According to recent PriceWaterhouseCoopers research, attracting talent that shares your organisation's core values can give up to a 700% return on your investment over their total period of employment. Read on to find out more about my two stage approach to matching talent values with a strong behavioural based performance management process.
Stage 1 – Don’t just recruit for skills to pay the bills
As Talent Managers, we’ve all experienced the pressure of hitting succession targets and providing a free flowing pipeline to match the pace of the business strategy.
I’ve seen many talent plans purely focusing on what skill is required but not who is required. Of course, it’s essential that that person has the right skills and experience to fill the role but often that’s where we stop in the process. Sometimes it’s even more important that your best people consistently display the behaviours linked to your core values.
Other research points to the challenging statistic that around one-third of new employees leave the organisation in the first six months. This turnover is of course extremely costly taking into account all the investment up until the point of exit. Some estimates reveal a cost of two years’ salary (in associated costs) for the 6 months that person worked for you.
- Communicate your core values and company culture to potential candidates up front.
- Add equal focus to recruiting for behaviours as well as skills and experience.
- Set behavioural expectations as part of your on boarding and induction process.
- Give absolute clarity to the person’s manager of this entire process.
Stage 2 – Balance values with performance reviews
I prefer to use the term ‘values review’ instead of ‘behaviour review’. Behaviour can conjure up a negative image of being sent to the Headmaster’s office to discuss “your recent behaviour”.
The values review should be used in harmony with the more formal performance review. A discussion can take place around the individual’s motivations to achieving the performance goal and how this did (or didn’t) fit in with the core values of the organisation.
This values based discussion is also a perfect lead into a wider career development review.
- Clarify your definition of performance, behaviours, and values with your people managers so that they can have effective and transparent talent conversations.
- Incorporate a values review into your talent pipeline mapping process.
- Monitor, evaluate and share the success of your strategy to demonstrate the return on investment back to the business.
For more details on my approach to 4D Talent Coaching and how I can help transform your Talent Strategy please email Matt Williams, ‘The Talent Coach’ at firstname.lastname@example.org
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