You could lose the 4th Industrial Revolution opportunity

Lord Holmes spoke eloquently on Wednesday at Tipping Point about the opportunity the 4th Industrial Revolution represents to British business.

But some of you are going to miss it because many businesses are working harder to take your talent, than you are working to keep it!

Humans are programmed to survive, so no matter how much AI, machine learning, robotics and everything else making the headlines affects people and business; humans will innovate, find a way, and progress. The one constant that will determine whether your business thrives or dives, is your people!

Therefore, you absolutely must keep your critical employees, and add to them, to take advantage of today’s ever evolving world of work! You also must embrace diversity to ensure you have the full range of perspectives, experience and differences in thinking, to exploit the pace of change, innovation and automation.

The world is awash with examples of recruiting excellence with the most advanced employer brand, attraction, selection and onboarding strategies, all designed to take your best people away from you!

And some companies are truly diverse which means they bake difference into every challenge and solution, which will naturally attract people with the brilliance their difference gives them.

These coincide with practices in other businesses that play into the hands of talent competitors, namely, restricting earnings, heaping on pressure, poor communication and treatment, sub-optimal supervision and management, inequality, poor working conditions and no consistent purpose and cause. Basically a sub-optimal employment ecosystem.

There are three types of businesses:

  1. Those that say people are their most important asset but don’t treat them as such.
  2. Those that say people are their most important asset, want to treat them all as such, but due to a lack of consistent governance, they don’t achieve it.
  3. Those that say people are their most important asset, and treat everyone as such.

You should know which type of business you are and which type of business you want to be.

You should know if you have an optimal resourcing strategy.

You should know if you have an optimal approach to diversity, inclusion and belonging.

You should know if you have created the perfect employment ecosystem aligned to achieving the business plan and retaining your critical talent.

If you score positively in each of the above you will thrive and capitalise from the 4th Industrial Revolution.

If you have any doubt whatsoever, please contact me, for an open and honest conversation and appraisal.

It would be a delight to support you to seize the opportunity the 4th Industrial Revolution brings.

Colin.

Fix your employment ecosystem and the very best people will flock to you!

Great people leave organisations because (in no particular order);

  • they don’t feel valued,
  • the commute and business travel requirements impact too heavily on life,
  • they don’t like/respect their boss,
  • working demands, conditions and environments are poor,
  • the business lacks purpose and cause,
  • treatment and behaviours are unacceptable.

So fix all of this (your employment ecosystem) and you will fix your retention and productivity issues, and I’ll come on to why you will also fix any attraction issues in a bit! Easy huh! No, not easy at all because many of the processes and tools you can use to identify where these issues exist and in what doses, in order to apply corrective action, are traditionally subjective!

Answer me this! If you were working in an organisation going through major change or overhead reduction, or you felt you were being treated unfairly, plus you have a young family, meaty financial commitments, global travel aspirations, in fact whatever required you to have employment stability and continuity right now; would you tell the truth the whole truth and nothing but the truth when questioned. Some will, but I would argue some won’t…… just in case it comes back on them!

So you may not get a true and consistent picture, and those that really need support and intervention might just be the ones that won’t offer up exactly how they feel or what’s not working well internally. You may be in a situation where people just accept what is making them unhappy and carry on less engaged and less productive.

Then think about this. If you could surface the real reasons why people are either leaving or unproductive, and were able to use this to create an optimal level of engagement via an optimal employment ecosystem, the word will get out!

People will tell people how great it is to work at your company, and you will be able to authentically tell them too!

What do I mean? Basically, by fixing your employment ecosystem you will generate some amazing;

  • employer brand messaging,
  • EVP components,
  • ratings on Glassdoor and Indeed,
  • positive brand virility across LinkedIn, Facebook, Twitter etc.
  • brand advocates recommending brilliant people to work for you.

All things that are the cornerstone of an optimal attraction strategy. You fix the employment ecosystem, you optimise retention and attraction at the same time!

It doesn’t work the other way around I’m afraid. Upgrading your resourcing strategy to pile people through the front door to a suboptimal employment ecosystem, then hoping they stay and are productive, wastes valuable time, resource and investment

After 20 years in senior resourcing and HR positions, the last two immersed in the psychology of people and retention, I am ideally positioned to provide trusted advice and innovative solutions that go well beyond what has been traditionally available.

Speak soon, I hope.

Colin.

Your retention strategy is more important than your attraction strategy!

People are leaving your organisation, or gearing up to, because;

  • better opportunities are being offered to them,
  • they are unhappy with the commute / business travel requirements,
  • your business lacks purpose and cause,
  • they don’t respect their boss!

FACT!

People want to;

  • be paid well,
  • have a reasonable commute and business travel regime,
  • work for a business and leaders they can be proud of,
  • have a boss that is fair and supports them!

These are the proven top four. Now sit back, clear your mind and think of everything else that you personally covet, and if they don’t fit into the above you are thinking of the five and onwards that are extremely important but in general are not top of the leader board.

So if you can;

  • pay commensurate to the effort someone gives you,
  • consider and react to the challenges people have commuting and travelling for business,
  • clearly articulate and communicate what you stand for as a business and aim to achieve,
  • ensure everyone treats everyone else fairly and equitably…

…you will have a better than average retention rate!

Better still you will have some amazing;

  • employer brand messaging,
  • EVP components,
  • ratings on Glassdoor and Indeed,
  • positive brand virility across LinkedIn, Facebook, Twitter etc.
  • brand advocates recommending brilliant people to work for you.

CAUTION!

It doesn’t work the other way round, hence your retention strategy being more important than your attraction strategy!!!!!

You can spend all the money in the world on;

  • strategic workforce planning,
  • marketing your business and jobs,
  • state of the art digital, recruitment and HR technology,
  • the world’s leading attraction channels,
  • an award winning social media presence,
  • the slickest recruitment process,
  • an outstanding onboarding experience…

…BUT if the actual employment experience doesn’t live up to your front end attraction experience and what you sell to candidates, you will get found out!

At best you can expect sub-optimal productivity from new hires until they leave.

At worst you can expect new hires to leave immediately, thus wasting all the time, effort and resource attracting them in the first place!

I’m concerned about the amount of people confirming retention issues to me when we have arguably one of the biggest changes in the labour market looming in the form of whatever Brexit brings us.

A diminishing labour pool due to reduced immigration, and growth, yes growth, after Brexit day, because let’s be honest the Government and Bank of England will jump in with fiscal stimulus if things start to go South; means increased competition for less available talent.

You must retain your most important asset, and develop your most important asset, which will in turn help you attract more of your most important asset, and put your business in a much better position than most in the run up to, and aftermath of, 29th March 2019!

The majority response I have had from my last post “Is your Resourcing / Talent Strategy Brexit proofed”? was from people suggesting employers will leave things too late (just like GDPR two said) so let’s please prove them wrong.

If you need any help with any of this, you know where I am, but remember time is running out and there is only one me! Thank goodness I hear some cry!

All the best.

Colin.

colin.minto@bigideatalent.com
+44 (0)7887 480142
www.linkedin.com/in/colinminto