Culture And Retention Ain’t All Fluff It’s A Commercial Imperative
It’s obvious that a high performing team will naturally lead to a more successful business. It’s also obvious that motivated employees become high performing teams. What is becoming more obvious is that teams with greater diversity also contribute to better overall performance, but that’s another topic altogether.
What we’re keen to focus on here is where to start in improving culture and building a high performing successful team. This might be from a baseline that is dysfunctional; or perhaps a bit broken and needs a little work, or you might be lucky enough to be moving from good to great. What matters is the state of your people and how much they feel listened to, appreciated and rewarded.
This is motivating.
And then there’s retention. Once you have built your high performing team, how do you keep that momentum going and hold onto your key talent. It’s frustrating and costly to watch your high potential employees walk out the door.
Let’s think about that cost for a moment, there is a basic formula: Cost per hire = total internal recruiting costs + external recruiting costs / total # of hires in a given time frame. You need to also include everyone’s time, including your own, in the recruitment process. How is your cost per hire looking?
Of course every now and then fresh talent is super important (going back to that diversity point again), but those top high potentials are the ones you want to keep and develop. They need nurturing and in a Covid normal world this is even more important. The job market is Australia has recovered faster than we thought, and this buoyancy means we need to do more to keep our employees happy.
Are your employees feeling listened to?
And are you responding to their feedback?
Are they highly motivated?
Are you making your culture so awesome that they don’t want to leave? Sally Kerr
This is motivating.
And then there’s retention. Once you have built your high performing team, how do you keep that momentum going and hold onto your key talent. It’s frustrating and costly to watch your high potential employees walk out the door.
Let’s think about that cost for a moment, there is a basic formula: Cost per hire = total internal recruiting costs + external recruiting costs / total # of hires in a given time frame. You need to also include everyone’s time, including your own, in the recruitment process. How is your cost per hire looking?
Of course every now and then fresh talent is super important (going back to that diversity point again), but those top high potentials are the ones you want to keep and develop. They need nurturing and in a Covid normal world this is even more important. The job market is Australia has recovered faster than we thought, and this buoyancy means we need to do more to keep our employees happy.
Are your employees feeling listened to?
And are you responding to their feedback?
Are they highly motivated?
Are you making your culture so awesome that they don’t want to leave? Sally Kerr
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