Read more about the article Engagement and talent retention

Engagement and talent retention

Are any of these issues on your agenda? Are they keeping you awake at night or would you simply like to get a bit better at them? Engagement and talent retention are tipped to be among this year’s key people management issues, according to Josh Bersin (Redesigning the Organization for a Rapidly Changing World, January 2015). This resonates with us because, in the course of our work, we frequently hear the comment “we could do better with regard to engagement” When we delve deeper, research on engagement reveals some startling statistics - actively disengaged employees outnumber engaged employees by 2 to 1 (State of the Global Workplace, Gallup, 2013). A 2014 global survey of than 18,000 employees by LinkedIn indicates that for those people either actively or passively looking for alternative jobs, the top five most important reasons for considering a move: Opportunities for advancement Better compensation and benefits More challenging work A role that was a better fit for the skillset More learning opportunities. When one overlays the gradual but inexorable demographic change and the cost of replacing staff, it reinforces the importance of retaining good people. So, why aren’t organisations better at engaging their good talent? And by good talent, we don’t just mean the high performing-high potential stars in box 9 on the talent matrix, we’re including those in the ‘mighty middle’ who consistently deliver but may not have aspirations beyond their current type of job and may not make much fuss about their dissatisfaction. Based on coaching individuals across a wide spectrum of roles and industries, we have observed some common themes that relate directly to engagement: The majority of people like receiving feedback for doing a good job. Capable individuals do not see a burgeoning in-tray of tasks or projects as development. Employees welcome the opportunity to discuss, explore and develop their careers. Organisations that differentiate talent are able to offer more satisfying development opportunities to key performers and high potentials. Organisations that address these themes and take action to fix what needs fixing can turn around low workplace engagement in order to drive better business outcomes. Whilst every organisation must address engagement and talent retention in the context of its workforce, culture and business conditions, there are best practices that apply to all organisations and we will focus on some of these in future blogs.  

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Read more about the article What’s new in competency frameworks?

What’s new in competency frameworks?

For the last two decades, we have defined competencies as ‘measurable characteristics of a person that are related to success at work’. They can be technical in nature, such as the ability to develop a business plan or design a software program, or behavioural, which describe how a person goes about their job. The ability to build strong customer relationships and deliver customer-centric solutions may drive success in a sales role, whilst motivating people to do their best to help the organisation achieve its objectives may be the key to effectiveness as a manager. The value of behavioural competencies is well established. Ongoing research by Lominger, Korn Ferry and others has consistently found that that they account for between 40 and 60 percent of total job performance. Organisations around the world recognise the need for competency frameworks that link individual competencies to the broader goals of the organisation, filtered through the business context and competitive strategy. However, two factors are emerging that are shaping the way organisations think about their competency needs: The rapidly shifting business environment demands increasing levels of resilience, flexibility and the ability to lead change and they want competencies to reflect this. Many leaders recognise that they are facing an inadequate supply of top quality, ready-now talent and this is having a profound impact on hiring and selection. In this context, the innovative new Korn Ferry Leadership Architect™ has a number of features with special appeal to those who want to: Make sure their competencies are described in contemporary language that truly reflects the needs of jobs today. Align competencies to their current business drivers and challenges, whilst also addressing future needs. Precisely target a list of the most high-impact behaviours, skills and attributes. Ensure competencies are relevant to people across the business, whilst keeping them simple and easy to use. Take much of the guesswork out of putting the right talent in the right role at the right time. In upcoming blogs we will describe how competencies themselves have evolved, how they are applied at different levels in the organisation and ways to overcome the most common challenges in implementing competency frameworks.  

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Read more about the article Driving a development culture

Driving a development culture

What is your organisation’s investment in developing its people? No doubt, the L&D budget comes immediately to mind. But, what about the not so obvious costs, such as those associated with getting people up to speed in new assignments, the efforts of managers in performance management and career development, the cost of job rotations or paid time off for study? Taking all these things into account simply provides an added incentive to maximise the return on investment and take a more holistic view of what constitutes development. A lament we have heard too often lately concerns the challenge of sustaining professional development beyond an initial program or event. What this takes is a conscious effort over time, focused on two key elements – people and systems. Most people want to grow and develop, do well and be rewarded for their achievements; and organisations need a support system in place to help them. Importantly, managers need to be active participants in the process, as nothing much will happen without their ability, interest and commitment. Six ways to sustain people development within your organisation Ensure development initiatives are aligned to business strategy – People need to know that what they are working on will not only help them be successful personally but also contribute to the organisation’s goals. Set targets for development - Provide role clarity through success profiles that differentiate skills by level and target high performance in the job. People are more motivated to work on skills that are recognised and rewarded based on their importance. Differentiate your development offerings - People are not all the same, they have different skills, talent, motivation, values and ambition. So, whilst all people need opportunities for development, they need them in different ways. One needs the challenge of new and different assignments, whilst another wants to deepen their expertise in their particular field. Empower your managers - Managers must embrace their responsibility for developing others. However many managers are not comfortable discussing a person's skills or giving tough feedback but these are essential aspects to what can be ultimately a very rewarding experience, developing others.   Start with simple briefing sessions on what skills are important, how skills are built and the difference between performance and potential. Make development plans personal - There are different types of development need - a weakness that needs to be a strength, an average skill that needs to be superior, an overused skill that needs to be toned down. Add to this the nature of the need – is it a single competency or a cluster of similar skills?  Is it difficult for anyone to develop or specific to the person? Should they find another way to work around it?  People generally respond well to this broadband approach to needs analysis and development planning. Offer the right tools to kick-start development  - People need resources to create and implement a development plan. A range of self-assessment instruments, sources of feedback and clearly laid out options for skill development…

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Read more about the article Generation Y: Building tomorrow’s leaders

Generation Y: Building tomorrow’s leaders

Generation Y, or Gen Y, is the name given to the generation of people born between 1980 and 1994. They represent the single largest generation in history and by 2025 will make up 75% of the world’s workforce. Some other facts about Gen Y: Gen Y's currently make up 20% of the Australian population Almost half of them have been to university They are the most highly educated cohort ever to enter the workforce They have higher expectations of promotion than previous generations One in four change jobs in any given year. Tips for Managing Gen Y Employees in Your Organisation Working successfully with Gen Y employees can require some adaptation and flexibility on the part of their manager. For example, if they want to make their mark by trying new ways of doing things it shouldn’t be seen as a rejection of established practices in the organisation. Here are 6 tips for managing Gen Y employees in your organisation: 1.  Knowledge Gen Y employees have a strong desire for knowledge and learning; and will often demand workplace training as part of their employment conditions. Lack of personal development, along with limited opportunity for progression, are major factors in why Gen Y’s leave organisations. Managers should plan for this and aim to provide ongoing learning that is mutually beneficial to the employee and the organisation. 2.  Feedback Gen Y’s need plenty of feedback and recognition. Having grown up in an era where these were freely given in school, they expect it. They are happiest when they are being listened to and respected and will perform better if this is so. They want to feel they are working towards a purpose and this will encourage them to stay motivated. 3.  Flexibility Research shows that Gen Y’s want work-life balance and are strong advocates of flexible hours and working from home. The saying ‘work smarter not harder’ resonates strongly with them. With this in mind, managers should factor in a flexible work/life plan to suit both the employee and the business. 4.  Technology Gen Y’s are more technologically savvy than any previous generation. They use the Internet widely in everyday social interaction and for sourcing business information. Over 75% of them have a profile on social networks such as Facebook, Twitter, and LinkedIn. Their managers can tap into this capability to help drive technology-based innovation in their business. 5.  Teamwork Gen Y employees value teamwork because they enjoy participation, interaction and collaborative decision-making. As a result, they appreciate managers who pay attention to building effective teams. Because they like environments that are social and fun, managers should also ensure they make time to debrief and celebrate team successes. 6.  Career Development Most Gen Y’s will expect a pay increase within a short period of time in a job, along with good prospects of promotion. Whilst this may not always be feasible, managers can ensure they are being given new challenges, are included in decision-making and have access to coaching and mentoring so…

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Read more about the article Ensuring leaders succeed in transition to a new job

Ensuring leaders succeed in transition to a new job

The early days in a job are challenging for most newly appointed leaders. Even if they feel well equipped for the new role, they have a lot to learn about their organisation and its people, culture and way of working. Many people feel they can intuitively do this. After all, they have been successful in previous roles. At first, it’s easy to put effort into ‘what’ to do in the new job at the expense of ‘how’ to go about it. Early mistakes such as failing to understand the culture, clarify the expectations of stakeholders or misreading group dynamics can be hard to recover from later on. In most large organisations, up to 25 per cent of managers take on a new position in any given year. That is a lot of people facing different responsibilities, learning new skills and coming to terms with fresh challenges! What Research Tells Us Research shows that up to 40 per cent of promoted leaders will fall short of expectations in the first eighteen months and the risk is even greater for newcomers to the organisation. When leaders fail, everyone suffers. Morale, productivity and revenue all take a hit. What we know is that: Companies who invest time and resources in onboarding enjoy the highest levels of employee engagement. Individuals who fail to adapt and develop as the surrounding context changes are at risk of derailment. Unsuccessful leadership transitions have a negative impact on the credibility of the selection process. The cost of turnover at the executive level can be 2 to 3 times annual remuneration. The cost is too great to leave successful transitions to chance. Onboarding programs that consist of a company induction combined with individual coaching reduce the risk as they ensure that people get off to a good start and build momentum for longer-term success. Everyone Wins!

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Read more about the article Four ways to advance the representation of women at the top

Four ways to advance the representation of women at the top

Today, more women graduate from university than men and yet far fewer make it to senior executive roles in organisations. The percentage of women on ASX 200 boards is 15.4% and of those companies 52% have no women on their boards.[1] Some 78% of women now leave their middle and upper management positions to start their own business.[2] A challenge for women A Harvard Business Review study conducted by Boris Groysberg and Deborah Bell found many leaders see a greater representation of women at the top of organisations is key to diversity and sustainability. At the same time, we have all heard the line that there are simply not enough skilled and experienced women around. Here lies a challenge - women lag behind men in getting the type of assignments that prepare people for success at the top, such as those with P&L responsibility, heavy strategic demands and high visibility from top management. Understandably, it’s hard to sustain a career long term without the right experiential learning. Agility is the key In his article “The Importance of Agility” in Human Resource Executive online, Andrew McIlvaine says that in times of unprecedented change and uncertainty, we need to ensure that leaders have the requisite agility to not only operate in unchartered watersbut to thrive in them. Agility has been a theme for Lominger International for two decades, after successful executives were found to embrace new and diverse challenges and integrate and draw numerous and varied lessons from them. In other words they are “learning agile”. Here is another opportunity to help women keep pace in development. Helping women advance their careers Give women the opportunity to understand and develop their learning agility Women (and men!) benefit enormously from knowing where they stand now on learning agility. It is a measurable trait that can be developed. Coaching and self-help resources such Lominger’s Agile Leader series are useful for becoming a more agile leader. Ensure organisational career paths are identified and open to women When an organisation identifies its most critical jobs, any bias against women must be overcome so they are included in succession plans. Career pathways that are visible to themselves and others and appropriate development planning will help them stay the course to realise their potential. Support women in making successful leadership transitions Each step up the corporate ladder brings a new set of requirements in terms of skill, complexity of work and focus of effort. Navigating these changes at each transition is essential for long-term career success. Stephen Drotter’s book “The Performance Pipeline” is a good resource for understanding what it takes. Give women opportunities to build their professional network Women can often be distracted by the variety of roles they play in their lives – partner, mother, daughter, sister, etc. With so many facets to their lives, they may need encouragement to build a network of peers inside and outside the organisation, as well as finding mentors to help guide their path. [1] Women in Leadership Report, CEDA,…

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Read more about the article Why leaders must read

Why leaders must read

At LDN we are avid readers of books and articles on all aspects of leadership success and development. We refer to many of them when we lead seminars and workshops, and are often asked to recommend readings on specific topics, our latest discoveries or our all-time favourites. On the other hand, we regularly hear the lament “I’m just not a reader, I am simply too busy.” These words should sound a warning if they come from those who aspire to key leadership roles. It’s not good enough in the information age to say they haven’t got time or just never got into the habit of reading. People who favour action over reflection, and today’s tasks over preparing for the future, will one day be left behind. Staying on top of your game Reading is essential to keep up to date on the latest trends in your field. Just as the body needs to be nurtured with good diet, exercise and sleep, the mind needs to be broadened with new ways of thinking. Time regularly set aside to absorb ideas outside the realm of everyday experience helps leaders build capacity to deal with new and unfamiliar challenges. Personal development Besides increasing general knowledge, reading has other benefits. It engages different parts of the brain that call on the ability to comprehend, imagine and develop ideas. Processing the written word is more complex than talking to a friend or watching a movie. Classical literature, in particular, uses more precise and elegant language than everyday conversation, increasing vocabulary and capacity for critical thinking. Enhancing emotional intelligence Reading about business makes good sense, but what about fiction? Keith Oatley, professor emeritus in cognitive psychology at the University of Toronto, says that reading fiction enhances a person’s emotional intelligence through greater understanding of both the characters and human nature in general. A novelist himself, Oatley believes fiction offers the opportunity to experience emotions in books that people would not otherwise encounter. Reducing stress Reading can be a wonderful escape from the stress of everyday life. Research shows it slows the heart rate and eases tension in muscles in just a few minutes. A 2009 study at the University of Sussex found that silent reading lowered stress by 68 percent, beating listening to music (61 percent) and taking a walk (42 percent). Five tips for making reading easier Subscribe to an executive book summary service to access summaries you can read in about 10 minutes. Buy the book if you want to explore it in depth, in hard copy or soft copy for your electronic reader. Subscribe to business journals that carry articles relevant to your business or industry. Find a couple of websites that have articles and blogs on topics of specific interest to you. Share your reading with your team so you can challenge each other on decisions you need to make.  

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