How to Retain Top Talent
I had a long-time client of mine in WDC ask for my presence at their monthly executive roundtable meeting this past week. The topic? How to retain our top people.
It’s a great question and one that I get very often from my insurance clients.
As many of you know, the average age of an insurance professional working in an agency or brokerage is like 125 years old or something…so where is all the young talent going?
You guessed it – in the WDC region, the popular landing spots for top talent are: technology, financial services, government contractors, and the government.
It is not only difficult to find and attract young talent, but actually retaining it? Good luck.
Let’s assume you are lucky enough to find them and then hire them. What next? And how does one hold on to them?
In preparation for this client meeting, I put some thought into it, consulted with my team, reviewed notes, and I came up with three things that workers are demanding in the work place right now:
1. Transparency: with the appearance of the internet and smart phone technology, everything is now available at one’s finger tips…sports, news, entertainment, Facebook, Twitter, Instagram – you name it.
Young workers, in particular, are so used to instant access they now demand it in the workplace. Yes, transparency is something they crave. The more transparent you are with compensation structures, policies, mission statements, challenges, strategy, and other workplace related issues the better off you will be.
Being transparent doesn’t mean calling an all-hands meeting once per month and making a great speech. It’s a mindset. Keep everyone informed up and down the chain of command on a regular, informal basis. Doesn’t have to formal.
2. Respect: Show them some respect. Sure, money is important, but respect is even more important to all workers.
One of my best recruiting analysts I ever hired was as quiet as a mouse. Recent college grad. Kept to himself. Did his work. His office happened to be right outside of mine, so when I was walked by sometimes I would give him a slight pat on the back for something good he had done for me that week.
I never thought anything of it, until when he resigned several years later to enter grad school, he told me in the exit interview that one of the things that kept his spirits up was that I recognized him with that pat on the back once in a while. Respect can be that simple.
In case you haven’t noticed, we live in an increasingly uncivil and disrespectful society. Chat rooms and message boards are scary places. Ever check out your kid’s Facebook or other social media? Respect on these mediums is virtually non-existent. Show your employees a little extra respect and you will be rewarded.
3. Purpose: Give them a reason for being there…for showing up for work every day. There are a million distractions in a day in the life of an office worker so make sure your goals and strategy are consistently and clearly communicated to your employees and they will respond.
In an increasingly cluttered and distracted society, you want them to Focus, Focus, and Focus while at work. Give them a reason for doing so. A reason for being there.
One of my best clients in Northern Virginia is actively involved with the local community. They have a constant presence. It was a big reason why their retention is so high. People believe in this mission. They are proud to work for such a benevolent organization and owners.
I presented these three points at the meeting and, after some lively discussion, everyone agreed that these three items needed to be addressed in earnest. HR was immediately put on the case!
I would be very interested to see if you agree with these three points. Are you being respected in a transparent work culture that has a clearly articulated purpose?
I welcome your comments – let’s crack this code together! Always with respect, Rob Houghton
