Getting Serious About Retaining Your Best People

Source: Public Practice E-News

The following includes excerpts from the article cited below.

There are many rewards that are as important as compensation. (But don't skimp on compensation).

These include:

• High-quality colleagues
• Access to new experiences and challenges*
• Recognition from one's company or boss*
• Flexible work arrangements

In addition, Gen Y members look for good prospects for advancement* as well as actual, steady advancements and promotions.

But the "people" side of the business is neglected because of management's focus on production and realization, rainmaking, or other, non-developmental, opportunities. Employee development and retention practices are just afterthoughts--something to be dealt with in the future.

In addition we find misalignments between executive pay and organizations' goals. If management is paid based on project profitability, overall personal productivity, and/or rainmaking and the like, then why would it devote any quality time to developing people and creating an environment that attracts and retains the best and the brightest?

If top management sees personnel growth and retention as key strategic success factors, then it needs to put its money behind it and really work at creating the kinds of motivating opportunities that research and our experience shows will work to keep the best people.

But many managers have not had good management role models. Getting your managers to be more functional at development, supervision, and delegation is a challenge. There are tools and processes to help you such as the Everything DiSC suite of profiles, QuadLead/Succession Institute Managerial Leadership Assessment, the Thomas-Kilmann Conflict Mode Instrument, and Situational Leadership®.

*significant cause of turnover

To read the complete article, click here and read "Best Practices for Keeping Your Best People."

From Public Practice E-News, Texas Society of Certified Public Accountants, February 2010, http://www.tscpa.org/.