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Holding on to top talent you can’t afford to lose

by Mary Ann Ireland, originally published May 19, 2009 on BayBio

We’re in the midst of a lot of change.  While executives are “Navigating the Storm” in these uncertain times, managers and individual contributors are also navigating their own storms – and all this is contributing to significant workplace change, ultimately affecting the bottom line.

According to a recent Society of Human Resource Management (SHRM) article, “The inability to adapt to workplace change can decrease employees’ level of engagement and effectiveness on the job as well as put organizational productivity at risk for many organizations.”

Just as companies are re-evaluating their pipelines and reducing burn rates, top performers are re-assessing their options, managing their finances, and adjusting their expectations as they plan for their future.  And some will leave.  These days, top talent wants more than attractive compensation - transparency and other “natural rewards” come high on their priority list.

What is Employee Engagement?

Rutgers University professor Richard Beatty recently sparked a heated debate with his CFO.com article, Memo to CFOs: Don't Trust HR, where he criticized the human resources profession for being mostly unable to talk the language of business and help companies build economic value. Since then, CFO.com has published a summary of rebuttals to the original article in Memo from HR: We Do Too Create Value.
One of Beatty's most contentious points is that employee engagement and job satisfaction don't necessarily impact financial returns. Beatty admits in the follow-up article that it's difficult to measure the impact of employee engagement because we lack a uniform definition of it and a common understanding of what drives it.
This month we're discussing some of these same issues in our May roundtable meetings - specifically, how to keep employees motivated during difficult times. BOLD members, please join us at a roundtable meeting or join the discussion online at the BOLD LinkedIn Group to share your thoughts on employee engagement.

BOLD Workshop: June 17, 2009

The 360 on 360’s: Best Practices for HR Professionals

• How can you leverage your 360 results in these economic times?
• What are the pros and cons of gathering anonymous 360 feedback?
• How do you know when to use a 360 Assessment Tool?
• When would you customize a 360 versus using something "off the shelf"?

Learn how Genentech implemented their 360 tool and has adapted their process to their changing organizational needs. Review 360 benchmark data and best practices tips to assist you in understanding the uses and business questions to answer before interacting with 360 vendors.

HR Affinity Group

Meets weekly in San Francisco

This group of former LHH outplacement clients meets every Wednesday to help fellow HR professionals in transition. The weekly meetings follow a round robin format where all members can share their job search strategies and recent highlights. Additional information can be found here. Please contact Sandy Poland if you'd like attend.