June 25, 2019 • 12 mins
In today's episode we previewed what will be discussed over the next 5-6 weeks around the topic of talent retention. Stay tuned as we discuss strategies and tactics around retaining top talent for key roles in your organization.
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Episode Transcript
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Speaker 1 (00:01):
[inaudible]
Speaker 2 (00:02):
getting ready for your weekly dose of talent
strategies and tactics fromindustry leaders to help you
attract, select and retain yourtop talent.
You're listening to insideexecutive search with Steve
Yakima and Scott Peterson.
Speaker 1 (00:30):
[inaudible] hello and welcome.
Welcome
Speaker 3 (00:30):
to the insight executive search podcast.
My name is Steve[inaudible] andthis show is for business
owners, board members andexecutives, exploring strategies
and tactics to attract, selectand retain the very best.
If you're not feeling 100%confident that you have the
right plan to recruit the best,keep listening.
This podcast will help you getthere.
(00:51):
That said, I'd like to bring inthe Mr ever talented Scott
Peterson.
Thank you very much.
Well, no, not many people saythat anymore.
In the past.
They did.
Just not now.
It used to be more challenging.
You're declining and entail it.
Yeah.
Right.
Anyways, welcome everybody tothe podcast.
(01:13):
This is our first, uh, podcastin our ten third segment, which
is about retention.
So the game plan today is tojust give you a quick review of
the selection podcast.
So I think we had five episodes.
Well plus the bonus.
The bonus plus the bonus, the[inaudible].
Yeah.
So we've got six of those thatwe'll do a quick review and then
(01:36):
also give the listeners apreview of the upcoming four or
five, which are all going to bearound a retention strategies,
tactics, best practices, etCetera.
Sound good?
That sounds perfect.
All right, well I'll recap forus.
So we went through the selectionprocess and really to, to
simplify it came down to fourmain components.
(02:00):
One is who should be on the teamand what is their role in that?
So that's kind of the first two.
The third one is how to evaluateand um, whether it's behavioral
type, behavioral basedquestions, cultural questions.
And then we had a pretty lengthypart about the assessments and
the different times or thedifferent types I should say.
(02:23):
And then when just to kind ofthe pace, how do you keep
momentum in the interviewprocess, et Cetera.
Um, we originally ended thatseries on interview bias, the
different types, but then wewent plus one, uh, based on some
listener feedback.
They wanted to hear aboutdelivering an officer's
onboarding, counteroffer.
(02:44):
And that, so if any of that, uh,are those topics, if any of the
listeners are struggling, justgo back, um, to our channel and
you can kind of isolate each oneof those topics when it comes to
how to best select the rightperson.
Right.
Perfect.
Thank you, Tom.
Good.
Did I do okay?
I think yeah, you did fine.
I think they should go back andlisten to all the episodes
(03:05):
though to really get the fullimpact of the lab.
We're doing 11 of them correcton the less number 12 all right.
All right.
All right, so I'm going to turnit over to you a little bit
here.
Scott.
We're out for a preview ofretention and we've kind of
bucketed them in kind of what wethink will be for podcasts, but
(03:26):
there's probably what, seven,eight, nine different items,
topics, but we'll, we'll bucketthem into hopefully four.
Yup.
Maybe another super podcast showand we'll go plus one and yeah,
add something else.
May you never know the based onthe feedback we get and sort of
funding after a podcast,sometimes we get some bonus
(03:47):
thoughts coming through our,through our minds.
So the super show, extrapodcast, the super show.
Alright, I will walk us throughsome of the, what we'll kind of
be talking about here inupcoming weeks.
Yeah,
Speaker 4 (03:59):
revisit um, one thing for sure and that's getting back
to our original back in ourearly podcasts, which seems like
a year ago, the archives, thearchives, but so the job fit the
culture fit and the career fit.
So if you do those three thingsreally, really well, your, your
(04:23):
odds of retention, higherretention skyrocket.
So don't skip those earlyepisodes if you're listening
today because those really buildto getting the retention that we
want to talk about.
So again, job culture and careercritical to the job, uh, are to
the retention piece.
Uh, at least in the early, earlystages.
(04:44):
Uh, you want to do that.
Um, second one would beonboarding and orientation.
How are we gonna, how are wegonna get this candidate,
whatever position they are.
Uh, could be executive, if it'sa CEO, they might be, um,
sitting down with the businessowner for, uh, for a period of
time.
They might be talking to a boardof directors and board chairman.
Um, those are things, what's theplan of getting them up to speed
(05:07):
on the business, where they'reat today, where they want to go,
um, challenges, staffing issues,whatever those things are.
Getting them orientate it to theorganization as quick,
Speaker 3 (05:18):
quick as possible.
Cool.
And then that's a good segueinto the third topic is a tools
for your executives, right?
Yeah.
You want to encourage your[inaudible], your executives
Speaker 4 (05:26):
to get part of peer groups.
Um, so leadership groups such asVistige, uh, allied executive I
know we use here in Minneapolis.
Um, but anything that can bethat they can have as sounding
boards.
So just think of yourself as aCEO of a company.
When you have a question or aconcern about something, who do
you bounce that off of?
Uh, all the people that reportto you because then they might
(05:48):
say, well, he doesn't know whathe's doing or he doesn't, he
doesn't understand what we'regoing through.
So Putin be able to, uh, have apeer group that you can ask to
in a very, uh, freeway nonnonjudgmental way, um, is really
important for longevity of yourcandidate.
Speaker 3 (06:05):
This says, well, cool.
How about, um, we talked aboutoffers, right?
And how to present them and howto structure them.
All the different components.
But I will comment, yeah.
Speaker 4 (06:16):
Session for retention.
What do you mean by that?
Yeah, so obviously you havenegotiated your original
compensation package and that'sgoing to be, um, you know, the
first year let's say.
Um, but I would encouragecompanies and whether that sits
with an HR typically probablydoes or board of directors as a
compensation committee,typically, um, they should be
(06:37):
reviewing the compensation forthe organization, especially at
the executive level to make surethat they're staying competitive
, uh, and make sure that, uh,total rewards and other things
that are maybe non-monetary.
Um, you know, just recentlytarget has announced a new, uh,
paternity and maternity leaveand doubling the amount of time
(06:58):
they're giving 20 extra days ayear for if your kid's school
gets canceled because of a abovea blizzard and you have to stay
home or find alternative daycarefor them, they're going to cover
those things for 20 days.
So those are the kinds of thingsthat, that companies need to
stay up with and learn whattheir competition is doing.
My guess is after target madethat announcement yesterday,
(07:19):
some significant corporationsare really looking at that
Speaker 3 (07:21):
today.
Yeah.
Yeah.
I mean, cause it's, if I'm inanother large fortune 500 in
town and I look over to mycounterparts across the, um,
Nicolette avenue and target'soffering this, you know, maybe
I'm going to take a call from arecruiter or go out and visit
(07:42):
target's career page.
Right?
Yeah.
Speaker 4 (07:43):
And for those that know, don't know Nicolette
Avenue, that's the big road indowntown Minneapolis that
target's headquarters is on.
Yeah, exactly.
All right.
What else are we gonna talkabout in future podcasts?
Yeah.
So another component is, is howdo you continually recognize and
reward that executive that youjust hired.
Um, certainly as part of theircompensation package, their
(08:04):
longterm incentive plan, theirbonus.
But there's other things you cando if they that they, um, have
other milestones or gates thatthey have to accomplish for the
company and lead the companythrough to recognize them.
The board of directors canrecognize them and can be
monetary or nonmonetary but, butdon't ever forget they, these,
these types of positions like tobe recognized as well.
(08:25):
Yeah, everybody does.
So,
Speaker 3 (08:26):
yeah.
How about um, work-life?
Beyonce?
I mean it's always seems likeit's always in the news and
people are talking about flex
Speaker 4 (08:35):
some work and it only gets, yeah, I don't always see
once anymore.
It's harmony.
Is that the neutral?
Yeah, it's where it's like lifeharmony.
I don't know what we want tocall it anymore, but it usually
means everybody that doesn't,that isn't an executive.
Right.
Everyone else gets work lifebalance or tries to get it from
an organization or a, we justtalked about target doing those
(08:57):
things to create that work lifebalance.
I would argue that you need tokeep your executives in that
sort of space too, because nowyou can attract some very
talented people that might wantor need or, or really liked
these, um, extra benefits, extraor total rewards that were, that
we talk about today.
Speaker 3 (09:15):
Yeah.
Let's face it.
Just because you have a largetitle doesn't mean you don't
have a life after work either.
You don't have to work 80 hoursa week, right?
Yep, exactly.
Oh yeah.
Two more we're going to coverwhat are those?
Speaker 4 (09:26):
Yeah.
So, and then how does, how doesthe person know that they're
performing up to what youexpected them to do?
So again, if you're the CEO of acompany, you might have a
business owner, you might have achairman of the board, um, doing
some formal check in with you.
Whether that's a 30, 60, 90days, could be a one, you know,
(09:47):
one, three, six, nine, 12 month.
Um, making sure that that firstyear that you ha, you know, that
you have alignment and what youbrought them in to do and that's
what they're able to accomplish.
And, and that gets them eitherback on track or you or you, you
give them a high five and theystay on that track.
Um, it's just importantcommunication that they're, um,
(10:09):
that they're receiving feedback,that they're either doing things
right or they need to be, um,kind of, they need to pivot and
try something that Trump issomething else.
Speaker 3 (10:16):
Yeah, no, that's a good point.
I know, and we'll get into it inthe podcast coming up.
But, you know, I think all the,everybody talks about high
levels of communication,feedback, work, life balance,
all these things that we'repreviewing, um, for everybody,
but the executives and theexecutives get ignored.
So, um, yeah, no, I'm excited togo through the next handful of
(10:37):
podcasts with[inaudible].
Yeah.
Yeah.
So I think, yeah, based on thatlist, I mean, we got a, a good
four, if not five additionalpodcasts to cover in the weeks,
weeks to come.
Yeah.
And if there's any, uh, anythingthat
Speaker 4 (10:50):
you ever hear on these podcasts, I know we've
[inaudible] say, hey, seek me,seek myself out on either
linkedin or, or, uh,[inaudible]dot com.
We'd love to hear from you.
Um, if there's future podcastsor future information that you'd
like to hear, just let us know.
Um, you can contact us throughour website and, um, we hope to,
uh, make these even moreinteractive as we go forward.
Speaker 3 (11:10):
And likewise, if you're, you know, these are
typically 10 minute podcasts,maybe 12 last week was I here
was 19 Taylor, how long was lastweek's 20 minutes.
So one's a little bit longer,but, um, you know, if you ever
want to go in deeper dialogue,um, maybe we kept it too high
level and you want to go deeper,you know, like you said, Scott,
(11:30):
yeah, it'd be fun to have peoplereach out and ask questions.
Yeah, perfect.
Cool.
So like Scott said, look them upon verse, seek.com or on
linkedin.
Um, track us down.
If you've got further questions,subscribe to us on all the
podcast channels.
If you continue to like what youhear and look forward to dive in
deep into retention strategies,tactics, and maybe a guest
(11:53):
speaker.
Oh, maybe another cliffhanger.
Cliffhanger.
All right, everybody, thanks forlistening.
We will talk to you next week.
That was great.
(12:14):
[inaudible].
[inaudible]
Speaker 2 (00:02):
getting ready for your weekly dose of talent
strategies and tactics fromindustry leaders to help you
attract, select and retain yourtop talent.
You're listening to insideexecutive search with Steve
Yakima and Scott Peterson.
Speaker 1 (00:30):
[inaudible] hello and welcome.
Welcome
Speaker 3 (00:30):
to the insight executive search podcast.
My name is Steve[inaudible] andthis show is for business
owners, board members andexecutives, exploring strategies
and tactics to attract, selectand retain the very best.
If you're not feeling 100%confident that you have the
right plan to recruit the best,keep listening.
This podcast will help you getthere.
(00:51):
That said, I'd like to bring inthe Mr ever talented Scott
Peterson.
Thank you very much.
Well, no, not many people saythat anymore.
In the past.
They did.
Just not now.
It used to be more challenging.
You're declining and entail it.
Yeah.
Right.
Anyways, welcome everybody tothe podcast.
(01:13):
This is our first, uh, podcastin our ten third segment, which
is about retention.
So the game plan today is tojust give you a quick review of
the selection podcast.
So I think we had five episodes.
Well plus the bonus.
The bonus plus the bonus, the[inaudible].
Yeah.
So we've got six of those thatwe'll do a quick review and then
(01:36):
also give the listeners apreview of the upcoming four or
five, which are all going to bearound a retention strategies,
tactics, best practices, etCetera.
Sound good?
That sounds perfect.
All right, well I'll recap forus.
So we went through the selectionprocess and really to, to
simplify it came down to fourmain components.
(02:00):
One is who should be on the teamand what is their role in that?
So that's kind of the first two.
The third one is how to evaluateand um, whether it's behavioral
type, behavioral basedquestions, cultural questions.
And then we had a pretty lengthypart about the assessments and
the different times or thedifferent types I should say.
(02:23):
And then when just to kind ofthe pace, how do you keep
momentum in the interviewprocess, et Cetera.
Um, we originally ended thatseries on interview bias, the
different types, but then wewent plus one, uh, based on some
listener feedback.
They wanted to hear aboutdelivering an officer's
onboarding, counteroffer.
(02:44):
And that, so if any of that, uh,are those topics, if any of the
listeners are struggling, justgo back, um, to our channel and
you can kind of isolate each oneof those topics when it comes to
how to best select the rightperson.
Right.
Perfect.
Thank you, Tom.
Good.
Did I do okay?
I think yeah, you did fine.
I think they should go back andlisten to all the episodes
(03:05):
though to really get the fullimpact of the lab.
We're doing 11 of them correcton the less number 12 all right.
All right.
All right, so I'm going to turnit over to you a little bit
here.
Scott.
We're out for a preview ofretention and we've kind of
bucketed them in kind of what wethink will be for podcasts, but
(03:26):
there's probably what, seven,eight, nine different items,
topics, but we'll, we'll bucketthem into hopefully four.
Yup.
Maybe another super podcast showand we'll go plus one and yeah,
add something else.
May you never know the based onthe feedback we get and sort of
funding after a podcast,sometimes we get some bonus
(03:47):
thoughts coming through our,through our minds.
So the super show, extrapodcast, the super show.
Alright, I will walk us throughsome of the, what we'll kind of
be talking about here inupcoming weeks.
Yeah,
Speaker 4 (03:59):
revisit um, one thing for sure and that's getting back
to our original back in ourearly podcasts, which seems like
a year ago, the archives, thearchives, but so the job fit the
culture fit and the career fit.
So if you do those three thingsreally, really well, your, your
(04:23):
odds of retention, higherretention skyrocket.
So don't skip those earlyepisodes if you're listening
today because those really buildto getting the retention that we
want to talk about.
So again, job culture and careercritical to the job, uh, are to
the retention piece.
Uh, at least in the early, earlystages.
(04:44):
Uh, you want to do that.
Um, second one would beonboarding and orientation.
How are we gonna, how are wegonna get this candidate,
whatever position they are.
Uh, could be executive, if it'sa CEO, they might be, um,
sitting down with the businessowner for, uh, for a period of
time.
They might be talking to a boardof directors and board chairman.
Um, those are things, what's theplan of getting them up to speed
(05:07):
on the business, where they'reat today, where they want to go,
um, challenges, staffing issues,whatever those things are.
Getting them orientate it to theorganization as quick,
Speaker 3 (05:18):
quick as possible.
Cool.
And then that's a good segueinto the third topic is a tools
for your executives, right?
Yeah.
You want to encourage your[inaudible], your executives
Speaker 4 (05:26):
to get part of peer groups.
Um, so leadership groups such asVistige, uh, allied executive I
know we use here in Minneapolis.
Um, but anything that can bethat they can have as sounding
boards.
So just think of yourself as aCEO of a company.
When you have a question or aconcern about something, who do
you bounce that off of?
Uh, all the people that reportto you because then they might
(05:48):
say, well, he doesn't know whathe's doing or he doesn't, he
doesn't understand what we'regoing through.
So Putin be able to, uh, have apeer group that you can ask to
in a very, uh, freeway nonnonjudgmental way, um, is really
important for longevity of yourcandidate.
Speaker 3 (06:05):
This says, well, cool.
How about, um, we talked aboutoffers, right?
And how to present them and howto structure them.
All the different components.
But I will comment, yeah.
Speaker 4 (06:16):
Session for retention.
What do you mean by that?
Yeah, so obviously you havenegotiated your original
compensation package and that'sgoing to be, um, you know, the
first year let's say.
Um, but I would encouragecompanies and whether that sits
with an HR typically probablydoes or board of directors as a
compensation committee,typically, um, they should be
(06:37):
reviewing the compensation forthe organization, especially at
the executive level to make surethat they're staying competitive
, uh, and make sure that, uh,total rewards and other things
that are maybe non-monetary.
Um, you know, just recentlytarget has announced a new, uh,
paternity and maternity leaveand doubling the amount of time
(06:58):
they're giving 20 extra days ayear for if your kid's school
gets canceled because of a abovea blizzard and you have to stay
home or find alternative daycarefor them, they're going to cover
those things for 20 days.
So those are the kinds of thingsthat, that companies need to
stay up with and learn whattheir competition is doing.
My guess is after target madethat announcement yesterday,
(07:19):
some significant corporationsare really looking at that
Speaker 3 (07:21):
today.
Yeah.
Yeah.
I mean, cause it's, if I'm inanother large fortune 500 in
town and I look over to mycounterparts across the, um,
Nicolette avenue and target'soffering this, you know, maybe
I'm going to take a call from arecruiter or go out and visit
(07:42):
target's career page.
Right?
Yeah.
Speaker 4 (07:43):
And for those that know, don't know Nicolette
Avenue, that's the big road indowntown Minneapolis that
target's headquarters is on.
Yeah, exactly.
All right.
What else are we gonna talkabout in future podcasts?
Yeah.
So another component is, is howdo you continually recognize and
reward that executive that youjust hired.
Um, certainly as part of theircompensation package, their
(08:04):
longterm incentive plan, theirbonus.
But there's other things you cando if they that they, um, have
other milestones or gates thatthey have to accomplish for the
company and lead the companythrough to recognize them.
The board of directors canrecognize them and can be
monetary or nonmonetary but, butdon't ever forget they, these,
these types of positions like tobe recognized as well.
(08:25):
Yeah, everybody does.
So,
Speaker 3 (08:26):
yeah.
How about um, work-life?
Beyonce?
I mean it's always seems likeit's always in the news and
people are talking about flex
Speaker 4 (08:35):
some work and it only gets, yeah, I don't always see
once anymore.
It's harmony.
Is that the neutral?
Yeah, it's where it's like lifeharmony.
I don't know what we want tocall it anymore, but it usually
means everybody that doesn't,that isn't an executive.
Right.
Everyone else gets work lifebalance or tries to get it from
an organization or a, we justtalked about target doing those
(08:57):
things to create that work lifebalance.
I would argue that you need tokeep your executives in that
sort of space too, because nowyou can attract some very
talented people that might wantor need or, or really liked
these, um, extra benefits, extraor total rewards that were, that
we talk about today.
Speaker 3 (09:15):
Yeah.
Let's face it.
Just because you have a largetitle doesn't mean you don't
have a life after work either.
You don't have to work 80 hoursa week, right?
Yep, exactly.
Oh yeah.
Two more we're going to coverwhat are those?
Speaker 4 (09:26):
Yeah.
So, and then how does, how doesthe person know that they're
performing up to what youexpected them to do?
So again, if you're the CEO of acompany, you might have a
business owner, you might have achairman of the board, um, doing
some formal check in with you.
Whether that's a 30, 60, 90days, could be a one, you know,
(09:47):
one, three, six, nine, 12 month.
Um, making sure that that firstyear that you ha, you know, that
you have alignment and what youbrought them in to do and that's
what they're able to accomplish.
And, and that gets them eitherback on track or you or you, you
give them a high five and theystay on that track.
Um, it's just importantcommunication that they're, um,
(10:09):
that they're receiving feedback,that they're either doing things
right or they need to be, um,kind of, they need to pivot and
try something that Trump issomething else.
Speaker 3 (10:16):
Yeah, no, that's a good point.
I know, and we'll get into it inthe podcast coming up.
But, you know, I think all the,everybody talks about high
levels of communication,feedback, work, life balance,
all these things that we'repreviewing, um, for everybody,
but the executives and theexecutives get ignored.
So, um, yeah, no, I'm excited togo through the next handful of
(10:37):
podcasts with[inaudible].
Yeah.
Yeah.
So I think, yeah, based on thatlist, I mean, we got a, a good
four, if not five additionalpodcasts to cover in the weeks,
weeks to come.
Yeah.
And if there's any, uh, anythingthat
Speaker 4 (10:50):
you ever hear on these podcasts, I know we've
[inaudible] say, hey, seek me,seek myself out on either
linkedin or, or, uh,[inaudible]dot com.
We'd love to hear from you.
Um, if there's future podcastsor future information that you'd
like to hear, just let us know.
Um, you can contact us throughour website and, um, we hope to,
uh, make these even moreinteractive as we go forward.
Speaker 3 (11:10):
And likewise, if you're, you know, these are
typically 10 minute podcasts,maybe 12 last week was I here
was 19 Taylor, how long was lastweek's 20 minutes.
So one's a little bit longer,but, um, you know, if you ever
want to go in deeper dialogue,um, maybe we kept it too high
level and you want to go deeper,you know, like you said, Scott,
(11:30):
yeah, it'd be fun to have peoplereach out and ask questions.
Yeah, perfect.
Cool.
So like Scott said, look them upon verse, seek.com or on
linkedin.
Um, track us down.
If you've got further questions,subscribe to us on all the
podcast channels.
If you continue to like what youhear and look forward to dive in
deep into retention strategies,tactics, and maybe a guest
(11:53):
speaker.
Oh, maybe another cliffhanger.
Cliffhanger.
All right, everybody, thanks forlistening.
We will talk to you next week.
That was great.
(12:14):
[inaudible].
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