The economy has been zipping along - you’ve probably noticed.
The U.S. unemployment rate fell to 4.5% in March 2017, the lowest jobless rate since May 2007.
The Labor Department reported that 235,000 jobs were added to the economy in February 2017, resulting in 77 consecutive months of job growth.
The Federal Reserve has raised the fed funds rate three times since December 2015, and Wall Street shrugged, interpreting it as bullish indicator of confidence in the times ahead.
Great statistics, but what does this mean to your organization? It means the “war for talent” is upon your doorstep. Employees have more options in today’s economy than ever before. If you haven’t already been suiting up and holding the line in the Battle of Talent Retention, you’re probably already feeling the slings and arrows of rising attrition because we are in the throes a candidate’s job market.
What can your organization do to stem attrition? Try Googling “how to reduce attrition” and you will learn a great deal about employee recognition and appreciation programs, optimized recruiting, increasing the ‘fun’ factor, and enhanced training, communication and listening programs. These are all great ideas and best practices, without a doubt… but it’s not enough.
There is much more to the secret of building and maintaining a sustainable workforce.
At Credere Group, we’ve helped dozens of clients stem attrition, increase productivity, and reduce costs through our Business Sustainability Toolkit. Organizations large and small qualify alike. The key principle is ensuring the right people are doing the right work at the right times.
As this is the 50,000-foot version, allow me to elaborate...
The right people – Employers are often challenged with how to optimize execution across their teams and partners. Each group has something to offer your organization, but do you have them all in the right places? Too often, we see mismatches in the resource mix due to an incongruity of commensurate skills, expertise, desired outcomes and costs.
Doing the right work – We bet it would surprise you to learn how much time your senior accounting leader spends on reporting - or how much time your top salesman spends on administrative tasks. Doing the right work involves a deep assessment of the time spent on functions, activities, and the attributes that impact optimal execution of that work.
At the right times – Everything that gets done in your organization can be attributed to a workforce cycle. It either happens consistently, episodically, or it has a pattern of spikes and/or seasonality. Consistent work is the Steady Eddie that you can plan for. Episodic work can be unpredictable, requiring any number of internal resources, subject matter experts, or project teams. Spikes and seasonal work require your organization to have the right structure to scale.
We’ve tackled this challenge for many clients and they are winning the war. Leveraging our proprietary toolkit, we examine your organization and help you enhance sustainability and productivity. To be clear, this is not about reductions in workforce – this is about optimizing your existing workforce to achieve your organizational objectives. Contact me if you’d like to learn more.
VP of Client Solutions at Credere Group