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Instead, companies should adapt retention approaches to the
mindsets and motivations of specific employees.
For example, when executives at a European industrial company
focused on the needs of individual employees, they found a more
diverse situation than they had anticipated. Among the key people at
risk were two main groups with two different mindsets. One consisted
of individuals who were worried about
relocating
because it would
uproot
their families. The people in the other, more
career-driven
group, didn’t mind living and working
abroad
but
wondered
, as they
faced change in any event, whether staying or searching for another
employer would best advance their careers.
3.
Retention is about more than money
As the European industrial
company’s experience suggests, financial incentives play an important
role in retention – but money alone is not enough.
Praise
from managers, attention from leaders, frequent promotions,
opportunities to lead projects are often more effective than cash.
When financial incentives are required, it is important to design them
appropriately and use them in a targeted way.
For example, one-third of the retention bonus during a
merger
might
be paid to key staff even before the deal is closed, with the remaining
two-thirds to be paid out a year later – dependent in part on the
recipients meeting the defined performance criteria.
Targeting retention measures at the right people using a mix
of financial and nonfinancial incentives is crucial for managing
organizational transitions. Still, executives must not view employee
retention as a
one-off
exercise. Rather,
best-practice approaches
build on continuous attention and communication to help employees
make sense of
the uncertainty inherent in organizational change.
Ultimately, what many employees want most of all is clarity
about their future with the company.
QUESTIONS
1.
What typologies of employees should
be targeted by company retention schemes
according to the text?
2
.
What are the characteristics which
allow to identify a “hidden gem”?
3.
Why should employees’ mindsets be
considered in the planning of a retention
scheme?
4.
What types of non-financial incentives
can be used to support retention?
?
Links on this topic
http://en.wikipedia.org/wiki/Maslow%27s_
hierarchy_of_needs
http://en.wikipedia.org/wiki/Talent_
management
http://en.wikipedia.org/wiki/Human_capital
http://en.wikipedia.org/wiki/Capability_
approach
Average performers
: individui con prestazioni nella
media
Retirement
: pensionamento
Mindsets
: mentalità
Relocating
: trasferirsi
Career-driven
: orientato alla carriera
Praise
: lode
Merger
: fusione
Uproot
: sradicare
Abroad
: all’estero
Wondered
: to wonder = chiedersi
One-off
: che succede una volta sola
Best-practice approaches
: approcci migliori
Make sense of
: farsi una ragione di, dare un senso a
Adapted from McKinsey Quarterly:
https://www.mckinseyquarterly.com/
Organization/Talent/Retaining_key_
employees_in_times_of_change_2654
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