According to a survey of 562 senior managers and executives by AMA Enterprise, 26% of employers are ineffective in retaining their high-potential workers. Even though more than half (56%) are considered “somewhat effective” at hanging on to high-performing talent, only 18% are “very effective” according to the survey’s findings.
“Management succession and future leadership are paramount concerns at most companies today. Yet efforts of organizations to hold on to their best people often fail. Some organizations make only intermittent attempts to identify their up-and-comers, and it seems that those that do so meet with mixed success.”
One of the most common reasons younger workers leave their jobs is lack of full engagement with the company’s objectives. While the young generation has an insatiable appetite for growth and job success, they also:
- Strongly believe in their ability to make major contributions to the company’s success and growth.
- Dislike change as much as older workers, and want to help their organizations grow and prosper.
- Will leave one position for another to make a real difference, to fulfill their career potential, and grow personally and professionally.
A Wall Street Journal study found that 97 percent of the 40 companies surveyed said they needed stronger plans to retain top talent across generations. In other words, most managers feel unprepared to deal with the high-turnover trend.
According to Sandi Edwards at AMA Enterprise, organizations need to focus their high-potentials program on leadership development. “Talented, motivated individuals need to be developed in a number of ways, including mentoring or coaching, training, stretch assignments, action projects, cross-functional teaming and job rotation.” These programs need to also be align with the business needs of the organization and the overall strategic direction of the organization.
To learn about tailored programs to retain your high-potential employees, contact Loyalty Factor at 603-334-3401.
Welcome to the Loyalty Factor Information Exchange, a bi-weekly service providing summaries of major publications and books on various management and customer relationship topics.
Loyalty Factor has been instrumental in helping companies:
- Increase Customer Satisfaction by 20 – 33%
- Increase Revenues by 50% in 18 months
- Increase Manufacturing Production by 200% in 18 months
- Simplifying mergers and acquisitions
Our information exchange this week highlights the book, “Power Listening: Mastering the Most Critical Business Skill of All ” by Bernard Ferrari.
Listening requires more than opening your ears. In his new book for business managers, Power Listening: Mastering the Most Critical Business Skill of All, Bernard Ferrari proffers advice on smart conversation habits.
Here are five to try:
- Show Respect: “The easiest way to do this is to clue into the person you’re talking to about the purpose of the conversation,” says Ferrari. “Say something like ‘I really need your opinion on this’ or ‘You know, talking to you always helps my thinking.’ Doing so not only informs the person of your agenda, it shows that you respect her, trust her opinion, and are eager to hear what she has to say.”
- Listen To Everyone: “Talk to not only the people who are closest to you, but also to customers, suppliers, and competitors. A conversation doesn’t have to be immediately productive to be useful or important. Good managers gather information from every interaction and are able to store what may be pertinent later.”
- Be Quiet: “Businesspeople are trained in one-way communication. They become pros at speaking, presenting, and pitching. But it’s hard to listen when you’re talking. Aim to let your conversation partner speak 80 percent of the time. Really focus on what he’s saying and process the information. Maximize your 20 percent with thoughtful interaction.”
- Understand Emotions: “It’s difficult to have a conversation when you’re angry, upset, or frightened. Avoid having important discussions when you’re experiencing these emotions. Understanding yourself and knowing when you should be out of the game is essential.”
- Ask Questions: “As a good listener, you can actually help people bring forward new facts, think in new ways, reach conclusions, and come up with better ideas. This happens by asking questions. Always phrase an interruption as a query rather than a comment, even if you disagree with the speaker. Question marks show openness, flexibility, and interest.”
Power listening is critical to your success as a leader. Dianne Durkin’s program, Building Rapport, Respect and Credibility, delves deeper into these concepts of communication.
Call Loyalty Factor today to improve your communication and gain credibility with your employees that will translate into increased revenue.
Did you ever wonder what makes some bosses great and others unbearable? Why do some inspire performance, loyalty and teamwork and others only create turmoil, dodge responsibility or remain unapproachable?
The truth is, great bosses are great leaders, and every day great leaders demonstrate key traits that keep them great.
Develop and Execute the 7 Key Behaviors of Transparent Leadership
- Use the truth to empower others
- Build a better reputation by consistently asking for feedback
- Uphold your commitments
- Take ownership of mistakes to gain trust and respect
- Increase authenticity by letting employees see the real you
- Master ways to deliver bad news kindly
- Use emotional intelligence to make level-headed decisions
Keys to Achieving Respect and Credibility in the Workplace
- Collaborate in ways that supports the business
- Create win-win situations that promote personal improvement
- Develop actionable ways to improve your employees’ success
- Inspire loyalty so people don’t jump ship
For personal coaching to transform from an ordinary manager to a GREAT leader, contact Dianne Durkin at Loyalty Factor – 603.334.3401.