Week 16 (5.8.07)

Learnt

Turn Your Organization into a "Talent Magnet" - article by David Lee

In Fortune magazine's "100 Best Companies to Work For" survey, not a single employee mentioned money as a reason why they loved the place they worked. If competitive salary and a generous compensation package aren't enough, what does make a company the kind of place that draws great people to it, and makes them to stay?

What are employees looking for?

• Pride in where they work and what they do - Compannies that offer the highest quality products and service are far more likely to attract and retain the "best of the best". Employee pride also comes from observing management making decisions that show a clear understanding of what is going on "in the trenches."
• Meaning and purpose - Meaningful work makes workers feel alive in a way a generous benefits package cannot

How do Talent Magnet organizations address this issue?

1. Embody a mission and vision that captures the hearts and souls of their work force
2. Continuously communicate their mission and vision to their people
3. Communicate the important role each employee has in making the vision a reality
4. Give employee the tools and freedom to make a difference in the company
5. Let employee hear "the voice of the customer" to help them stay connected to the bigger picture
6. Appreciation - one of the strongest employee motivator
7. Opportunities to learn and grow - do this not only through formal training but through cross-training and assigning employees projects and responsibilities that cause them to stretch
8. Respect - asking for employee input about the organization and its managment practises, and then responding to the feedback, is a sign of respect eg "What do your recommend we do about this situation?". Respect is also shown by recognizing that employees have a life outside of work. It's demonstrated by not piling on so much that work employees don't have a life and not requiring them to beg for flexible scheduling so the can meet their other life responsibilities.

It takes more than a generous benefits package and competitive salaries to attract and retain talented employees. By listening to the voices of their customers ie their employees and honestly engaging in self-examination, management can create an organization that is a magnet for the best and the brightest employees.

Unlearn

Prior to learning HR Management module, in my opinion, many employees left a company mainly due to poor compensation and benefits. After reading so many articles on talent retention and How to Turn Your Organization to Talent Magnet, I realized that management whom often focuses its attraction and retention efforts on financial factors are not enough to attract and retain the best of the best ie ineffective in reducing turnover. Therefore, the 9 points above are important for an organization to attract talents.

Relearn

1. In my recent recruiting process, I have taken diversity as continuous effort to balance job fit in filling up Sales Executive position.
2. I recognized the importance of management development ie how employee feel about their oraganization is profoundly influenced by how they feel about their immediate superior. I would like to model as a boss who is respectful, inspiring and appreciative in order to attract and retain the best of the best within Pfizer.