Staff Retention and Motivation – Is This An Issue in 2010?

Following a recent talk on ‘Staff Retention and Motivation’ conducted by Cpl at The Senior Management Forum Europe (SMFE), an interesting discussion ensued which involved interesting observations from delegates from various companies, large and small.

As specialists in the Accountancy/Finance and Banking & Financial Services arena we have certainly seen an improvement in market conditions since March 2009 but it would be too early to say that we’ve turned the corner. As there are less opportunities available to employees in the market, does this mean that they’re more likely to stay put in their current role regardless of how happy they are?

One of the first observations raised was that in larger organisations particularly, there can sometimes be an unhealthy paranoia at all levels of staff including management about potential redundancies that may or may not arise. As this is something that may only be decided at the top table there are often intense efforts to ensure that you’re seen to be proving your value and adding to the bottom line constantly. This may sound healthy but the challenge is where a Manager/Team Leader, concerned about their own standing in the bigger picture, begins to remove accountability and responsibility that had previously been entrusted to the team below. The result of which can have negative effects to morale throughout the team.

A popular point raised was raised was that the first 6-9weeks is the most crucial period in an employee’s life within a company. This is the period in which he/she will decide on their opinion of whether or not they like the organisation and they will spend the rest of their time in their role justifying this decision to themselves. One of the critical points raised in ‘The First 90 Days: Critical Success Strategies for New Leaders at All Levels’ is to ensure that the new employee secures ‘early wins’ – thereby encouraging buy in and motivation to the bigger/better/bolder challenges that lie ahead.

There has never been a greater level of talent available for hire and a major challenge discussed was the frustrations hiring managers during the Celtic Tiger period faced when interviewing. It was cited by many of the helplessness felt when sitting opposite an interviewee who was unconvincing, under qualified with excessive salary expectations but often had little choice but to hire as a reflection of the marketplace. Certainly in stronger economic times, a Newly Qualified Accountant could line up dozens of interviews within a short space of time without having to stretch themselves too much at interview. It’s a different world now in that it’s now the interviewers/employers who have raised expectations.

Ultimately staff satisfaction, commitment and motivation is unlikely to vary and what is as key to an employer now as it was three years ago is keeping top talent competitive and motivated. The best will always attract the better opportunities in the market and regardless of what is discussed at an exit interview, it is ‘Boss Quality’ that is key.

Paul McClatchie, March 2010

Careers Register, part of the Cpl Group.

paul.mcclatchie@careers-register.com