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The Executive Connection SM
a publication of The Virtual Executive Coach SM
"Vision + Accountability = Success!"
In This Issue:
1. Preview
2. Executive Summary
3. Employee Turnover
4. Helpful Hints
1. Preview
The Executive Connection explores the creative and analytical process of business development, team-building, and executive development. We are an interactive community of executives and small business owners who desire to network with like-minded high-performance executives to enhance our knowledge, skills, and aptitudes in the competitive business world.
Published monthly, the Newsletter offers coaching suggestions around the topics of: business development, financing, marketing, networking, incorporations, mergers, human resources, governmental regulations, and tax laws.
Topics are presented from the perspective of Keith Barton and represent only his ideas on creating and running your business. Because we are an interactive community of executives and business owners, other viewpoints are welcomed and may be printed in future monthly newsletters with permission from Keith Barton.
2. Executive Summary
February, 2007
Dear Executive Connection Subscriber,
This month features information on employee turnover.
Employee Turnover
Employee turnover is a nightmare for managers who must bear the cost of retraining new hires. According to the January issue of Fortune, the top five reasons given for leaving a job are: better compensation and benefits, better career opportunity, ready for a new experience, dissatisfied with career opportunities at present job, and desire to change careers or industries. A recent poll indicated that 75% of managers persistently worry about good people leaving; this is coupled with the fact that unemployment is at a low 4.5% making it more difficult to find qualified people to replace your “star” employees.
Battling turnover takes more creativity today because more employees are taking matters into their own hands and creating their own opportunities. The authors labeled five potential candidates for turnover: the Techie, the Mom, the Vet, the MBA, and the Part-timer. While stereotypical in some respects these qualities represent the upward mobility climbers who want to take charge of their careers instead of relying on inside job postings in HR. Let’s take a closer look at each of our potential candidates looking for more depth and flexibility.
The Technie: This person loves gadgets and prefers mobile computing. Cubicles are a thing of the past; no time clocks, no face to face meetings, no parking fees or enduring commutes. These folks literally work at home or “on the fly.” With IPOD, Blackberry, and cell phone in hand plus broadband connectivity they can sit in on meetings anywhere in the world, tackle problems, and talk to other key players from their home, airport, or car. Capital One rolled out their Future of Work in October, 2006 and placed 4000 iPODs in their employees; hands to download any of 10,000 different courses from distance learning programs, many from top Ivy League business schools. No more hotel rooms, rental cars, and boring meeting rooms. The Technie can set his/her own schedule and work hours convenient to their personal lives. The nine to five job has become obsolete when considering time zones and the rapidity of decisions made across flatter levels within the company. The flexibility helps with solitude when one needs to focus and collaborate with others.
The Vet: Companies rely too much on HR to handle employee complaints. You can have the best managers in the world but the company won’t prosper if the worker bees are not consulted about why they’re dissatisfied with their jobs. Forget surveys; people will not be honest fearing reprisals and believe their comments won’t be used in the annual report with all the fancy graphics and statistics. Quad Graphics is a printing plant in Martinsburg, Virginia. In mid-2005, Quad realized that employee satisfaction was dependent on the local economy and leisure activities available in that particular plant location. A veteran talent specialist, Bill Klingelsmith was hired (among other vets) to hold on to workers I their markets. In the Martinsville plant, NASCAR racing is a big weekend activity and folks will drive five hundred miles to attend a race. Bill also noticed that employees liked to work on their own cars. So he started handing out his card at local car shows and NASCAR races, and turnover decreased 30%. Employee retention is not only about money and working conditions. It’s about talking with the front-line worker to see what they enjoy doing with their families when they’re NOT working for you.
The Mom: As part of Deloitte’s Personal Pursuits Program, Tina Swenson, a tax manager, is on a five-year sabbatical to raise her daughter. Deloitte pays for her AICPA license and training courses and will rehire her when she’s ready. Deloitte’s in-house study found that 62% of women who graduated from top business schools leave the corporate world after their second child. Even with parental leave, reduced work hours, and on-site daycare, Deloitte was still losing top female talent to motherhood. Since beginning the Pursuit Program, the difference between male and female turnover results has gone from 7% to zero.
The MBA: Julian Duncan is an assistant brand manager for Nike. He enrolled in Nike’s intensive management training program which rotates him through six marketing assignments is 24 months. The rotations expose Duncan to higher-ups who can help him navigate the corporate culture. He conversed with Nike co-founder Phil Knight in the cafeteria and emailed a VP with a question who gave the young MBA 30 minutes of face to face time. The Nike culture is to encourage employees to plot their own courses. They want “go getters” who aren’t afraid to ask questions and learn from senior management.
The Part-timer: Brenda Fung is an intranet web designer who has worked at First Horizon, a financial services firm for 13 years. She wanted to scale back to a 28-hour workweek in four 7-hour days to pursue more time with her family. She still receives the same medical, dental, life insurance, and retirement benefits she got as a full-time employee. The part-time program is called Prime Time with 90 employees currently enrolled and turnover has decreased significantly.
These innovative companies spent millions recruiting and hiring top talent and they want to retain their “star” players who will continue to benefit the company. Employee retention has not received its long overdue attention in part because companies thought their hands were tied when employees left to join the competition. Innovative programs such as those presented by Anne Fisher in Fortune’s February, 2007, issue are a testament to the old adage once coined by legendary football coach, Darrell K. Royal, when asked who he would start for UT in the National Championship game in 1969 against Notre Dame: his reply was “we’re going to dance with who brung (sic) us,” a reference that he would go with his starting quarterback, James Street, who made it happen all season for the Longhorns.
Helpful Hints:
1. At your next exit interview with your employee ask them what you could have done to make them feel more a part of the company.
2. Ask your longest-term employee why they still work for you. What would have made them leave earlier?
3. Give each employee a voucher toward a piece of art to place in their cubicle or office, compliments of the company.
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The Executive Connection SM Mission:
The Executive Connection SM is dedicated to helping first-time business owners and executives to recognize resistance to change, while they create and manage their own businesses. My goal is to help you transform your vision into a successful business venture with the addition of accountability structures and silent partner.
The Executive Connection SM is a publication of The Virtual Executive Coach SM and Keith Barton, Ph.D.
We would like The Executive Connection SM to be as interactive as possible. If you have feedback, comments, topics you would like addressed, or can suggest additional resources to benefit us all, please email us at any time. Send your e-mail to
keith_barton@att.net
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Archives:
You can read previous issues of The Executive Connection SM in our archive section.
About Keith Barton, Ph.D
Dr. Barton received his Ph.D. in 1972 from the University of Texas at Austin and has been a practicing therapist for over thirty years. He is a graduate of MentorCoach and is accepting new clients. He has been an adjunct professor at the University of South Carolina, consultant to Fortune 500 companies in executive development, founded and managed Texas Community Living Ventures, Inc., in 1986 for providing group home services to persons with mental retardation, and has been running a clinical practice in Northwest Houston since 1990. He writes part-time with the goal of completing one novel a year. His desire to coach others derives from his passionate interest in helping others become attuned to their creative powers of storytelling.
Dr. Barton has training in coaching, cognitive and family therapy and health psychology. He has published articles, made presentations and conducted workshops about:
Small Business Development
Employee Wellness Programs
Anxiety and achievement
Stress management
Self-esteem
Communication skills
Leadership styles
Core values in the workplace
Executive Development
High-performance groups
Physician support groups
Writer support groups
© 2010
The Virtual Executive Coach SM and Keith Barton.
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