Look around your office today and try to find someone who’s been with the company for more than five years. See what I mean? These people are becoming more and more sparse. If you’re at a start-up, finding such a person is next to impossible, of course, but for more mature organizations, you’d expect that 40 percent to 50 percent of your employees might have 6 to 10 years on the job where you work, too. Or would you?
If you read Fast Company — a publication that chronicled (and survived) several boom-and-bust cycles — you’ll find the average tenure is 4.4 years. While that may be music to a recruiter’s ears, it’s a red flag for managers. Why? Arguably, that’s just not enough time to build a self-sustaining workplace.
So why, when many companies are scoring record profits and sitting on cash, is employee retention such a difficult job? Some people will say, “It’s the economy, stupid,” but many HR practitioners will tell you a different story. They’ll say the recruiting process is broken — and they might not have a clue how to change it for the better.
For this week’s #TChat, we’ll delve into the issue of internal mobility — why it’s good, as well as the cost of losing employees too fast, how to plan for management succession, and how to build a workplace that rewards promotions and nurtures those who need to advance but don’t want to manage. We’ll discuss talent management technology to make hiring from within (a.k.a. retaining and promoting) easier, as well as some pertinent research about it. And we’ll review management strategies that create an internal pipeline of top performers. Here are the questions we’ll kick around:
Q1: Record productivity and profits make for the right talent strategy, right? Why or why not?
Q2: Recent studies show that even hiring companies aren’t recruiting very well. How can effective internal mobility help?
Q3: Why with all the talk of succession planning and workforce planning are so many companies still not doing it?
Q4: What should business leaders do to improve their inside and out recruiting process strategy and tactics?
Q5: What are the technologies today that improve recruiting as an inside job and why?
Join us Wednesday, July 25, at 7 pm ET (6-7 pm CT, 4-5 pm PT, or wherever you are) as we figure out how many rungs are on today’s career ladder — and how to help employees hang on. Enterprise talent network technology provider UpMo Inc.’s vice president of product, Rob Garcia (@robgarciasj), someone who knows a thing or two about internal mobility, will be our guest moderator. Alongside him, to field your tweets, will be yours truly (@MeghanMBiro) and Kevin W. Grossman (@KevinWGrossman), as well as Sean Charles (@SocialMediaSean), Salima Nathoo (@SocialSalima) and Brent Skinner (@BrentSkinner). See you there!