I am not a big fan of new year’s resolutions, so I never set any but I do set business goals for myself. New year’s resolutions are usually pipedreams or hopes and as they say ‘a dream without a plan is just a wish’. So setting business goals with plans behind them is the way to go.
As I outlined in my last blog post, in 2018 the 3rd biggest challenge my clients had (that I supported them to work on in our 1-2-1 coaching sessions) was how around staff retention, specifically “do we attract and retain the best staff?“.
There are a multitude of answers to this complex question, not least getting the recruitment and induction process right. Research shows that staff are highly engaged during their first 6 months of employment and that millennials are prone to ‘job hoping’. The same research also identifies that millennials are also highly motivated by self-development.
So is learning high up on your agenda for 2019? Not only to keep staff engaged and retain the best talent, but also for you to ensure you are using best practice?
This is such a big part of retention yet is one area that is frequently overlooked by employees (‘we don’t have the time’ or ‘we don’t have the budget’, are 2 statements I frequently hear). Indeed I have had my clients ask me if I have a face to face course I delivered as an online course or if I could take a particular subject I coached them through and turn it into some kind of online learning. It was these conversations that led me to launch a series of online courses around everything to do with starting, growing and running a successful agency (7 courses to date with plans to add at least 2 more in 2019). Take a look here to see all 7 courses.
The advantage of online learning
There are many advantages (and a few disadvantages) to taking an online course rather than a classroom based course. Here are 4:
Of course one disadvantage is that there is no interaction with the trainer or fellow students. To help counter that I invite all my students to join my closed Facebook group where I regularly post content and also am available to answer students questions.
There is really little excuse for not planning to have learning and development on your agenda for the new year. The benefits of increasing skills and retention make it a no brainer, so make sure you have it on your plan for 2019!
Since we are just starting our new year, I thought it would be interesting to reflect back on 2018 and share with you the reoccurring themes and biggest business challenges that came up time and time again during my coaching sessions with clients. So here are my top 5 (I would bet most of these were and are relevant to you in 2019).
This is usually a question that is asked early on and one of the reasons for engaging with a coach such as me.
In the agency world, there seems to be a constant mismatch between being super busy, working long hours and yet, not being profitable enough. This results in lack of investment in the business, not enough hours for the owner to work on their business, high staff turnover (if you have staff) and burnout.
As my clients know, the answer to this, whilst it’s not one thing, is definitely to sell value, outcomes and transformations and NOT time.
This kind of goes hand in hand with one because if you are run ragged servicing low paying challenging clients then you will have little time for new business. So firstly, get that right so you have time to look for new business.
Secondly, know your customers (define your customer personas). Understand their challenges (that you can solve) and market yourself against these challenges (rather than telling them how wonderful you are).
Understand their buying habits so you know where they ‘hang out’ (networking?, LinkedIn?, Facebook ads? (yep they can work for business) and so on).
Give away some value for free to demonstrate your credibility (such as a blog like this one) and build rapport with them through regular communications.
Like all the issues, this is a big one with a long answer. So let me give you a few quick thoughts on this:
This is all about getting your structure/infrastructure right, so you have room for growth. I always tell my clients to build their business structures today for the business they want to be tomorrow – that way you can grow in a managed sustainable way. If you don’t have the structures in place and grow rapidly, you are just as likely to shrink as rapidly – and have a stressful time in doing so!
So they are the top 5 challenges that I helped my clients solve in 2018. Will they be the same in 2019? Did I miss anything? Do let me know by dropping a comment or sending me a message.
You’re understaffed and everyone is maxxed out. You finally find a good candidate to fill the vacancy. They start and you breath a sigh of relief now that the post filled and the pressure is relieved. You leave them to get on with things but quickly realise they are not quite what you thought they would be and they realise the Company isn’t quite what they expected. Things don’t quite work out and you find yourselves back to square 1. Does this sound familiar?
I am amazed that this scenario often happens and unwittingly, staff are set up to fail rather than succeed. In order to give a new member of staff the best chance of success you need to map out their first few months so both you and they know what to expect and what ‘good’ looks like in their role. They need to know their priorities for each month, what the outputs of each task are and how they are measured. This way you can ensure that yours and their expectations are met. Management needs to take the time to mentor and ‘buddy’ them so they can ‘learn the ropes’ and settle into their new role and environment as seamlessly and quickly as possible. In a larger organisation there is usually a formalised induction process (although this can be very HR heavy rather than role specific) but in SMEs this is often lacking.
This is a perfect example of one of my favourite expressions: “Slow down to speed up”. Spend the time at the start getting it right to ensure you and your business moves forward faster in the mid to long run. Invest time in hiring the right staff (if you cut corners or take the cheapest route, you usually end up with a compromise) and then invest time in getting them settled in and up to speed to reap the benefits later on.
Staff attraction and retention is a huge issue for business at the moment. It’s a candidates market so getting it right is crucial. However, hiring the right person is just the start of the process. So how good is your induction process and what other tips do you have?
How good are your circus skills? Well if you run your own business you will know that juggling skills are a prerequisite (and if you don’t recognise this you will soon be in trouble). In fact it is one of the reasons so many start ups fail in their first year.
It’s not enough to have a great idea for a business and to have researched there is demand for your product/service, you need to be able to spin a whole load of plates or juggle lots of balls at the same time.
So what juggling skills do you need exactly? There are 3 key areas you’ll need to be good at juggling:
So the main thing you need to juggle is time. And time is in short supply so getting structured becomes super important. Allocating time to working on the business (strategy) and managing staff is as important as delivering client work (revenue). And the first two can’t go out the window when you get busy with client work because if they do, what will you do when clients eventually stop working with you (and trust me, at some point they will)? Those companies who proudly tell me they are super busy and get all their business through referrals so don’t need to do any kind of sales or marketing, will eventually find themselves in a trough and it’s at this point that businesses make poor decisions.
A business in the trough will be desperate to get more work and do one of 2 things: they either discount to win business or take the wrong kind of work on. Both scenarios are examples of poor decision making and will eventually lead to more balls being dropped, short term client relationships and poor staff retention.
So how good a juggler are you? It’s a skill I would definitely recommend gaining.
I wrote on this topic a while back and since it was really popular, I thought I would add some further thoughts.
In the 21st century, a crucial part of attracting and retaining the best staff is to ensure you have a strong, clear and up to date online presence. The Z Generation (those born after the millennium) sees social media at the centre of their communities. A report by Sparks & Honey, a US advertising agency describes this generation as the “first tribe of true digital natives” or “screenagers”. But unlike the older Gen Y, they are smarter, safer, more mature and want to change the world. This is also why CSR (Corporate Social Responsibility) policies are more than just good for positive PR but crucial for attracting and retaining the younger, Z generation who want to “make a difference in the world”.
Glassdoor Research shows that when candidates have access to information about a job and company—before deciding whether to apply or accept a job offer—employers have seen an average of 22 percent reduction in turnover. The tide is already shifting with employees having more voice with the social channels. Review portals like Glassdoor and independent surveys that rank companies in terms of employee satisfaction have become important tools for potential employees checking out employers.
Of course your social media presence isn’t just about staff, it has to engage with all your stakeholders, including current and potential customers. The importance of social media is not just because of the Z-Gens but also due to the prominence of mobile devices and the X gens/baby boomers also using social media more frequently.
The success gap is widening between businesses that are using social media in an informal, ad hoc manner and those taking a more planned, strategic approach.
This has significant implications:
So how does your social media strategy fit in with your marketing plan – and how strategic v adhoc is it? And how are you measuring and adapting your online presence? Want to find out more then get in touch.
2015 will prove an challenging year for attracting and retaining top talent. As part of this, a key agenda activity for HR and marketing will be to ensure your social media presence is up to date, attractive and reflective of the aspirations of your business.
The next generation of job seekers are looking beyond job boards and now engages with potential employers on social media sites. Glassdoor research shows that when candidates have access to information about a job and company, before deciding whether to apply or accept a job offer, employers have seen an average of 22 percent reduction in turnover. The tide is already shifting with employees having more voice with the social channels through review portals like Glassdoor and independent surveys that rank companies in terms of employee satisfaction.
So does your social media presence reflect the image you want to give to a potential new employee?
Here are a few thoughts:
Twitter – an excellent way to communicate to lots of candidates. Here’s a few pointers to get you started:
Facebook – is a perfect medium to give your employer brand a boost. Here’s how to make it work for you:
LinkedIn – is a great way to build your company’s credibility in the eyes of the job seeker. Here’s how:
A recent survey shows that 1 in 3 staff will be look for a new job in 2015. While this may be a good sign for those looking to hire this year, it also means that staff retention is going to be a challenge and needs to be at the top of your agenda in 2015.
So let’s look at the reasons staff leave and some ideas on how to retain them.
Five main reasons why employees leave
1. It doesn’t feel good around here – This can include any number of issues to do with the corporate culture and the physical working environment.
2. I am not valued and don’t get the support I need to get my job done – Many people don’t feel personally valued. When people don’t feel engaged or appreciated, all the money in the world won’t keep them. People want to do a good job yet can feel constrained to do so because of lack of manager support.
3. Lack of opportunity for advancement – Advancement doesn’t necessarily mean promotion. More often, it means personal and professional growth. People want to be better tomorrow than they are today.
4. Personal growth – Personal growth constitutes a very strong driver in today’s workforce, particularly with the younger generation. People coming out of college often identify training as the primary criterion for choosing their first company. Companies that cut back on their training departments have a lot of catching up to do in order to attract good people.
5. Low compensation or recognition – People want fair pay but contrary to most managers’ beliefs money rarely comes first when deciding whether to stay or go. Employees want opportunities to grow and learn, to advance in their careers and to work on challenging and interesting projects. They want to be recognised and appreciated for their efforts. A certain percentage of people will always chase more income but the majority of workers look at non-monetary reasons first.
So that’s the bad stuff, now lets look at some retention strategies.
Five staff retention strategies
1. Have a clear mission and defined set of values – Having a clear mission and ‘lived’ values will help you attract and retain the right staff who buy into the values. Younger staff want to feel they are part of something exciting that they believe in. Use your values to help your recruitment process and recruit against values as much as you recruit the ability to do the job.
2. Give employees ownership – Has anyone ever enjoyed being micromanaged? People work best (and are happiest) when they have ownership, when they can solve problems their way and express their individuality. This doesn’t mean making everyone equal but ensuring work is delegating when and where it should and can be.
3. Develop your staff – Staff development strategies deal with personal and professional growth. Good employees want to develop new knowledge and skills in order to improve their value in the marketplace and enhance their own self-esteem.
4. Create a healthy working environment – Creating and maintaining a workplace that attracts, retains and nourishes good people is crucial for staff retention. This covers a host of areas such as a safe, pleasant, inspiring work environment to creating clear, logical and consistent operating policies and procedures.
It’s not healthy to work like a dog. Companies with superior retention rates are the ones that recognise that wellness is essential to productivity.
5. Develop creative compensation schemes – Effective compensation schemes stem from one fundamental principle: money alone will not retain most employees. In the old days, companies essentially paid people for their time. Today, more and more companies pay for performance – in every position, not just sales. To retain employees, your compensation plan needs to incorporate this trend.
Smart employers use a variety of hard (monetary) and soft (non-monetary) employee compensation strategies to make it difficult for other companies to steal their people away.
So what is your 2015 staff retention strategy looking like? How high up the management team’s agenda is it? Want some help? Get in touch.