Page 14 - MetalForming February 2011

The Business of Metalforming
By Michael Bleau
HR Challenges: Retaining and Gaining Talent
With the continued economic recovery comes oppor- tunity and challenges for business managers, as operations scale to meet new demand. As resumes continue to pile in, you may lose sight of the potential for the loss of some of your key current employees. Just as your busi- ness picks up and you start posting job openings, other companies are doing so too, which may tempt your employ- ees to leave. Many people have felt stuck, waiting out the recession while they inherit their eliminated peer’s workload.
providing career-development opportunities are more than four times less likely to lose talent compared to organizations that allow workers to grow stale.
Getting a Plan in Place
A good place to start is to identify critical positions where you feel growth or expanded coverage will be required. Look at all parts of your business, and also consider where you may be at risk by not being able to quickly bridge the loss of an incumbent in a key position. Next, work with your HR team to build your budget by determining what compensation you intend to offer candidates in order to fill new positions. Check these against industry standards, and also look outside of your industry to consid-
er other growing business-
es within your geographic
region.
Business leaders need to recognize that the wait is over and they must move quickly to retain their top talent. Survey results from HR gurus at Right Management find that 83 per- cent of the gainfully employed expect to change jobs in 2011. This is a sharp increase from an identical survey con- ducted a year ago, when just 60 percent of workers expressed an intention to find a new job in the coming year.
Loyalty in today’s employment relationship is underval- ued and not often enough reciprocated between managers and employees. Building trust, loyalty and security takes thoughtful effort and works both ways to secure stability. But doing it right takes planning. Research shows that companies
Michael Bleau has served manufacturing and con- sumer-related industries since 1986. Prior to forming Industry Scope, a strategic b2b and b2c sales and marketing consultancy, in 2002, he held executive positions for several automation and press manufac- turers. Michael regularly consults with manufacturing companies on strategic planning, sales and market- ing, brand and product development, PR and sales- channel development.
Industry Scope
tel. 810/397-1429 mbleau@industry-scope.com www.industry-scope.com
Next, identify and meet
with your existing star
employees to learn about
their career aspirations
and how your plans mesh
with theirs. It’s possible
their goals may fit areas
of future demand. This
also gives you an oppor-
tunity to proactively
bump-up their compen-
sation to get competitive
or to reinstate pay cuts
enacted as belt-tighten-
ing survival tactics. Do so
in a planned, open and
methodical way with the
intention of satisfying the
goals of employees in ways that align with your business plans. It’s imperative to have a strategy. Simply engaging in exploratory meetings may spawn rumors about job cuts, deflate morale, heighten job stress and fuel the prospect of employee departures. You might also tap high-value employ- ees to leverage their social and business networks to fill open positions.
Companies providing career- development opportunities are more than four times less likely to lose talent compared to organizations that allow workers to grow stale.
12 MetalForming/February 2011
www.metalformingmagazine.com
Your high-value employees have mobility options, so it’s important to develop strategies to keep them engaged, pro- ductive and performing. As the new year unfolds, build a retention and recruitment strategy to ensure business stability and scalability. Holding onto and bringing on the right peo- ple will be a defining factor in your ability to grow. MF