Talent retention is a key responsibility of the manager. Because a manager’s role is to guide and evaluate the employee, the manager’s day-to-day behavior can be a potential obstacle to retention of top talent. Of course, it’s easy to coach or develop the management skills of someone with the capacities to be a manager in the first place. However, those lacking management capacity will not enjoy the role and more than likely won’t embrace the skill-building required to be successful. That being said, it’s very important to accurately choose strong manager candidates in the first place, determining whose development we should invest in.
Effective management requires easy access to a talent system containing accurate and useful information, facts, and data. With the technology to capture and provide actionable talent information, managers become more successful and satisfied in their work. The bonus for better management techniques is higher employee engagement and increased retention at all levels, including those at the managerial and supervisory levels.
As for employees, they want a performance review process that provides frequent and fact-based feedback. It’s important to them to not only have recognition for their efforts, but to be given new challenges. Managers who don’t provide feedback are often surprised when a valued employee resigns, seemingly out of the blue. Feeling valued is critical for employees to be fully engaged in their work and to want to go the distance with the organization.
A study probing the reasons why employees leave their jobs found the top four reasons to be:
- “Don’t feel my employer values me”: 61%
- “Employer does not pay enough”: 53%
- “My efforts are not recognized or appreciated”: 46%
- “Not enough career advancement opportunities”: 42%
From CareerBuilder.co.uk, “Harris Interactive Survey,” June 2008.
Boosting satisfaction levels with the performance management process can boost employee satisfaction and engagement. Performance management includes employee evaluation and development based on facts and documented actions that is regularly assessed by their manager and peers in a formalized review process. This process provides feedback on the employee’s work performance and attainment of written expectations along with the mastery of core competencies and skills associated with the position. A well-designed performance management process encourages two-way communication between managers and employees on goals and development plans.
Employee engagement and retention are critically dependent on the manager’s capacity for clear communication. Managers should convey the importance of their expectations with current data and written feedback. By explaining how the employee’s goals align with the department and organization’s goals, The Talent Life Cycle™ can support ongoing feedback, goals alignment, and coaching and development, in addition to storing assessment data and information. This application of tools and technology can strengthen the partnership between manager and employee. Employees feel valued when they can see the link between their work and the success of the department and the organization.
In common evaluation processes, valuable information is often lost, cannot be retrieved on a timely basis, or is not tracked at all. Employees want to be clear about their work and how it contributes to the organization’s goals and objectives. Data that helps managers and employees understand how they directly contribute to the overall goals of the organization drives retention by maintaining dynamic records of their achievements and growth over time. This is a talent management best practice.