Partner Issues

Want A Hulking Competitive Advantage? Engage People Well…

When 78% of business leaders rate employee retention and engagement as an “urgent or important” issue, the time is now to assess if your retention strategy is strong enough to meet the challenges ahead.

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Losing just one key player can seriously impact budget, workflow and office culture. And its the top employees who are most ambitious–and most sought after. Do you have systems in place to keep your team happy and loyal? —Parker+Lynch

When 78% of business leaders rate employee retention and engagement as an “urgent or important” issue, the time is now to assess if your retention strategy is strong enough to meet the challenges ahead.

The hidden and upfront costs of replacing key employees is staggering. According to LexBlog CFO/COO Brian Rice, “Smaller organizations get hit even harder–fewer other people to spread the work, less sophisticated (and potentially longer) recruiting efforts, and more ‘tribal knowledge’ lost.”

I believe the issue of “engaging people well” is becoming one of the biggest competitive differentiators in business. —Josh Bersin (Forbes contributor)

As leaders, we all know how difficult retaining top talent is in a world where job-hopping is considered an asset. Someone is always ready to pay a premium for that “lost employee” with the right experience.

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Critical new skills are scarce—and their uneven distribution around the world is forcing companies to develop innovative new ways to find people, develop capabilities, and share expertise. —Global Human Capital Trends 2014 – Deloitte

Look at the field of accounting…

If projections hold, over the next five years there’ll be a 43% decline in the number of people entering the accounting workforce. Recruiting will inevitably become harder, and the ability to retain current staff will become critical.

The infographic below examines the true costs of recruitment in terms of:

  • Search and selection costs
  • Impact on staff morale
  • Demands on time and resources
  • Resultant productivity losses
  • Interim requirements for temporary cover

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The good news? This infographic balances these potential losses by exploring the ways that you can create a culture that results in the retention of your staff.

If you’re leading a firm that’s part of the $3 trillion professional service industry — accounting, advertising/marketing, architecture, management consulting, engineering, IT, legal, or scientific research — what parallels do you draw in your sector? Is your talent pool is getting smaller each year like in accounting, finance and legal (law school applicant pool continues to shrink)? What strategies are you deploying to build loyalty, maintain motivation and encourage engagement?

As you ponder this make sure to slow down, disconnect, get more sleep, and become more mindful about your life. The people that follow you need you sharp and inspiring.

Thanks to Adam Maidment for bringing this cogent infographic to my attention.

 

Kevin McKeown (@KevinMcKeown) is president of LexBlog, which empowers lawyers to increase their visibility and accelerate business relationships online. With LexBlog’s help, legal professionals use their subject matter expertise to drive powerful business development through blogging and social media. Visit LexBlog.com.

LexBlog also hosts LXBN, the world’s largest network of professional blogs. With more than 8,000 authors, LXBN is the only media source featuring the latest lawyer-generated commentary on news and issues from around the globe. Visit lxbn.com now.

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