2025 – The year of retention and development?

The cycle of work life just does not stop, does it?

A minute ago, we were enjoying the festive season, but we now look at the date and we are in March and heading for the end of a quarter, which will lead to end of the financial year for many of us on June 30.

Q4 is typically a time when many businesses turn to measure the performance of employees and I and the consulting team here at Optimum are helping our customers keep on track, our recent projects include:

•  Implementing new ways of measuring performance using a blend of technology and fit for purpose approaches.
•  Building a performance framework for an organisation where nothing existed.
•  Developing a high potential / development program to help with retention and succession planning.
•  Working with CEO’s and ELT members to align department and employee goals to organisational strategies and goals.
•  Conducting high performing team and senior leadership development programs.

For those of you who have a working, robust framework, well done. It still surprises me that this critical element of business is not embedded in many organisations, or a process exists, but managers / supervisors do not have the time or skills to hold performance conversations.

Why is it important to get it right?

Research abounds – I could mention a plethora of articles, but my mantra is Keep It Simple and Straightforward (KISS) so in short:

• Your people are craving feedback!
• Your people want to know how they are doing and how they can develop themselves.
• Your people want to know how they can get a higher wage and what they need to do to get there.
• With the psychosocial hazards and numerous Fair Work cases relating to performance processes you also have a legal obligation!

These aspects mean that if you do not have a robust feedback loop or regular performance discussions you are in danger of three main things:

1.  Retention will decrease.
2.  Underperformance issues remain and will fester.
3.  Potential to end up in the Fair Work Commission

The repercussions?

Well of course – you may be in danger of losing some folk you do not want to lose!

The market is competitive, and good people will be in high demand – your competitors know this!

The danger of not dealing with underperforming employees is widespread: it can lead to a sense of unfairness, a culture that is toxic.

If not dealt with it will cost time and maybe some legal fees.

Either scenario will halt or slow down any growth plans you may have.

So now may be a great time to ask yourself this question:

 

How effective is our performance framework and can it be improved?

Getting it right can have great benefits, but, get it wrong or do not do it all….well, you might be lucky, but ‘hope’ is not a good strategy!

If you need some help or want to brainstorm what we feel resonates with the modern workforce, then take some action and reach out!

 

 

Stephen Cushion

General Manager – Consulting

Stephen joined Optimum in 2015 as the General Manager of the Consulting practice based in Brisbane. Stephen brought with him vast experience across HR consulting and executive recruitment, having previously worked for a global top tier talent management organisation and market leading companies…