Inside Executive Search

Talent Retention Overview – Best Practices

June 25, 2019 Season 1 Episode 12
Inside Executive Search
Talent Retention Overview – Best Practices
Chapters
Inside Executive Search
Talent Retention Overview – Best Practices
Jun 25, 2019 Season 1 Episode 12
Steve Yakesh and Scott Peterson
Talent Retention: A preview for the next 5-6 weeks around the topic of talent retention strategies and tactics.
Show Notes Transcript

In today's episode we previewed what will be discussed over the next 5-6 weeks around the topic of talent retention. Stay tuned as we discuss strategies and tactics around retaining top talent for key roles in your organization.

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Speaker 1:
0:01
[inaudible]
Speaker 2:
0:02
getting ready for your weekly dose of talent strategies and tactics from industry leaders to help you attract, select and retain your top talent. You're listening to inside executive search with Steve Yakima and Scott Peterson.
Speaker 1:
0:30
[inaudible] hello and welcome. Welcome
Speaker 3:
0:31
to the insight executive search podcast. My name is Steve [inaudible] and this show is for business owners, board members and executives, exploring strategies and tactics to attract, select and retain the very best. If you're not feeling 100% confident that you have the right plan to recruit the best, keep listening. This podcast will help you get there. That said, I'd like to bring in the Mr ever talented Scott Peterson. Thank you very much. Well, no, not many people say that anymore. In the past. They did. Just not now. It used to be more challenging. You're declining and entail it. Yeah. Right. Anyways, welcome everybody to the podcast. This is our first, uh, podcast in our ten third segment, which is about retention. So the game plan today is to just give you a quick review of the selection podcast. So I think we had five episodes. Well plus the bonus.
Speaker 3:
1:30
The bonus plus the bonus, the [inaudible]. Yeah. So we've got six of those that we'll do a quick review and then also give the listeners a preview of the upcoming four or five, which are all going to be around a retention strategies, tactics, best practices, et Cetera. Sound good? That sounds perfect. All right, well I'll recap for us. So we went through the selection process and really to, to simplify it came down to four main components. One is who should be on the team and what is their role in that? So that's kind of the first two. The third one is how to evaluate and um, whether it's behavioral type, behavioral based questions, cultural questions. And then we had a pretty lengthy part about the assessments and the different times or the different types I should say. And then when just to kind of the pace, how do you keep momentum in the interview process, et Cetera.
Speaker 3:
2:29
Um, we originally ended that series on interview bias, the different types, but then we went plus one, uh, based on some listener feedback. They wanted to hear about delivering an officer's onboarding, counteroffer. And that, so if any of that, uh, are those topics, if any of the listeners are struggling, just go back, um, to our channel and you can kind of isolate each one of those topics when it comes to how to best select the right person. Right. Perfect. Thank you, Tom. Good. Did I do okay? I think yeah, you did fine. I think they should go back and listen to all the episodes though to really get the full impact of the lab. We're doing 11 of them correct on the less number 12 all right. All right. All right, so I'm going to turn it over to you a little bit here. Scott.
Speaker 3:
3:17
We're out for a preview of retention and we've kind of bucketed them in kind of what we think will be for podcasts, but there's probably what, seven, eight, nine different items, topics, but we'll, we'll bucket them into hopefully four. Yup. Maybe another super podcast show and we'll go plus one and yeah, add something else. May you never know the based on the feedback we get and sort of funding after a podcast, sometimes we get some bonus thoughts coming through our, through our minds. So the super show, extra podcast, the super show. Alright, I will walk us through some of the, what we'll kind of be talking about here in upcoming weeks. Yeah,
Speaker 4:
3:59
revisit um, one thing for sure and that's getting back to our original back in our early podcasts, which seems like a year ago, the archives, the archives, but so the job fit the culture fit and the career fit. So if you do those three things really, really well, your, your odds of retention, higher retention skyrocket. So don't skip those early episodes if you're listening today because those really build to getting the retention that we want to talk about. So again, job culture and career critical to the job, uh, are to the retention piece. Uh, at least in the early, early stages. Uh, you want to do that. Um, second one would be onboarding and orientation. How are we gonna, how are we gonna get this candidate, whatever position they are. Uh, could be executive, if it's a CEO, they might be, um, sitting down with the business owner for, uh, for a period of time. They might be talking to a board of directors and board chairman. Um, those are things, what's the plan of getting them up to speed on the business, where they're at today, where they want to go, um, challenges, staffing issues, whatever those things are. Getting them orientate it to the organization as quick,
Speaker 3:
5:18
quick as possible. Cool. And then that's a good segue into the third topic is a tools for your executives, right? Yeah. You want to encourage your [inaudible], your executives
Speaker 4:
5:27
to get part of peer groups. Um, so leadership groups such as Vistige, uh, allied executive I know we use here in Minneapolis. Um, but anything that can be that they can have as sounding boards. So just think of yourself as a CEO of a company. When you have a question or a concern about something, who do you bounce that off of? Uh, all the people that report to you because then they might say, well, he doesn't know what he's doing or he doesn't, he doesn't understand what we're going through. So Putin be able to, uh, have a peer group that you can ask to in a very, uh, freeway non nonjudgmental way, um, is really important for longevity of your candidate.
Speaker 3:
6:05
This says, well, cool. How about, um, we talked about offers, right? And how to present them and how to structure them. All the different components. But I will comment, yeah.
Speaker 4:
6:16
Session for retention. What do you mean by that? Yeah, so obviously you have negotiated your original compensation package and that's going to be, um, you know, the first year let's say. Um, but I would encourage companies and whether that sits with an HR typically probably does or board of directors as a compensation committee, typically, um, they should be reviewing the compensation for the organization, especially at the executive level to make sure that they're staying competitive, uh, and make sure that, uh, total rewards and other things that are maybe non-monetary. Um, you know, just recently target has announced a new, uh, paternity and maternity leave and doubling the amount of time they're giving 20 extra days a year for if your kid's school gets canceled because of a above a blizzard and you have to stay home or find alternative daycare for them, they're going to cover those things for 20 days. So those are the kinds of things that, that companies need to stay up with and learn what their competition is doing. My guess is after target made that announcement yesterday, some significant corporations are really looking at that
Speaker 3:
7:21
today. Yeah. Yeah. I mean, cause it's, if I'm in another large fortune 500 in town and I look over to my counterparts across the, um, Nicolette avenue and target's offering this, you know, maybe I'm going to take a call from a recruiter or go out and visit target's career page. Right? Yeah.
Speaker 4:
7:44
And for those that know, don't know Nicolette Avenue, that's the big road in downtown Minneapolis that target's headquarters is on. Yeah, exactly. All right. What else are we gonna talk about in future podcasts? Yeah. So another component is, is how do you continually recognize and reward that executive that you just hired. Um, certainly as part of their compensation package, their longterm incentive plan, their bonus. But there's other things you can do if they that they, um, have other milestones or gates that they have to accomplish for the company and lead the company through to recognize them. The board of directors can recognize them and can be monetary or nonmonetary but, but don't ever forget they, these, these types of positions like to be recognized as well. Yeah, everybody does. So,
Speaker 3:
8:27
yeah. How about um, work-life? Beyonce? I mean it's always seems like it's always in the news and people are talking about flex
Speaker 4:
8:36
some work and it only gets, yeah, I don't always see once anymore. It's harmony. Is that the neutral? Yeah, it's where it's like life harmony. I don't know what we want to call it anymore, but it usually means everybody that doesn't, that isn't an executive. Right. Everyone else gets work life balance or tries to get it from an organization or a, we just talked about target doing those things to create that work life balance. I would argue that you need to keep your executives in that sort of space too, because now you can attract some very talented people that might want or need or, or really liked these, um, extra benefits, extra or total rewards that were, that we talk about today.
Speaker 3:
9:15
Yeah. Let's face it. Just because you have a large title doesn't mean you don't have a life after work either. You don't have to work 80 hours a week, right? Yep, exactly. Oh yeah. Two more we're going to cover what are those?
Speaker 4:
9:26
Yeah. So, and then how does, how does the person know that they're performing up to what you expected them to do? So again, if you're the CEO of a company, you might have a business owner, you might have a chairman of the board, um, doing some formal check in with you. Whether that's a 30, 60, 90 days, could be a one, you know, one, three, six, nine, 12 month. Um, making sure that that first year that you ha, you know, that you have alignment and what you brought them in to do and that's what they're able to accomplish. And, and that gets them either back on track or you or you, you give them a high five and they stay on that track. Um, it's just important communication that they're, um, that they're receiving feedback, that they're either doing things right or they need to be, um, kind of, they need to pivot and try something that Trump is something else.
Speaker 3:
10:17
Yeah, no, that's a good point. I know, and we'll get into it in the podcast coming up. But, you know, I think all the, everybody talks about high levels of communication, feedback, work, life balance, all these things that we're previewing, um, for everybody, but the executives and the executives get ignored. So, um, yeah, no, I'm excited to go through the next handful of podcasts with [inaudible]. Yeah. Yeah. So I think, yeah, based on that list, I mean, we got a, a good four, if not five additional podcasts to cover in the weeks, weeks to come. Yeah. And if there's any, uh, anything that
Speaker 4:
10:50
you ever hear on these podcasts, I know we've [inaudible] say, hey, seek me, seek myself out on either linkedin or, or, uh, [inaudible] dot com. We'd love to hear from you. Um, if there's future podcasts or future information that you'd like to hear, just let us know. Um, you can contact us through our website and, um, we hope to, uh, make these even more interactive as we go forward.
Speaker 3:
11:10
And likewise, if you're, you know, these are typically 10 minute podcasts, maybe 12 last week was I here was 19 Taylor, how long was last week's 20 minutes. So one's a little bit longer, but, um, you know, if you ever want to go in deeper dialogue, um, maybe we kept it too high level and you want to go deeper, you know, like you said, Scott, yeah, it'd be fun to have people reach out and ask questions. Yeah, perfect. Cool. So like Scott said, look them up on verse, seek.com or on linkedin. Um, track us down. If you've got further questions, subscribe to us on all the podcast channels. If you continue to like what you hear and look forward to dive in deep into retention strategies, tactics, and maybe a guest speaker. Oh, maybe another cliffhanger. Cliffhanger. All right, everybody, thanks for listening. We will talk to you next week. That was great. [inaudible].
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