Coaching is the one component of employee retention that is most overlooked and underused. The cost of replacing a high level executive now approaches almost 50% of their salary, not including any additional compensation packages. In other words, to replace a $200K salaried executive it will cost you $100K. Coaching for Performance costs for that same executive costs a company approximately $9-$12k per year. As reported in the article, “Can Coaching Help Your Business” (TheStreet.com (02/24/09), investing in executive leadership development can bring about a positive impact on an organization when it is particularly needed. Your under performing executives or other personnel in key roles can benefit from working with a one on one coach.
Innovative Leadership’s coaching program provides certified coaches who have extensive management experience and can relate to the pressures being placed on your leadership in these tough economic times. Our coaches use a unique process to get results while coupling the achievement with enhancing leadership skill-sets by incorporating Leadership Training into the one-on-one equation. We work with your leaders to develop their leadership competencies and skill-sets to compliment their decision-making abilities, and interpersonal responsiveness to their board and management team, while getting them to focus on the metrics that make a difference. Achievement is the result of effective planning and the proper implementation of a plan while monitoring the progress so that course corrections can be made along the way. Our Coaches directly work with you to design the plan, implement the strategy, formulate the metrics for success, and work with you to monitor the results.
You’re losing valuable money when an executive is replaced; stop this vicious circle with Coaching and Training. It really is priceless.
Showing posts with label retention strategies. Show all posts
Showing posts with label retention strategies. Show all posts
Thursday, April 23, 2009
Monday, April 28, 2008
Confusion in the Ranks
I have read article after article regarding the importance of employee retention. I have also read in a recent survey the American Society of Training and Development that the following are ranked according to how the best companies measure performance; 1) Productivity Improvement, 2) Ability to Retain Essential Employees, 3) Quality of Products and Services, 4) Customer Satisfaction, 5) Employee Satisfaction, 6) Sales and Revenues, 7) Overall Profitability, 8) Cycle Time Reduction or Improvement and 9) Other.
In another article, “The Hidden Talent Retention Strategy” by Michael Laft, which appeared in Training and Development (December 2007 Issue) stated that 75% of managers are unaware of a retention strategy in their office. Appearing in the December 2007 issue of Training and Development, it has been shown that even when companies are making an effort to engage workers or make them happy, the managers are not aware of the company’s actions and this is not being communicated to them.
The number one non-financial reason why workers leave their jobs is an opportunity for advancement, followed closely by work-life balance and more interesting work. This was noted in a survey conducted by the International Association of Business Communicators.
Even though most articles written for the HR circles are telling everyone to align your people with your business strategy, they are not telling the management team of the respective company to do the same. Almost every article on employment is demonstrating that there will be an imminent shortage of executives and that most companies expect competition for talent to intensify. Senior executives have frequently acknowledged their failure to pay attention to these issues and now seem to understand that their retention strategies cannot focus solely on the top performers but all employees. We need to engage workers of all ages, nationalities and genders who want to work for your company and remain there for as long as they can.
The problem is that managers treat talent in a most reactive manner. Managers and companies alike must think of the workforce as a collection of segments that actively create or apply knowledge. Companies need to make sure that performance reflects the workplace expectations of both the worker and the company. Companies need to instill a deep commitment to its employees. A commitment must start at the top and should cascade downward through the ranks. Managers must try to integrate a hiring and retention program with their strategic business plan and communicate this integration to all employees on a daily basis. These employee retention strategies must be incorporated into the culture of the company and be expected in terms of core value or competency.
When we find that talent is being nurtured at all levels of the organization or company, we can be reassured that we have been successful in creating a real retention plan that exhibits the real values of company and its commitment to its people and their values.
Contact Innovative Leadership at your convenience for information on our integrated Hiring and Retention Process that can make a difference in motivating, retaining, and even hiring your next top producer or “star” employee. www.ILDV.org or 609-390-2830.
In another article, “The Hidden Talent Retention Strategy” by Michael Laft, which appeared in Training and Development (December 2007 Issue) stated that 75% of managers are unaware of a retention strategy in their office. Appearing in the December 2007 issue of Training and Development, it has been shown that even when companies are making an effort to engage workers or make them happy, the managers are not aware of the company’s actions and this is not being communicated to them.
The number one non-financial reason why workers leave their jobs is an opportunity for advancement, followed closely by work-life balance and more interesting work. This was noted in a survey conducted by the International Association of Business Communicators.
Even though most articles written for the HR circles are telling everyone to align your people with your business strategy, they are not telling the management team of the respective company to do the same. Almost every article on employment is demonstrating that there will be an imminent shortage of executives and that most companies expect competition for talent to intensify. Senior executives have frequently acknowledged their failure to pay attention to these issues and now seem to understand that their retention strategies cannot focus solely on the top performers but all employees. We need to engage workers of all ages, nationalities and genders who want to work for your company and remain there for as long as they can.
The problem is that managers treat talent in a most reactive manner. Managers and companies alike must think of the workforce as a collection of segments that actively create or apply knowledge. Companies need to make sure that performance reflects the workplace expectations of both the worker and the company. Companies need to instill a deep commitment to its employees. A commitment must start at the top and should cascade downward through the ranks. Managers must try to integrate a hiring and retention program with their strategic business plan and communicate this integration to all employees on a daily basis. These employee retention strategies must be incorporated into the culture of the company and be expected in terms of core value or competency.
When we find that talent is being nurtured at all levels of the organization or company, we can be reassured that we have been successful in creating a real retention plan that exhibits the real values of company and its commitment to its people and their values.
Contact Innovative Leadership at your convenience for information on our integrated Hiring and Retention Process that can make a difference in motivating, retaining, and even hiring your next top producer or “star” employee. www.ILDV.org or 609-390-2830.
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