Talent Management Ep.2 Impact of Leadership on Talent Retention | Leadership Insights
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Talent Management Ep.2 Impact of Leadership on Talent Retention | Leadership Insights

January 6, 2020

We need to be asking ourselves, if we’re leading
ourselves, are we being the best possible example that we can be? We manufacture a lot of our own fear. All of us should look at leadership as being
a mindset, it’s about being the leader of your own life, and we all have the choice
to be able to do that. Imagine investing time, money and energy to
attract and recruit top talent at career fairs, and ultimately failing to plan for your new
hires first days, weeks and even months at your organization. If you’re not doing all you can to inspire
an individual to perform at his or her best at the outset, the chances are high that you’ve
not only wasted your time and efforts attracting them, you’ve sown the seeds for disengagement
and disenchantment from the first days on the job. A Korn Ferry Future Step Survey conducted
last year revealed that although almost all executives agreed that talent retention and
mentorship are critical, about 25% of new hires will leave within the first six months,
and the main reason for that is that their role wasn’t what they expected. What’s interesting is that 69% of companies
surveyed say they have a formal onboarding program in place for all their new employees. However from the employee’s perspective, nearly
a quarter of them say that their program lasted only one day, and about a third said they
lasted only for a week. How inspiring is that? The onboarding phase, this is a critically
important period for a new employee. They need to receive purposeful, well thought
out orientation and it needs to happen within the first 90 to 120 days. So ask yourself, do you have a strategy in
place to welcome new recruits? Because during that time, this is what should
happen, it’s a period where you’re establishing benchmarks. This is also a time where they get to connect
with key personnel, it’s the time where you want to be able to provide them with hands
on training and support, and that’s how they’re able to acclimatize to the culture. Remember, those first 60 to 90 days are critical,
we cannot expect people to just fend for themselves. In summary, your onboarding strategy has to
be well thought out and intentional. When your organization fails to setup a new
hire for success in the early stages of his or her career, job dissatisfaction and ongoing
turnover are likely consequences. So let’s realize that talent retention can
be improved by practicing preventative maintenance, making the appropriate arrangements for new
employees to flourish right from the first day.

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