Posts Tagged ‘Career Management’

2015 Warning – A Talent Shortage! Focus on Growing and Retaining Your Talent – Part 2 of 2

Are your competitors luring your best employees away to "greener pastures?"

Are your competitors luring your best employees away to “greener pastures?”

The premise of this two part series is that there is a major issue now facing US companies as the economy continues to improve and the record number of people retiring exceeds the supply of new qualified talent entering the work place.

In Part 1 (link) I focused on three top sources of bringing in new talent. But once you obtain the best talent, how do you keep them engaged and growing? And to make the issue worse, as the economy continues to improve, you competitors are going to come after your best people to lure them away to greener pastures. You need to actively show your employees that the company cares about their career growth and that great future possibilities are available within your enterprise.

The importance of providing a skills and career growth value proposition is highlighted in the SHRM (Society of Human Resource Management) January/February 2015 “HR Magazine” in a feature story called “What’s in Store for HR in 2015.” In fact, a majority, 5 of the 9 predictions, supports this theme of the importance of talent development:
• Culture, diversity, engagement and retention will be front-burner issues.
• Corporate learning will be transformed and will take on more importance
• Talent mobility and career management strategies will become necessary to complete
• Leaders will invest in talent analytics and workforce planning
• HR teams will get a new design and focus on professional development

When your best talent leaves to go somewhere else (and let’s face it, it normally is your best who are recruited and lured away by competitors), the replacement cost in terms of recruiting, hiring and onboarding is huge! The cost per employee can often range from 1 to 1.5 times annual salary. Yet to invest in some robust career development tools to excite and retain your employees may even cost less than replacing one employee! Get proactive and grow your people instead of spending millions of dollars on “employee replacement costs.”

A good talent growth strategy will involve engaging employees in growing skills within their current position as well as giving them tools to plan meaningful longer range careers within your enterprise (see my past blog on short range and longer range development.) On the career growth side, I offer an innovative yet proven approach based on career mapping that is tailored to your enterprise and engages employees enthusiastically in longer range career planning.

Check out the Total Engagement Career Mapping offering as well as reading this ZipRecruiter article about my process. In addition, here is another article that demonstrates how to calculate a business case for investment in employee career development, ideal for securing the necessary budget from your CFO. And then contact me today to request my two page offering spec sheet and / or to set up an appointment to discuss how Total Engagement Career Mapping can work within your company.

Entrepreneurship – The Balance Between Self-sufficiency and Interdependence

Note: this Blog is loaded with lots of useful links so do use them!

Last week I was featured in a weekly column by Mildred L. Culp, a Syndicated Columnist with the Knoxville News Sentinel. This series, called “THE RIDE” ™ captures the entrepreneurial experience and spirit. (Link to the story I was featured in.) The title of this particular column was “THE RIDE: Entrepreneurs enhance self-sufficiency”

Mildred L. Culp

In the article, both of us entrepreneurs who were interviewed spoke about the need to be self-sufficient. Often as an entrepreneur, I need to do many different things myself as I keep personally motivated to do all that is necessary for my business to succeed. But in the article, I was quoted by saying, “Independent spirit can be a negative thing if taken too far.”

Now I want to expand on this quote. There is a balance between being self-sufficient and also realizing there are many resources out there I can call upon to help me succeed. Even though I need to take ownership over every aspect of my business and be self-sufficient, that does not mean “going it alone.” The wise entrepreneur knows how and when to call on various available resources.

Here are some examples of how I have been using resources to help me succeed:

First, I am involved with several organizations pertinent to my business for networking and resources. Being in the diversity and career management space I joined and regularly participate in the Raleigh-Wake HR Management Association, the Triangle Society of Human Resource Management, the Triangle Organizational Development Network, and the National Gay and Lesbian Chamber of Commerce.

Second, I availed myself of excellent small business coaching. Both my initial coach during start up, Vickie Bevenour of RDW Group, Inc. and then Nancy Heller of Right Management, have been invaluable with expert advice, encouragement and inspiration.

Third, I have spent time with experienced and seasoned colleagues who helped show me the ropes and supplied sage advice. Both Val Boston of Boston and Associates and Al and Keith Toney of AK Consulting Services are successful long-time consultants in the diversity space who have provided great guidance along the way. Sharon Hill of Sharon Hill International discusses speaking dynamics with me as well as encouraging me with her infectious super-positive spirit. And Katie Gailes of Smart Moves International and I have had mutual accountability meetings, and she gives me creative marketing and sales ideas.

Fourth, paid or contracted resources can provide excellent direction. My IT / website / video contractor Jim Manchester of IYI Creative Services has given me some stellar creative ideas as we constructed my website, and Lorana Price of Holy Cow Branding provided expert services to help with my initial launch and logo development.

And finally as a small consultancy, I know that partnering with other consulting firms is desirable. I may need to find partners when I find a piece of work too large for me or if I do not have all the expertise. Likewise, I hope other consultants will reach out to me when my specific expertise may be beneficial for one of their engagements.

Yes, entrepreneurs need to be self-sufficient, but that must be balanced by knowing how to use the myriad of available great resources.

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