 fundamental areas.
#1 – Engaged with Work
Engagement is defined as an employee who is fully involved in, and enthusiastic about their work, and will act in a way that furthers their organization’s interests relative to their own productivity.
We are working with more and more clients today that are recruiting talent from outside of their industry in an effort to gain competitive advantage. For example, I recently placed a talented developer from Silicon Valley with experience creating compelling and user-friendly interfaces at a Wall Street firm that is working to bolster their trading systems.
The company was growing rapidly, and the owner decided that a new sales manager was needed to take advantage of all of the opportunities that were surfacing.
The owner had an aversion to paying headhunters and employment agencies, and quickly reached the conclusion that the best choice was right in front of him. He decided to promote the most successful salesperson on his staff.
If you’ve had the chance to read up on the future of the workforce both domestically and globally, you’re no doubt aware that we are facing a significant shortage of critical skills across nearly all industries. A substantial subset of this trend is the lack of leadership development or succession planning currently in place to groom the next generation of executives.