Retention As Competitive Edge
Rapid growth in the wireless industry has left many companies short of high impact, experienced employees in many critical functions. Even those companies that are well staffed now are expressing concern over their ability to attract and retain the industry's best and brightest.
Results of a study my firm recently conducted indicate that top employees are motivated by many factors unrelated to their personal compensation and benefits. As part of that survey, we asked 100 managers how they would rate their management skills. All rated themselves above average. However, most took full credit for their successes and often did not name a single success that one of their direct reports accomplished without aid.
High impact employees want to work for managers who offer the authority to accompany responsibility, as well as credit for successes. Managers should be able to list many direct reports' accomplishments achieved without oversight.
A strong and proactive retention program is an important indicator to employees that they are with the right company. The resignation of one or more key employees is often a "wake-up call" for an employer. However, a counteroffer is a poor substitute for an effective retention program, and often sends the wrong message to the remaining employees and fails to address why the employee was investigating other opportunities.
A good retention program starts with a company commitment to achieve marketplace dominance. It must be backed with real actions, such as:
Set challenging goals and take calculated risks.
Promote talent when warranted and go outside to attract the strongest and most capable managers when no internal candidates are ready for promotion.
Increase internal compensation if top outside talent is consistently more expensive than top inside talent.
· "The Revolving Door: Job-Changers Follow the Money" by Marc Goyette, Wireless Week
· "Employee Retention As Competitive Edge" by Marc Goyette, Wireless Week
· "Wireless Programs Flourish" by Marc Goyette, Wireless Week