Are your best people leaving?
Why Retaining Your Best People Has Become Even More Important
Are you sick of hearing about ‘The Great Resignation’? It’s everywhere. There’s constant doom and gloom around the dangers of losing good staff in podcasts, articles, and newspapers. I’ve been as guilty as the next person of using this term. And yet now, I’m starting to wonder.
Is The Great Resignation really a stand-alone event that’s a direct result of the pandemic? Or is it part of something broader? There are indeed record quit rates in America. More Americans quit their jobs in August this year than at any other time in US history. Just think about that for a moment. It’s a sobering statistic.
It’s even worse in the UK, where the combined effects of Brexit and COVID are hitting hard. Brexit reduced access to the labour market, so it’s more difficult for people to come and work here. COVID has reduced movement. This double whammy is having a massive impact on our economy. But when you look back pre-2020, you realise this is nothing new. It’s part of a longer-term trend.
In America, economic growth was stagnating way before COVID hit due to a shortage of talent. During the recovery years of 2008 and 2009, 30% of people in London changed jobs. So what’s happening now is nothing new. The reduction in growth that the financial crash had caused built-up demand. As businesses started to recover, their staff moved jobs to kickstart their careers.
So the Great Resignation isn’t a standalone event – it’s not something that we can weather and then reemerge from. Instead, it needs to be seen in the context of a broader pattern of tightening labour markets. If your company has the customer base and capital to grow, access to talent will be your biggest challenge in the next 12 months. And this is why you need to throw everything you’ve got at retaining your best people.
How To Build Psychological Safety In Your Workplace with The Fearless Organization Author, Amy C. Edmondson
If you want to be better at leading a team. If you want to know how to lead a good decision making process. Or how to engage and inspire people to bring their full self to work. If you want to improve the culture in your business, then don’t miss Amy Edmondson on this week’s episode of The Melting Pot.
Amy hasn’t just written the book on psychological safety in the workplace, Fearless Organization, she’s a global expert in organisational development. She’s taught the topic to countless Harvard MBA students for the last 25 years, in her role as Novartis Professor of Leadership and Management at the Harvard Business School.
But why did Amy write the book and how did that Google project lead to one of the most globally revered books about the importance of psychological safety in the workplace? And why does Amy consider Pixar to be the poster child for psychological safety?
Download and listen to find out what it takes for an organisation to build great leaders and psychological safety. And learn how you can develop and roleplay psychological safety while developing as a leader.
This is a really fantastic conversation, we hope you enjoy it as much as we did.
They say that with age comes wisdom. Actor and writer David Lloyd and financial planner Chris Budd struggle manfully to prove the theory – only occasionally calling into question the accuracy of their birth certificates. They talk about happiness, money and how to use one to make the other.
All is not so happy at the happiest place on Earth. The guests of the Magic Kingdom are restless. Despite reopening more than six months ago, Disney World and Disneyland have yet to restart their tram services to and from parking lots, forcing visitors to walk nearly a mile to enter and exit the parks. Some Disney fans are acting as though the company is a kind of greedy Cruella de Vil, willing to slaughter cute puppies and turn them into coats for a profit.
Like other CEOs, Cees ’t Hart instinctively knew that the COVID-19 pandemic required him to manage Denmark’s Carlsberg differently. “The crisis has raised a lot of questions,” he told Danish business newspaper Børsen in May 2020. Rather than centralize Carlsberg’s response to those questions, he saw opportunities to explore a more autonomous global management structure and find a new way to develop and implement strategy.
“The Dream Team.” It was the name given to the 1992 US men’s Olympic basketball team composed of some of the greats of the game, including Michael Jordan, Magic Johnson, Larry Bird, Charles Barkley, Karl Malone, and John Stockton. We’ve seen dream teams in other sports, of course—Brazil’s 1970 football team that won the World Cup; the 1980 USSR Olympic ice hockey “red machine” team; and the US team that won the 2019 Women’s World Cup. We’ve seen dense concentrations of star talent working under the influence of strong leadership in other fields throughout history, too, such as the artists of the Italian Renaissance or the five-time Nobel laureates of the Curie family.
In 2006, John Doerr was moved by Al Gore’s An Inconvenient Truth and a challenge from his teenage daughter: “Dad, your generation created this problem. You better fix it.” Since then, Doerr has searched for solutions to this existential problem-as an investor, an advocate and a philanthropist.
Fifteen years later, despite breakthroughs in batteries, electric vehicles, plant-based proteins and solar and wind power, global warming continues to get worse. Its impact is all around us: droughts, floods, wildfires, the melting of the polar ice caps. Our world is squarely in a climate crisis and on the brink of a climate disaster.
Yet despite our state of emergency, climate change has yet to be tackled with the urgency and ambition it demands. More than ever, we need a clear course of action.
Dan Sullivan shares his simple yet profound teaching that, until now, has only been known to his Strategic Coach clients: unsuccessful people focus on ‘The Gap’, but successful people focus on ‘The Gain’. Most people, especially highly ambitious people, are unhappy because of how they measure their progress. We all have an ‘ideal’, a moving target that is always out of reach. When we measure ourselves against that ideal, we’re in ‘the GAP’. However, when we measure ourselves against our previous selves, we’re in ‘the GAIN’. That is where The GAP and The GAIN concept comes in. It was developed by legendary entrepreneur coach Dan Sullivan and is based on his work with tens of thousands of successful entrepreneurs. You will learn that measuring your current self vs. your former self has enormous psychological benefits. And that’s really the key to this deceptively simple yet multi-layered concept that will have you feeling good, feeling grateful and feeling like you are making progress even when times are tough, which will in turn will bolster motivation, confidence and future success.
Scaling Up Workshop, 18th November
Only ONE WEEK LEFT for our next Scaling Up Workshop at Foundry Farm in The New Forest. If you find yourself thinking about how can you start making a difference in your organisation before Christmas, come and join Scaling Up coaches Dominic Monkhouse and Philip Rose for this half-day coaching session.
If you’re serious about growth, this is the ONE workshop you need to attend to get absolute clarity on the challenges confronting your business and how to overcome them to achieve stratospheric growth.
MEANINGFUL ACTION FOR MONDAY
Stop thinking about your company as a family
You need to think of your business as a high-performing sports team, rather than a family. The co-Founder of LinkedIn, Reid Hoffman has an approach that I like – the Tour of Duty. He said it was ‘an agreement between employee and employer that determines the purpose of the relationship, the expected benefits for each and a planned end’.
If you look at a high performing sports team, each player has a career that ends when they’re no longer contributing to their team’s success.
In the same way, people you have in your team now might not be right for the next stage of the journey.
When it comes to family, you’re stuck with them forever.
It doesn’t matter whether they grow, whether they get worse or better at something. They’re still your family and that’s not necessarily helpful if you’re trying to grow and scale a business.
Join Dominic Monkhouse and Bryony Thomas for a Live Webinar to dive into her book Watertight Marketing. They will be talking about all things business and marketing to give you the insight, energy, and passion you need for the rest of the year and next quarter.
Quote of the week
“Today’s marketplace is incredibly competitive in every industry around the globe. The difference between success and failure is talent, period.”Indra Nooyi
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.