Found at CEB Views, author Srikanth Seshadri (via Willem Scheepers)
“It is imperative that firms hold on to their best employees, not only when labor markets are stretched and the war for talent is raging but in recessionary times as well.”
“Continual investment in retaining and engaging key employees will not only help you weather the worst of the storm but also positions you well to take advantage of the upturn before (and more effectively than) any of your competitors.”
“Myth 1: ‘Compensation is the Key Driver of Employee Engagement’
Reality: Compensation is the most important reason why an employee chooses one firm over another. However, as long as compensation is within an appropriate market range, additional compensation is not one of the main drivers of employee engagement.
Fact: More than 44% of employees worldwide indicate that compensation is the main reason why they chose a particular job.
Must Do: Equip your managers with tools, resources, and talking points that not only improve their qualities as managers but also help them diagnose the true reasons for employee disengagement.
Myth 2: ‘Most High Performers Are High-Potential Employees’
Reality: While almost all high-potential employees are high-performing, the reverse is not true. High-potential employees must have: 1) the skills to be successful at a higher level, 2) the aspiration to be promoted several times, and 3) the desire for a long-term career at your company, not one of your competitors.
Fact: Only 29% of high performers are actually high-potential employees. The two most common reasons why they are not are: 1) They have the ability, but not the aspiration—they don’t want to make the necessary trade-offs in their life to be promoted several times, and 2) they have the ability but not the engagement to be successful—they will make the necessary trade-offs but they prefer to make them at a different company.
Must Do: Expand your assessment process of potential high-potential employees to measure their engagement and aspiration levels. At a minimum, include these criteria if you are collecting nominations from managers for high-potential programs.
Continue reading Resolutions 2011: Avoiding these 6 HR-myths