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If some key employees resign, it is likely to take away a group of customers, or leave a gap in technology and experience that cannot be bridged. This factory in Guangzhou is facing such a problem. How to do?
The answer is that prompt, decisive intervention is required. Writing a report or attending a meeting is no excuse for you to put off an intervention, and retaining a valuable employee should be a top priority.
Immediately intervene in the depths of the resignation incident
Cypress Semiconductor's CEO TJRodgers is the most resolute adherent of the principle of "decisive intervention". Whenever a key employee in the company offers to resign, he will drop all the work at hand and ask him personally. His conversations with employees can't be called "resignation interviews" because he will do everything in his power to prevent that from happening. Such conversations are even as serious as interviews with new hires.
There are some difficult issues to resolve in this "retention interview", but the purpose of the interview is to bring the issues to the table first and then resolve them one by one. If your business does have a competitive advantage in some kind of treatment, it's unlikely that other businesses will offer some kind of favorable treatment that your business can't. You can only fail if the employee wants to change the course of his life and leave the industry altogether.
An important fact to keep in mind: The employees you are trying to retain have built up their reputation in the business and are of considerable importance to your business. And if he intends to develop other enterprises, he can only start from scratch. You have to remind him of this. Of course, you also need to offer conditions that are at least equal to those offered by your opponent. If the employee is truly valuable, you should show sincerity that you can afford to give him the same material treatment.
Finally, before wrapping up the conversation, you must ask the employee to call back in front of you with an invitation from the firm. Experience has shown that for the average employee and the average situation, only the initial steps are sufficient. But if it is a senior and important person, a more specific and personalized solution is required.
Retaining talents starts with recruiting
Retaining talents by intervening in resignation after the fact is a way that many companies do not want to see. In fact, the job of retaining talent begins when employees are recruited. "Choosing the right people for the right jobs is fundamental to long-term success," said Tom Wright, Cathay Pacific's general manager of air services. When considering the right candidates, companies must answer yes to three basic questions : "Can they take the job?" (appropriate educational and work experience background); "Would they like to take the job?" (work motivation and correct attitude); "Would they like to do this in the company work?” (fitness to business and environment).
A system developed by HSBC in China has given companies a huge advantage in retaining talent. The bank has established a long-term strategy of recruiting management talent from its campuses, selecting top talent among college students and selecting corporate employees through a series of interviews and tests.
To determine the “right” talent for a business, managers must first understand their business purpose. The purpose we are talking about here is not empty clichés such as "customer first" or "people-oriented", but the basic values and code of conduct of the company, and even the quality requirements of employees. It's not a job issue, it's a work style and attitude issue. For example, if in a business, customer service is not just feedback on how the business behaves, but is indeed a core value of the business. So, when you're recruiting people who communicate directly with customers, enthusiasm and friendliness when dealing with people is a must for hiring.
Grasp the talent you need
The needs of employees in companies vary. Some employees want to be promoted within the company and need challenges, while others need a safe and stable working atmosphere. Therefore, managers need to understand the personal psychology and needs of employees, and use different management methods to manage them accordingly. Understanding the differences between employees is critical to retaining talent. As stated in a recent issue of Human Capital magazine: "Most bosses today blame the turnover on the business or the employees themselves, never realizing that mismanagement is the brain drain. The main reason.”
In the eyes of many Chinese companies, the real focus of the company is always doing business, and human resource management is just a little distraction. It is still a common practice for Chinese companies to hand over personnel management to the general manager's secretary. As a result, companies lack management and control over these key resources, which are often finalized according to the laws of the market economy rather than the needs of the company. decision to resign.
Solving the problem of turnover starts with gathering information, and exit interviews are a good way. Such conversations generally have a standard content and procedure that analyzes key aspects of employee interests, such as job satisfaction, opportunities for further education, compensation levels, the quality of internal communications, and trust in management. In addition to these specific issues, which can be quantified, the reasons for employee turnover must also be analyzed through free talk. Although this standardized method can enable enterprises to understand some major aspects, such as whether the salary level of the enterprise is lower than the normal market situation, or whether the safety standards of the enterprise are insufficient, etc., it can help determine and meet the specific requirements of employees. Not much.
The key to a company's understanding of its employees is communication and effective use of the various tools at their disposal. Job performance summaries, professional advisors and mentoring, and career development training are all important, and effective communication must go both ways. Performance evaluation cannot be just top-down, performance evaluation of managers must be done through dialogue with employees. The performance evaluation of managers depends on the evaluation of employees, such as whether managers provide corresponding training, guidance and information to subordinates.
In conclusion, it is very easy for a business to lose money in the process of leaving an employee and feel that they are completely powerless in the situation. In an emerging market economy like China, many managers are faced with this situation for the first time and feel overwhelmed. In fact, through specialized testing, applying standard, and occasionally extreme solutions, any business can turn this around and become more efficient, more profitable, and more dynamic.
The author is Philip Chatting, Vice President of Human Resources at Global Sources. Translated by Zhu Xiaofan.
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