Quest - Talent Management and Retention Strategies LOOKING AT TALENT MANAGEMENT AND RETENTION STRATEGIES TO ENSURE SUSTAINABLE BUSINESS SUCCESS

1. LOOKING AT TALENT MANAGEMENT AND
RETENTION STRATEGIES TO ENSURE
SUSTAINABLE BUSINESS SUCCESS
Presented by:
Kay Vittee

2. CONTENT
1. Understanding the importance of talent retention
2. The evolving World of Work
3. Understanding the BPO workforce
4. Effective Leadership
5. Retention Strategies

3. UNDERSTANDING THE
IMPORTANCE OF TALENT
RETENTION

4. Dimensions of the Crisis: A Shrinking
Workforce
Source: United Nations Department of Economic and Social Affairs

5. Projected population decline between
2006 and 2030 (in millions)
Source: U.S. Census Bureau Internal Data Base

6. Organisational Factors Most Impacted by
Turnover Source: TalentKeepers, 2004

7. Retention Target
If all employees are viewed as talent then Retention-related
strategies should target 97% of the employee population
Source: Dibble, 1997

9. The old employment contract
Employee Employer
Loyalty (not leaving the Job Security (job for life)
company)
Conformity (following Promotional prospects
instructions)
Commitment (working hard, Training
long hours) opportunities/incentives
Trust in Organisation (keeping Sponsorship/ rescue when in
promises) trouble

10. The new employment contract
Employee Employer
Transferable/ portable
Employability/marketability
competencies
Commitment to continuous Flexible learning opportunities
learning (web based)
Exciting, innovative and
High performance on the job challenging work
- Key for retention
Tolerance of change and
Flexible work practices
ambiguity

11. The shift in generations
Veterans Baby Generation Generation
Generations (born before Boomers X (1960- Y (1980-
1940) (1940-1960) 1980) 2000)
Extra days Recognition Flexibility Non-financial
leave schemes incentives
Sponsor Services for Fun workplace Reward
education staff
Reward programs
practice – what
each Challenging Good Meaningful
generation projects guaranteed work
values from an packages and
organisation short-term
incentives
“Grand
celebrations”
Source: 21st Century Pay Solutions Group

12. UNDERSTANDING THE BPO
WORKFORCE

13. Y stay? Should you focus your retention
strategies around gen Y?
Generation Y “Is the most high maintenance workforce in
the history of the world; they’re also going to be the most
high performing.”
(Hira 2007)

14. Characteristics of Gen Y
• Fitness minded
• Entitled
• Gender differences are smaller
• Race issues are smaller
• Social life is more important than work life
• Need for praise
• Want to contribute on the first day of work
• They’ve been made to feel special
• Need to know they are on a career path
• and respond strongly to money
(Hira 2007)

15. Gen Y are tech savvy multi-taskers
They switch their
attention between 64% ask about
media platforms like social media
laptops, smartphones, policies during
tablets & television 27 job interviews
times per hour on
average – as
compared to only 17
1 in 3 Gen y’er said
times for previous
he/she would
generations
prioritise social
media freedom,
device flexibility and
work mobility over
salary in accepting a
job offer
Source: UNC, Kenan-Flagler Business School

16. Retention barriers
Source: Business Training Experts
Reasons employees leave in descending order
1 Employee/manager relationship
2 Inability to use core skills
3 Not able to impact the organisation’s goals, mission
4 Frequent reorganisations; lack of control over career
5 Inability to “grow and develop”
6 Employee/organisation values misalignment 43% of Gen y’ers felt
7 Lack of resources to do the job extremely or very
confident that they
8 Unclear expectations could find another job
9 Lack of flexibility; no work-life balance if they lost or left their
10 Salary/benefits current one
- UNC

17. Retention drivers
• Relationship with Co-workers (25%)
• Relationship with Manager (25%)
• Desirable working hours (22%)
• Attractive compensation (20%)
• Attractive benefits (20%)

18. Effective management facilitate
retention
“ A talented employee may join
a company because of its
charismatic leaders, its
generous benefits, and its world
class training programs, but
how long that employee stays
and how productive he is while
there is determined by his
relationship with his immediate
supervisor”
Source: Buckingham and Coffman, 1999

19. EFFECTIVE LEADERSHIP

20. The four major leadership styles
Source: Mark Murphy, CEO of Leadership IQ

21. RETENTION STRATEGIES

22. Reward categories influencing
attraction, motivation and retention of
employees
Top 6 factors:
st
Source: 21 Century Pay Solutions Group
Attract Retain Motivate
Monthly Salary /guaranteed 19.7% 9.8%
remuneration 73.5%
Variable Pay 5.4% 22.1% 29.7%
Benefits 3.1% 7.0%
Remuneration is only 1.8%
Performance & career approximately 20 percent of the
8.9%
management stay decision 27.0% 34.3%
Quality of work environment 1.8% 3.3% 6.2%
Work/home integration 7.3% 20.9% 18.1%
100% 100% 100%

23. Retention strategies geared around Gen Y
Source: HCareers
Initiate and maintain • They want their inputs to be valued
open dialogue • Communication needs to be transparent
Make work more • The want to feel personally inspired in their role
meaningful – and more • Remember to have fun!
fun
Appeal to their sense
• Engage your younger employees to head up charity
of community service committees, development initiatives etc.
and civic engagement
Find out what makes • They take pride in their individuality so tailor retention
them tick and reward initiatives to meet their needs
• They want to be constantly challenged
Keep them on their
• Provide plenty of opportunities for professional
toes development.

24. Gen Y wants to learn and grow with you
Source: UNC, Kenan-Flagler Business School
• Said opportunities for career
52% progression made an employer
attractive
• Said the opportunity for
65% personal development as the
most influential factor in their
current job
• Said training and development
22% are the most valued benefits
from an employer

25. Are you embracing your workforce’s
ability to:
• Collaborate
• Connect
• Co-create &
• Control?

26. THANK-YOU
www.Quest.co.za