Readers’ Topic: With the current industry talent shortage what more can we do to retain great people?
The recent Media i survey had churn in the media agency sector at 41% that’s very high what are your thoughts again on reducing that and improving talent retention?
This is a very challenging topic and a critical issue; I don’t think anyone has cracked it yet and has the definitive answer. In fact, I’m not sure a definitive answer is even possible.
The best solution will be personalised, creative, and bespoke to different agencies/groups and sectors depending upon their individual talent needs and wants.
At the moment it’s agencies scrambling to announce the latest perk or benefit and get that trade press headline. I’m all for them by the way whether it’s the brilliant IVF programs or unlimited paid annual leave to satisfy talent. Each one is fulfilling a human need and will help retention. However, it’s now table stakes to have hybrid working from anywhere, mental health days, doona days, summer Fridays, your birthday off, free breakfast, yoga and meditation when in the office, etc.
It’s time to go back to basics on what’s really giving great talent satisfaction, inspiration, and rewarding careers.
My top 5 career questions for talent
1. Do I believe and buy into the company’s vision, purpose, and values?
2. Can I deliver outstanding results for my clients with the support and resources available?
3. Am I inspired and rewarded for my commitment and passion?
4. Do I have an agreed development plan and is the company investing in my future?
5. Can I bring my full self to the role and do I have inspiring coaches/mentors around me to help me grow?
Unless you have innovative and smart answers to these questions you aren’t going to make a dent in your churn stats. Plus, sometimes I might have a shit boss with no leadership skills at all. I’ve got no one to look up to and model great leadership behaviours. Or we are on a very low client fee, and can’t hire extra much-needed resources so the team is burnt out and over it.
I get regular feedback that the agency team is short-staffed, billed out over 100+%, and any of the experienced senior directors who could pass on wisdom and tricks of the trade have either been retrenched or left the business.
On the other hand, I’m constantly surprised and delighted with the incredibly diverse young talent that I see in the Cannes Young Lions, 30 Under 30, or the recent Yahoo Academy where the calibre of participants was outstanding.
We have to stop our incessant poaching and searching for new talent in the same old places, try different sources and snuffle out the weirdos, the introverts, the geeks, the dorks, the country bumpkins, or the quirky data scientists and get them to join our industry.
For each one of these diverse and different personalities the career benefits, perks, and drivers may be totally different so we need to be open to new, creative, and different talent solutions. Bring it on!