Exciting press for Leadership Futures on the Atlanta Journal website and featured in the print edition today
Assessing Talent in a Tough Economy
posted July 1 and July 11th, 2010 by Laura Raines for the AJC
Many companies have been treading water, struggling to stay afloat in the choppy waters of a tough economy. And their employees are tired, said Karen Steadman, president of Leadership Futures, an Atlanta consulting firm that helps corporations assess, coach and transform their top leaders and teams.
Steadman helps companies identify and develop their high-potential employees.
“High-potential employees like to be recognized for their contributions. They like career options and development and those have been restricted in an environment of layoffs, frozen salaries, cut bonuses and decreased benefits,” she said.
She encounters clients who have had their jobs changed or expanded with little or no preparation.
“Individuals who thought they were in line for expanded responsibility haven’t been promoted because the person ahead of them is hanging on due to a depleted nest egg or an inability to relocate due to the employment or housing markets,” said Steadman. “There is a big difference between an employee being satisfied to have a job and being engaged.”
She likens a disengaged workforce to the danger of water seeping into a structure — a seemingly small problem that, if left unattended, can have major repercussions.
“I’m worried that as the market improves, more people will be looking for other work. That seepage can erode the foundation of a company,” she said.
The clock is ticking, according to a recent study by the Corporate Executive Board. Surveying 20,000 high-potential (HIPO) employees in more than 100 organizations worldwide, CEB found that 30 percent planned to change employers within a year. Twenty-one percent said they were highly disengaged at their current job, compared to seven percent in 2006.
“Our surveys have shown a dramatic increase in the disengagement of all employees," said Conrad Schmidt, executive director and chief research officer of the Corporate Executive Board. "As the economy starts to improve, companies need to get back on a growth ramp. They should reboot around their high-potentials first, because this group is a critical component to their future recovery.”
While market conditions change, what matters to high-potential employees doesn’t, Schmidt said.
“They want great clarity in their role and their career path. They want to see how their role links to what’s being done in the company. And they want to be recognized for their contributions,” he said.
Not all the tactics to attract and retain valued talent are high-cost.
“Start by having a frank discussion that clarifies their career roles, where the company is going and how it plans to invest in them. Ambiguity is an engagement killer, so good communication is essential,” said Schmidt. “Show them how their role supports their learning new skills in order to meet company objectives.”
Companies also need to find ways to recognize top performers and future leaders.
“If higher pay isn’t an option, put them in programs that give them greater access to senior executives and critical projects,” said Schmidt. “Emerging leaders need stimulating work. Attaching these people to stretch career-advancing projects will excite them and reengage them.”
Employers didn't want to know or had the money to survey their employees in 2009, Steadman said, “but with employment options opening up, an engagement survey could be a good first step for companies to learn where the areas of seepage are.”
Different generations may have different reasons for seeking new jobs. Older workers may be looking for greater stability or benefits.
“Generation X may be looking for work with greater meaning, a place where they can build skills and make a greater impact,” Steadman said.
People who have been working hard through the recession may be looking for better work/life balance, health and wellness programs or recognition for their efforts. Those wanting greater opportunities may seek them in emerging markets, such as China, she said.
“Companies need to listen to what employees say,” said Steadman.
She is seeing more companies begin to assess the strengths and weaknesses of key individuals and teams, and she believes that could lead to investment in career development and training programs by year’s end.
“Asking the right questions and renewing focus on the career development of their employees can help companies win in the long run,” she said. “Smart companies are asking what they can learn from the recession and working on ways to take their leadership into the future.”
Exciting press for Leadership Futures on the Atlanta Journal website and featured in the print edition today Assessing Talent in a Tough Economy posted July 1 and July 11th, 2010 by Laura Raines for the AJC Many companies have been treading water, struggling to stay afloat in the choppy waters...
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