Career Advancement & Transition Archives

A Generation Z Perspective from Generation Z

Everything changes when given time. Interests, people, society, music, technology, and so on, all change. The workplace is no exception, with change not just being present, but expected. Part of what contributes to those changes are the perspectives and knowledge of the workforce. As different generations enter the workforce, they bring their own experience. The oldest members of Generation Z are now in their early 20s, and many more are entering the workforce every day. This generation will have a considerable influence in how we shape our organizations and the workplace of the future.

Forbes and Deloitte agree that Generation Z will revolutionize the workplace. Motifs from articles and other resources share the idea that Generation Z expectations include a high-tech workplace with a good work-life balance and a decent amount of human interaction, allowing the employees to be creative with their work. Other sources and first-hand interviews confirm these same ideas. While outside sources can be a highly viable option for gathering trends and general information, nothing can match firsthand conversations with those working with Generation Z.

After gathering opinions and experiences, I have a general understanding of what current employers think Generation Z desires in the workplace. The most common things I heard included diversity, transparency, equal opportunity, technology, flexibility, less bureaucracy, independence, and a relaxed work environment. This information was gathered by speaking with individuals I know who deal with Generation Z in a working environment on a regular basis as well as colleagues of my own.

As a Gen-Z-er myself, I think they got much of this right. I wholeheartedly agree with the topics mentioned. However, I have my own perspective and suggestions for the ideal workplace that I am certain will help with attraction and retention of the next generation of talent entering the workforce. In an ideal work environment, I would want a diverse cast of people, both senior leaders and individual contributors. There would need to be a good balance between projects requiring collaboration and projects requiring independent work. I would want my employer to be invested in both the employees and the local community, especially through outreach and group events, and I would also want the entire staff to be as transparent as possible. Having confidence that coworkers and leaders are not keeping information from me builds trust and deepens relationships. Well-informed employees tend to make well-informed decisions, so transparency is key to engaging others.

My ideal workplace would have an” open-door” policy. Any employee regardless of rank or seniority could have access to interact one-on-one with the CEO or any senior leader at different points in time without penalty. Access to leadership and being able to be a contributor fosters a sense of welcoming and engagement, and most importantly, makes me feel valued. In addition, equal opportunity, regardless of any unique trait, should be non-negotiable.

Embracing and utilizing new technology is a key requirement for my ideal workplace. Generation Z, me included, is highly technologically able and wants to demonstrate that in the workplace. A relaxing and comfortable environment is important to me and my generation. There really needs to be a casual, laid back, and welcoming environment. Many of my generation do not like the extra-formal, suit-and-tie workplace in which everyone sits in a sterile cubicle. We thrive in modern, welcoming, fun workplaces that stimulate growth and innovation. My office at LAK Group is a notable example of this, where the laid-back atmosphere combined with fun activities and beautiful grounds stimulate my desire to be productive and work effectively.

A Generation Z-friendly workplace should allow open thoughts, commentary, and criticism, fully embracing free speech and contribution for the better of the company. On the topic of freedom, employees need to have freedom to complete tasks their own way, rather than doing it in a way set in stone. Generation Z is highly creative, and they think critically in new and innovative ways that may push traditional boundaries.

Primarily, the workplace needs to be flexible with scheduling and where we work. A combination of working at home and at the office would be a fantastic benefit and frankly would be highly enjoyable. There should be little bureaucracy and drama, as well as less management where applicable. Speaking from experience and research from resources such as Glassdoor and LinkedIn, sometimes senior leadership can hinder progress rather than advancing it. Where applicable, there should be a promotion of a ‘let me do my job’ mentality. These factors, combined with reasonable hours and above-market pay with benefits and no taking advantage of employees, fulfill my ideal workplace.

So, what does this all mean? This list given here is simply my personal wish list and a general list of helpful suggestions for employers looking to satisfy Generation-Z employees entering their workplace. Needs and wants will always vary from worker to worker, but Generation Z is a different kind of worker and we all have our own changes we want for the workplace. The old ways of running a workplace will not work for Generation Z, and the new generation of workers need to realize that the incoming workers are not the same.

A current senior at Catholic Memorial High School and graduate in spring of 2021, Sam has been an Intern at LAK Group since October of 2020. He has been a business student for three years and has a wealth of experience assisting others and studying business as well as owning his own start-up.

His strengths include collaborating with others, his work ethic, willingness to learn, and always-positive demeanor. In his free time, Sam enjoys collecting and restoring retro video games and systems, driving, and running his own 3D printing side business, which he uses to serve others and finance his hobbies. He is looking to study business in college, with a focus in human resources or international supply chain management. You can reach Sam at his email, smen heer@lak-group.com.

The heart of human excellence often begins to beat when you discover a pursuit that absorbs you, frees you, challenges you, or gives you a sense of meaning, joy, or passion.

Terry Orlick

“Where do you hope to be in five years?”

It’s a common question asked during interviews and goal setting conversations with employees. “I hope to be in a leadership position,” or “I hope to be promoted to a Vice President role” are not uncommon answers. When asked why they want to achieve that position, their usual answers include: “Because I want to be in charge,” “Because I want to be the boss,” “Because I will make more money,” or “Because I’ve been told that I am good at what I do and that is the next step for my career,” and the most common, “It is the obvious next steps for my career.”

Unfortunately, while all of these are most likely genuine answers, they’re not the right answers when it comes to pursuing what we term: Leadership ON PURPOSE. “Because I want to be in charge” expresses a desire for control and oversight of others; “Because I want to be the boss” expresses a motivation to run the show; “Because I want more money” is a motivation for self-benefit; and , “Because I am told that I am good at what I do and that is the next step for my career” is a statement that serves one while appeasing others. It seems the obvious next step in their career is more of an entitlement. Leaders need to want to be leaders for the “right” reasons.

Our belief is that to have what it takes to be a leader who others truly want to follow; one must have a leadership mindset that is purpose-based rather than results-based. Moreover, Leadership ON PURPOSE has two aims that must intertwine: one is pursuing a leadership role with intention; the other is ensuring that one’s vision, plans, actions, and behaviors align with the vision, values, and goals of the organization. Leaders aren’t simply born and developed; they have a mindset that believes their purpose is to impact others.

A perfect example of greater purpose versus personal results can often be found among highly skilled professionals like engineers. There are many energetic engineers, with aspirations to be the heads of their engineering departments, groups, or divisions. They feel a need to lead other engineers. They see it as their means to a greater title and a higher rate of pay, even though their real talent and satisfaction comes from designing new and innovative things. It’s what compelled them to become engineers in the first place.

The outcome is not surprising. Many extremely talented individuals aspire to leadership roles, only to find once they arrive that they are no longer able to concentrate on and do what they do best. They realize, often too late, that the role of a leader is completely different from what they had expected, what motivates them and what they are skilled to do. We’ve experienced this outcome in every organization we’ve worked with.

Let’s look at an example we have seen in many organizations and in many different roles (sales, operations, finance, product development, information technology, marketing and other). This example is that of a high-performing engineer. In this example, the chosen successor for a senior leadership role was identified in succession plans as one of the emerging leaders in the organization, a highly-skilled electronics engineer who had tremendous success with design innovation, margins, and market share. He seemed to be a great choice for leadership, yet this turned out to be a poor decision for both the organization and the chosen leader. Although in a new position, he was still getting too deep into the design tactics. He kept spending his time on technical matters and not leading and building his team. He couldn’t separate himself from his passion and talent as an engineer. This inhibited his ability to build the organization and lead the team.

This new role didn’t work out for the engineer and he was later exited from the organization. A talented professional, identified as top talent, now out of the company. It happens often because we tend to promote for technical capability, not leadership capacity. Organizations also need to assess aspirations and desire to be in a leadership role for the “right” reasons. In the example above a new leader was identified who did demonstrate the qualities and attributes of leadership. And although he wasn’t as technically skilled as the members of his team and was actually being paid less than most all of the engineers on the team, he was able to build a very strong, united, and focused group of skilled professionals.

ON PURPOSE Leaders want to be in a leadership role for a reason. It is not about the title or attaining credit for being at the helm when the team’s engineering designs would lead to patents but helping the organization to excel in its capability and expertise.

John C. Maxwell notably said, “Leadership is not about titles, positions, or flowcharts. It is about one life influencing another.” This is what we mean when we talk about Leadership ON PURPOSE. Agile leaders have the character traits, behaviors, and skills to be the leader of others.

It is our belief that Leadership ON PURPOSE serves the greater good of self, others, and the organization. A leader who establishes a vision and goals, develops new opportunities for the value and prosperity of others, and unites the organization in that quest is Leading ON PURPOSE. It means that behind a vision there is purpose and the right mindset to create and pursue that vision in the first place.

What Leadership Shadow Do You Cast?

On Purpose leaders must own and lead the behaviors that shape the culture of an organization. They’re accountable for creating the experiences of employees, customers, and the communities they serve. This is the badge of honor that comes with being a leader. The reality is that organizations become “Shadows of their Leaders.”

It’s a heavy burden to consider for people who want to be leaders. They have to navigate shifting landscapes, changing markets, a demanding workforce, and expectations of boards and outside constituents. It is a bit of a cliché to say that they must “adapt and overcome,” but that is one of many sayings that are simply realities that have proven themselves over time.

After Goodyear Tire lost money in 1990 (the first time in 60 years), the board persuaded Stan Gault, a member of the Goodyear Board of Directors and former CEO of Rubbermaid, to come out of retirement and replace Goodyear’s current CEO. When Gault arrived, he began to unplug lights and unscrew light bulbs in the former CEO’s large office to reduce costs. He ate in the company cafeteria with the rest of the employees and got rid of executive parking spaces.

The word spread like wildfire among Goodyear employees that Gault believed “thrift is a virtue.” When Gault then asked all Goodyear employees to help reduce the company’s bloated costs, they already knew their leader walked the talk. Goodyear employees responded to Gault’s integrity and plea to reduce costs. As a result, the company paid down its debt and invested in new research and development. Soon thereafter, Goodyear launched the newly developed “Aquatred Tire.” It was a huge success and Goodyear was restored to profitability.

As leaders, we all have a shadow that we cast over others in the organization that is either positive or negative. The key question you need to ask yourself is, “What is your shadow saying about you?”

A leader’s shadow can strengthen a company’s culture and the engagement and commitment of its employees. In March 2020, when retail outlets were initially forced to close their doors because of the COVID19 pandemic, Tim Boyle, president and CEO of Columbia Sportwear Company, cut his salary to $10,000 a year while Columbia retail employees still received their regular pay. His pay cut helped to keep almost 3,500 retail employees compensated during that time of uncertainty. In addition to Boyle’s own pay cut, 10 top executives voluntarily took a 15 percent pay reduction.

That’s the shadow of a leader. It’s someone who acts—someone who doesn’t just talk about the values but lives the values. With this mindset, you gain the respect of others; even those who disagree will hold you in higher esteem for your convictions.

One of the more important aspects of the Shadow of a Leader is that people will watch and follow you. Sometimes they won’t even be aware of what they are doing. Your attitudes and behaviors become their attitudes and behaviors.

The best examples of this mirroring are found in our personal lives. Sons and daughters watch and emulate their fathers and mothers—the most influential people in their young lives. This brings to mind the song, Boy, by American singer-songwriter, Lee Brice who sings about his son who is going to be great because he does what his dad does.

Boy, you’re gonna know it all. You’ll think you’re ten feet tall… You’re gonna drop the ball. Hit the wall… I know you will, ’cause you’re a part of me. And a part of you will always be a boy.

We believe leaders are like dads and moms. People watch them and follow them. They want to make their boss happy with how they’re performing. They’ll mimic how their leaders behave, because if they do that, they know that they’re probably going to connect with their leaders and be viewed favorably.

We’ve met leaders and up-coming leaders who, upon learning about the influence of their shadow, will shy away from assuming the burden or deny their influence altogether. Basketball legend, Charles Barkley, once boldly declared to the media that he was not a role model and that kids should be taught to emulate their parents, not athletes or celebrities.

The reality is that if you’re in a position of influence, people are going to emulate you whether you want them to or not. Leaders are role models, and we believe that if you’re going to be a leader, you need to be one who leads On Purpose. You need to become the model of behavior that others will trust, emulate, and follow. It’s then a matter of what you want your shadow to reflect.

As you reflect on your leadership shadow, ask yourself the following questions.

What shadow does your leadership style cast on others?
How consistent are you at making and meeting your commitments to others?

Think back to some of the recent choice you have made. What could you have done differently?

Landing a Job: A “How-To Guide” for 2020

The job search world has changed dramatically in 2020 – swinging from a market favoring job seekers, to a pandemic-induced free for all. With the number of job searchers at historic levels and times of uncertainty for employers, it’s more important than ever to have a solid plan for how to land a job.

One of the reasons it’s taking so long to find a job has very little to do with your skills, expertise, or abilities as a person or employee. Instead, it’s how the recruitment process has changed over the last couple of decades – and more recently since the onset of the pandemic – to include automated procedures, artificial intelligence, and digital resources for repetitive tasks. Even interviewing has changed and gone digital. Most people are now accepting positions from bosses they haven’t met in person. Here’s what you need to know to land a new job in 2020.

Being Found in the Digital World

AI has transformed the way recruiting is done. From candidate sourcing to applicant screening and interview scheduling, many repetitive tasks are now completed by machines so HR can dedicate their time to human interactions. Capturing the attention of recruiters and their robots is a new ballgame compared to just a couple of decades ago. Here’s how to succeed:

Embrace Social Media. Everyone should have an online profile that’s dedicated to their career or job search as both bots and humans will turn to these sources to learn more about you. LinkedIn is the obvious choice, but sites like About.me can offer different ways to showcase your skills, achievements and personal interests. Some experts recommend using both as LinkedIn is slowly replacing the resume entirely, and a second profile will provide you with an opportunity to personalize the experience for recruiters.

Be Findable. Make sure your privacy settings for these profiles are public and searchable. If you’d rather not have your personal information public, make use of free resources such as Google Voice and Gmail to get a separate email address and phone number dedicated to your digital adventures.

Optimize Your Resume. The resume may be working its way out of fashion, but for now, it is still a vital job-search tool. Optimize yours for digital scanners to help them pick you. First, keep it simple and avoid excessive formatting, images, fancy fonts and intricate bullets which do not impress digital eyes. Use keywords that are important to your industry, and be sure to use the most important keywords two or three times throughout the document. Use compelling action words such as “solved,” “led” and “delivered” to describe your accomplishments. Lastly, be sure to customize your resume for the position you are applying for by highlighting the most relevant details and eliminating those that might not be as important.

Networking is the New Normal

More than just a way to land a new career, networking is vital for all stages of your career as you learn new skills, expand your capabilities and move up the ladder over time. Making strong contacts puts you in a better position to learn new information, hear about opportunities for advancement, and reach out for advice. Your network will also provide you with opportunities to give back as you lend a hand to those in your community who are still a few steps behind you.

While most people understand the importance of networking, not everyone knows how to make it happen – especially now that we’ve had to learn to network online. One of the easiest ways to start building a network is to stay in touch with former colleagues and welcome any suggestions they have for additional connections. Online classes and workshops in your specialty area help you connect with industry leaders. Expanding your internet presence by writing blogs or articles can provide a great jumping-off point for future conversations.

The Importance of Cultural Fit & Interviewing

Finding a role in a company that’s a good cultural fit for you is important; otherwise, you may end up back on the hunt sooner than anticipated. However, trying to determine whether a company will be a good fit can be tricky, especially in the limited time that you’ll have during interviews, and due to the limited in-person exposure you’ll have to the people and the office. Look for specific signs that the company values its employees. Do the employees you have had exposure to seem friendly and engaging or tense and standoffish?

During the interview, take note of how the HR representative interacted with you. Were you seen as an equal or was the person being superior? Were their questions well-thought-out? Was your meeting interrupted for any reason? It’s also important whether the HR person seemed positive about the company and the position and was able to articulate what you would need to be successful there.

Some questions you can ask your interviewer to better understand culture include:

What are the key strategies, goals and initiatives of the company and department?
How does this position impact key strategies and goals?
What characteristics do you value in a key employee?
What management style is used to ensure goals are met?
How are employees rewarded and recognized?
How are new ideas processed in the company?

When You Don’t Get an Offer

When you’ve completed one (or several!) successful interviews, it can be demoralizing and frustrating to hear that you haven’t gotten the job or to hear nothing at all from the company. The first thing to remember is that there are many reasons for this that may have nothing to do with you at all. For example, the opening may have been canceled and the entire process halted, or perhaps someone internal to the company ends up being shifted and you’re not the right fit for their previous position. Other times, you may simply have lost to a candidate who made a better impression.

While you may never find out which of these was the reason, one critical takeaway from the process should be that you were, in fact, good enough to make it as far as you did and can rest assured that the reason behind the denial wasn’t something you did wrong or something you are lacking. Instead, focus on what you can control: continuing to interview and showcasing your top skills, experiences and ways you will add value to your next employer.

Whether you are in-between jobs or you’re looking to advance in your current role, we’re here to help. We offer personal career coaching that is designed to transform your career, and your life. Contact us via email or at 262-786-9200 to learn more and enroll.

Career Growth and Advancement: What You Need to Know and Do to Succeed

Although any time of year can present the opportunity to grow and advance your career, the natural fresh start of a new year inspires many to take stock of their accomplishments and set new goals for the future. Whether you’re actively looking for a new position now or you’re simply polishing up your efforts for posterity, here’s what you need to know and do to make this your best year yet.

Know Your Goals

The beginning of any journey begins with figuring out where you’re going. For those searching for a position, your goal may be to land a job that provides security, challenge, and room to grow. Even if you’re currently employed, proactively managing your career is critical as you don’t want your skills or your role to become stale and outmoded. To do this, you can set a goal to develop your current role so it remains aligned with the needs of the company, expand your functional expertise as you consider new roles, or make the leap to a new role within the organization to broaden your knowledge.

It’s also important to know where you’re beginning, so take some time to review what you currently have to offer your current or next employer. Going through the steps to create a personal branding statement will help you see all that you have to offer and then boil it down to the most important pieces. Your branding statement should include your vision, values, or principals, your promise or pledge, and your unique value proposition. It should be a single sentence written using simple language that’s easy for you to remember and recite. Start by listing attributes, qualities and ideas you have, and begin whittling until you’re happy. The result will be a statement that’s useful for everything from your morning mantra to answering the common question of “tell me about yourself.”

Strategies for Growth & Career Advancement

Now you know where you are and where you’d like to be. Here are a few steps to take as you begin that journey.

Manage Your Reputation and Visibility. Always show kindness and respect in every interaction, even in negative situations and especially when provoked. You don’t have to be a pushover, but always push back with professionalism. Reach out and help others, from colleagues to newcomers in your industry, and welcome helpful feedback whenever it’s offered. Lastly, be sure your social media profiles reflect your professional persona. No matter how we manage privacy settings, the worst things have a way of becoming public so think carefully about your online activity.

Develop Your Network. From in-person events to online groups and chats, making strong contacts will put you in a better position to learn new information, discover opportunities for advancement, manage your reputation and reach out for help when you need it. If the idea of networking is new to you, start with your current colleagues and branch out from there.

Commit to Continuous Learning and Development. Completing a degree or certification program should only be the beginning of your career development. Today’s jobs and the skills that go along with them are changing faster than ever so we always need to be on the lookout for ways to keep up. Start by taking any opportunities your company offers for skill-building, and take advantage of community college courses and online resources. Whether you’re pursuing an official credential or simply want to learn how to make the most of spreadsheets, keep growing!

Align With Changing Needs. Along with growing your personal skillset, it’s important to make sure you’re aligning your efforts with the current needs for your position, your company, and the market. It’s always a good idea to pursue skills that interest you, but be sure to balance those with a mix of skills that reflect the changing needs of your industry.

Managing Your Mindset

Whether you’re in the midst of a demanding job search or trying to grow in place, managing your mindset is an important aspect of reaching your goals. This can be difficult for anyone to accomplish considering that job searches are taking longer than ever, digital methods and artificial intelligence are leading the recruiting process, and the velocity of change is making traditional career planning methods obsolete. When your self-confidence is tested and you’re worried about either job security or landing the next position, stop for a moment and reframe how you see yourself.

Optimism and pessimism do not have to be inherent traits. Instead, we can cultivate confidence within ourselves and transform our worldview, which will affect how others see us as well. Pessimists tend to interpret events as personal, permanent, and pervasive rather than interpreting events as impersonal, temporary and limited. For example, if you’ve made a mistake, an optimistic interpretation is one where you acknowledge the error, but don’t let it tear you down as a person as it’s only a temporary state of being and limited in its ability to impact to the rest of your life or career.

If you carry a negative or pessimistic mindset with you throughout your career, you may be inadvertently limiting your potential by talking yourself out of opportunities (“There’s no way I could ever do something like that”) or unwittingly poisoning interactions with those in a position to deliver opportunities to you.

More Than a Platitude

The advice to “stay positive” is a tiresome platitude that isn’t particularly helpful for anyone trying to secure a new position or worried about the security of their current job. However, taking positive action and taking stock of what you have to offer, managing your mindset to avoid unwarranted negativity, and taking concrete steps to add skills to your employee toolbox will all help keep your career headed in the right direction for 2020 and beyond.

Our personalized career coaching has helped thousands of people take positive actions to improve their career outlook. We offer proven strategies ranging from changing your mindset to learning new skills, all focused on helping you grow and advance your career and your life. Contact us via email or at 262-786-9200 to learn more and enroll.

Right Person. Wrong Job: What to Do and How to Adjust

The problem of finding yourself with a talented, high-potential employee who is a great fit for your organization, but a lousy fit for their current position is not new. However, solving that problem without losing the employee to another company requires an entirely different approach from what worked in the past. Previous generations thought of careers from a different perspective. In the good old days, one would choose a career path that typically began at the bottom of a ladder whose top rungs were clearly visible from the lowest position. Over the years, the hope would be to move up the ladder until management positions were achieved; shortly thereafter, it was time to retire with a nice gold watch for your service. Workers tended to stick to suits and ties, and utter respect for authority was the norm.

In other words, to keep top talent on their rosters, employers relied on the status of their brand as an employer, loyalty, formality and a general tendency of workers to stay with one company for the duration of their careers. Today’s workforce has other ideas in mind.

What the Workforce Wants

The current unemployment rate in the United States is low and continuing to fall. On the other hand, top-performing and high-potential individuals are not nearly as impacted by unemployment rates and job scarcity as the rest of the crowd. That’s because top performance will always be in demand. However, even across all employees, the voluntary quit rate is higher than it’s been in nearly 20 years. In other words, today’s workers have plenty of jobs to choose from and they are voting with their feet when the employment experience falls short of their expectations.

While salary and benefits will always be a primary motivator for workers, those are also easily fixed by organizations dedicated to retaining the best and the brightest. The other motivators will take a bit more insight and examination into the culture of the workplace. According to Forbes, several factors make up the perfect job for modern job seekers. The first is flexibility: the rigid 9 to 5 structure is outdated. Next is a commitment to health and well-being, and that means employers addressing the humanity of their workers, not just offering free gym memberships in the benefits package. Lastly, and perhaps most importantly, is the desire to work with a purpose. People want fulfilling work. They want to contribute. They want to know what they mean to the organization and they want to feel recognized and appreciated.

To find lasting fulfillment at work, the environment must be agile. People have to feel supported and encouraged to take risks; failure must be an option, and it must be used constructively. Workers want real-time, genuine feedback, not a list of scores on an annual review. Career development is paramount; stagnation is grounds for moving on. The Harvard Business Review concurs with this assessment.

A Major Disconnect; A Hidden Opportunity

In a word, the problem starts and ends with skills. According to a survey by the Harvard Business School, business leaders are increasingly concerned with finding and hiring people who have the skills their companies need. What’s more, they’re also worried about what to do once those skills have become obsolete. On the other hand, workers who were surveyed seemed far more excited and positive: they were eager for opportunities to change and learn new skills to improve their own outcomes.

The survey dug even deeper and asked both workers and leaders to identify the impact of disruptive forces such as new technologies, demand for skills, changing employee expectations, and a continually evolving business environment. Over and over again, the survey found that it was the workers who seemed to have a better grasp of the fluctuating needs of being an employee, and they were not only more willing to be adaptive, but they were also more optimistic about what that meant for their future.

Perhaps this shouldn’t be all that surprising. If you look at what the workforce wants from an employer, their optimism seems to lie with the expectation that they will achieve this list of requirements by working hard to become valuable. They are looking forward to a long, challenging career with lots of twists and turns, plenty of surprises (read: not boring) and an endless opportunity to stretch and grow. In return, when these needs are met, these workers will be more committed and more engaged than the past generations who stuck around out of loyalty or habit. The future of any organization built around these eager, optimistic workers is very bright, indeed.

That is, if you can get them to stay.

The Consequences of the Missed Opportunity

First, the direct financial hit. Voluntary turnover is incredibly expensive for any organization, and according to one agency, it is comparatively worse for small and medium-sized businesses. Their experience working with SMBs showed a 30 percent voluntary turnover rateÂ to be common. According to the Bureau of Labor and Statistics, turnover will cost about a third of the total compensation for that position. The Society for Human Resources Management puts that figure between 90 and 200 percent of the annual salary of that position! These costs include everything from HR staff time exiting the position and refilling it to production delays, lost clients, onboarding expenses and more.

There is a lot more to lose than just money, too. Organizations can lose a lot of institutional knowledge if they are not continually thinking about keeping their top performers engaged and growing. High turnover rates also lead to sluggish sales growth and low workforce morale. According to another report, these consequences hit small and mid-sized businesses the hardest as they are the least likely to have a deep bench to replace high-performers who leave the company, they have fewer resources to combat attrition and many are not even addressing the cause of these departures as they’re too caught up in the cycle of replacement.

How Your Company Can Succeed

If you want to attract and retain the top talent in your industry, a new approach to hiring and employee development is necessary. First, assessing for skills is quickly becoming irrelevant as what’s required for any job changes rapidly. Instead, employers should be looking for agility: someone who is curious and committed to learning, collaborative and thinks on a team-level, and has a high tolerance for change. Organizations should also be looking for problem-solvers, or people with a can-do attitude: someone who knows how to apply a lifetime of experience to problems they have likely never faced before. Appreciate diverse, creative thinking, imagination, courage, resilience when facing failure and natural leadership abilities. Most of these qualities have more to do with how the person approaches their work rather than any tangible skill. That’s because skills can be taught to the right person far more easily than talent can be swapped out as the demands of the position shift. The challenge becomes one of creating an atmosphere of continuous learning and growth rather than constantly trying to hire in the best skills.

There is another significant predicament for employers: people seem to be terrible at figuring out what they’re good at. As individuals, we are not always great at finding work that we can be passionate about, especially not at the time in our lives when these decisions often are made. For anyone more than a couple of decades into their career, remembering what inspired you as a high school graduate is probably impossible. Yet, this is when most people are driven to choose an education and career path long before they have enough life experience to know what’s going to make them light up at 40 years old. The too-frequent result is bright, talented people who end up in the wrong place. Perhaps it’s been wrong all along; more commonly, they were in the right place at the start but have since outgrown or become bored with their positions. The onus falls to the organization to spot these high-performers and these high-potential individuals who are a great match for the company but are unhappy in their current role. The focus of these individuals must be to nurture and develop them rather than allowing them to be poached by another employer (and then relying on finding top talent incubated by another organization to fill the gap).

A culture of coaching is the natural conclusion to solving a multitude of turnover and retention problems facing employers. The entire development process must be transformed into one where the organization is committed from the top down to supporting employees as they learn new skills and grow to become more significant to the company. It involves regular feedback, not annual performance reviews, so employees can make changes and grow in real-time. It means offering opportunities and empowering people to take advantage of them. The culture must be one where the values include trust, respect, transparency, and accountability for the entire team. It also includes equipping those in management positions with the tools to serve as coaches who champion the successes of the individuals on their team as well as the group as a whole, rather than just keeping track of tasks and statistics.

Be Future Thinking

A significant change to any company’s culture is a major prospect, but the payoff is enormous. Coaching empowers people to work to their strengths and develop the skills necessary to be a true asset to the company. Organizations with a strong culture of career development have highly engaged workers, stronger revenue growth and significantly lower turnover than those that do not. Workers are stronger and more satisfied; organizations are more stable and drive more revenue. Everybody wins.

In short, when you have the right person in the wrong position, it’s time to discover what makes that person excited and find a way to get them into the right position through support and development, and then make sure the rest of the company culture hits the right notes to make them stay for the long haul.