Have you heard? There is a new sheriff (aka employees) in town. When an employee quits, companies are finding it’s taking longer and costing more as few, if any, candidates are lining up to fill the newly open job. So who better than talent strategy expert Marc Effron to share with us what’s going on and what to do about this never-normal labor market. Marc won’t disappoint you as you learn the importance of creating a talent strategy.
Let’s start here. What motivates the average employee is changing, especially in this Never-Normal world of perpetual uncertainty. Here are some eye-popping statistics business leaders and HR professionals need to consider:
One-third of all employees value working remotely over a promotion.
Remote job postings are attracting two and a half times more views than in-office job postings.
In 2024, it’s projected that a third of us will be working remotely.
Working remotely for nearly two years gave millions of workers a taste of freedom, opening up a new era of work flexibility. It emboldened the workforce. If employees aren’t getting both a choice of where they can work and/or work-life integration, they’re willing to either fight for it, or leave for another company that offers it.
What is Talent Strategy?
Despite lots of talk and even boasting about improvements in talent management, the fact of the matter is many organizations can’t answer “what is a talent strategy?” Or do they have a strategy but do not know what kind of talent they need to succeed in their strategy? In the remote world, we live in–it’s essential for companies to be able to answer: What is our talent strategy?
Talent strategy expert Marc Effron joins the Geeks, Geezers, and Googlization podcast with hosts Ira S. Wolfe and Jason Cochran to discuss what a talent strategy looks like in this new never normal era of work, what leaders should do differently, and critical signs to head off trouble in this ever-changing new normal we are living in.
After Listening You’ll Walk Away With:
The ability to simplify exactly what your company needs to identify leadership.
What metrics organizations need to track when it comes to tracking performance.
How to divorce delivery from visibility in this new hybrid work environment.
Tools to use in the hiring process to narrow down talent.
Defining your talent strategy.
How to retain quality talent and a process to help them grow.
Getting to Know Marc Effron
As a thought leader and expert in talent strategy with 30 years in the talent industry working in various HR VP and Head of Talent positions, Marc Effron has unique insights about how academic science and corporations can work together in harmony. He is Founder and President of The Talent Strategy Group and co-author of two Harvard Business Review books including One Page Talent Management and 8 Steps to High Performance.
In this episode, Marc shares his top learnings on talent management throughout his career. He also dives into the difference between high performance and high potential. You’ll want to keep listening to the very end when he shares his best coaching tip for successful outcomes.
Curious to hear more?
Inside the High Performer’s Mindset
The traditional model for success has always been working more hours than others to set you apart. In other words, more reps equals more success. Marc lays out how right now there is push back on that model of work hours = results.
Marc himself pushes back on the push back. Marc says to be a high performer one must know that:
1. How to retain quality talent and a process to help them grow.
Matching the Supply vs Demand
In our post-pandemic world, many employees are valuing their lives and priorities differently like wanting to spend more time with their family, travel, or pick up a hobby–work-life balance things. Marc talks about how these are important things to consider – but it does make it more challenging for business leaders to construct growth strategies.
While companies still want people who are willing to sacrifice and put in work, the supply of talent has. So how do we match up the expectations of employers with expectations of a shrinking supply of workers?
Marc suggests a strategy of finding deals for different situations and how to best marry what your company is offering to what job seekers need. During the podcast, he gives insights on how to set up that conversation.
Curious to learn how it all works?
Performance Management Starts with Better Goals
Many companies fall short when it comes to goal setting and expectations, says Marc Effron. If you don’t set realistic goals you can’t reflect on or bemoan the performance of others.
Most organizations, grossly over complicate life. They’ll come up with a 48 page competency model to describe what it takes to get from tax manager to tax director instead of saying, what are the four things that differentiate brilliant people at this company?
By focusing on just three or four things, it helps you answer the question: Did you get done what you said you were gonna get done?
Marc also points out that in a remote environment, this helps with deliverability without full visibility.
Set Better Goals with 2+2
Effron thinks about performance management in three big buckets: goal setting, coaching, and reviewing.
Goal setting is easy – just remember: no more than 4 goals and make sure they align with the organization’s strategy. To make this work, Marc recommends his 2+2 coaching method. He explains that once a quarter leaders should sit down with employees and discuss two observations against the four goals they’ve set for themselves. These should be short comments. Then discuss two things you can do more of, less of, or differently to be better.
Retaining Quality Talent
Right now corporate America is struggling to keep quality butts-in-seats and behind their doors. Marc believes this is due to the fact that managers have to be held accountable for the development of their employees. Unfortunately, most companies don’t hold their managers accountable for this.
Marc points out how experience-based thinking is a huge shift that needs to happen with managers. What experiences help shape whatever your employee is looking for within their career? Making sure that you are giving people the best possible developmental experience is how you keep people from leaving. Career progression is one of the top reasons employees leave and a strong relationship with their manager is a reason employees stay. Consequently, coaching, growth, and development opportunities retain more quality talent longer.
Companies can beat competitive financial offers but not great developmental experiences.
Ready to make the shift?
Changing How We Recognize and Compensate
How do we reward our employees in ways that keep them engaged? That’s what you should be asking because recognition is the #2 reason employees stay. You must match and individualize different tiers of contribution and match them with employee needs? Marc dives into many ways leaders can get creative with this. Some value time off over more money while others might appreciate more flexibility, travel, or getting paid in crypto. One size fits all compensation, benefits, and recognition are over. Blanket raises and cost-of-living increases aren’t going to cut it anymore.
Organizations have to do more customizable and individual compensation. This shows you value and respect them as individuals, that you are listening, and that you aren’t overcomplicating it.
Ready to learn more?
What Are The Lasting Changes of the Pandemic Going to Be?
We are at the tail end of the pandemic, and it certainly pulled back the curtain to changes that needed to happen for organizations to grow and thrive. Marc dives into the things we need to pay attention to including:
Remote vs virtual
What employees are going to continue to value
How people are going to work and why they want to work
To listen to the full episode: