This action might not be possible to undo. Are you sure you want to continue?
Welcome to the June edition of Human Capital Development
In last month’s issue, I proposed three issues facing most of our clients in human resources right now: 1. The War for Talent isn’t over, it has only just begun 2. Retention remains one of the biggest challenges an organisation faces 3. Employees are re-evaluating their psychological contract with you in the light of recent experience
Surprisingly, I found that during my recent Job Index Survey with 21 of our clients they said the same thing. Firstly they said…if we could hire the right staff we wouldn’t have leadership or performance issues that we are currently facing. The next challenge they reported is how to keep top-flight staff long enough to make a positive and lasting contribution in the company. Retention of top performers remains a critical issue. This newsletter explores some solutions to the retention dilemma. We know that as the business travels through its growth cycle it will need to change, adapt and restructure to meet shifting external and internal challenges.
Recent Research♣ in Company shows 529% return on investment in Executive Coaching:
Yes, that’s not a mistake, it is 529%….
Three-quarters (77%) of the 30 respondents indicated that coaching had significant or very significant impact on at least one of nine business measures. Overall, productivity (60% favourable) and employee satisfaction (53%) were cited as the most significantly impacted by the coaching.
TMP Worldwide Singapore is planning to introduce a new 2-day “Fundamentals of Coaching Practice” Course under licence with the Psychology of Coaching Unit at University of Sydney, Australia. This course is aimed at providing middle managers and senior managers with a core set of skills around coaching of their staff. Recent examples of companies using our services in this area include Telstra Australia and ANZ Bank Australia.
The target population for the survey was 43 leadership development participants. These participants were drawn from two regions: Eastern United States (37) and Mexico (6). These participants represented a cross section of the business and included those in sales, operations, technology, finance and marketing. Source: ASTD Article 2002
The Gallup Organisation has already determined that a key issue of retention is the quality of relationship between each staff member and their immediate supervisor. This is consistently the key factor across all levels of a company or organisation. Leaders being able to coach their staff can enable these relationships to be win-win-win. The company and each party can benefit from applying coaching as a tool for staff performance development. Coaching places the responsibility for development into the hands of the staff concerned but enables managers to guide and direct the focus and strategy of development to suit each individual.
There are many in the current business cycle: from induction to performing in the job, from performance to performance improvement, then possibly as the business re-structures, the next transition could be outplacement for some and re-hiring for others. A core skill requirement is managing transitions, or change management as it is often known. Human resources needs awareness of the need for managing these transitions, they need to know what is involved and how to make it work best for their organisation in terms of public and internal relations, as well as productivity and cost control too. A quick search on the internet shows the following set of competencies needed by managers and leaders in this area: • • • • • • to understand and apply the principles of change management to achieve organisational goals to view change as an opportunity for growth to apply the principles of change management to shift priorities, adapt to changes to fulfil the agenda to be attuned with developments in the global picture to gain support for non-traditional activities/decisions to support staff in dealing with change
Change Management Competencies
Each level of management and leadership have quite specific roles, competencies and development needs in this arena. TMP Worldwide Human Capital Development can assist you to define, develop and implement effective change management and transition management programs inside your organisation. Taking change into a different domain, Let’s look at changing some very commonly held assumptions: What if we could change jobs easily, say on a daily or weekly basis? Who said work has to be fixed to one employer alone? I know contract work is growing but why can’t we all work as sessional staff… become responsible for our attendance, quality and deliverables in each location we choose to work. What if we could hold more than one job at a time, say work when there was work to be done and choose which work we wanted to do, because that’s the work we do best? This raises an interesting concept I met recently in career coaching known as the career portfolio. In her book titled “Building Your Career Portfolio”, author Carol A. Poore, has translated investment strategy into the career domain. As she puts it "This book is designed to help each reader develop a dynamic CareerPortfolio of wise career investments -- investments that pay off in the ability to fulfils personal purpose and navigate lifelong career transitions."
By creating investment of time and purpose across several key domains including primary source of income, secondary sources of income, volunteer work and life-long learning, individuals can capitalise their energy most effectively and balance risk. When loss of job strikes we can have other sources of income, a wider range of networks and a ready source of ideas and experiences to advance our next career choice from. As an outplacement consultant I have found this model of career and life/wok balance very useful in aiding my coachees at all levels to spread their investment and balance the risk inherent in all our careers. Being smarter in the career domain means taking charge of your career and life portfolio so as to maximise your returns and minimise your risk. Like investments, everyone has a different appetite for risk. Of course this can vary with age, life situation and the type of risk concerned too. Maybe now is a good time for your company to help its staff to take stock of their career portfolio. In this way they can get your help to re-evaluate their psychological contract with you, and appreciate the care you show by helping them to make a good career choice. This will aid retention or facilitate positive career moves on the part of you employees.
Recent Relocation of the Employment Pass Department of the Ministry of Manpower:
This Department controls applications for extension of social visit passes for foreigners. This includes those made redundant, retrenched or outplaced. TMP Worldwide Human Capital Division has a complete guide to this area available upon request to firstname.lastname@example.org. It explains the conditions under which extension will be considered and gives advice on how an employer can support their application for their foreign staff who are given an outplacement program.
To find out more about TMP’s Talent Development Solutions, please call John Read at 6430 5324
Like investments, everyone has a different appetite for risk. Of course this can vary with age, life situation and the type of risk concerned too. Maybe now is a good time for your company to help its staff to take stock of their career portfolio. In this way they can get your help to re-evaluate their psychological contract with you, and appreciate the care you show by helping them to make a good career choice. This