The great resignation, Retention tactic, Skills shortage, 12 ways to get smarter & SMART goals
22nd August 2021 Evolution Partners Newsletter
“Achievement is largely the product of steadily raising one’s levels of aspiration and expectation” Jack Nicklaus
Hope you’re Thriving!
I’ve had a good week with a two-day initiation workshop kicking off teams on a new growth program. One of the best comments during the workshop was that one of the leaders thought they needed to have their plan perfect, and I reinforced many times that instead of perfect, their goal should be to build a good enough plan because good enough is the real goal. Perfection as a goal will produce a significantly worse outcome. She said that because they weren’t trying to build a perfect plan but instead were trying to develop a good enough plan, it set them free and instead, they both gained greater insights into the plan they were building and discovered things that they otherwise would not have.
Perhaps one of the most surprising things I’ve heard in the past week was when a CEO casually mentioned to an employee that they were considering implementing a compulsory vaccination programme. The reasoning was that they regularly dealt with the general public in their duties and wanted to protect staff. The employee’s response was to resign within only a matter of hours, and of course, this CEO was dumbfounded. As I mentioned in January this year, discrimination around who can and cannot work or travel due to their vaccination status is a red-hot topic at the moment. This week the Chamber of Commerce in Australia released a guide for employers on how to deal with vaccination discussions and set regulations with employees. More on that guide below.
The great resignation
According to Hays, nearly 40 per cent of Australians are seeking a different job this financial year, and research from Gartner indicates 83 per cent of organisations are detecting signs of higher turnover. As I’d mentioned before, many of the meetings I’m having at the moment often contain an agenda item about staff turnover. When we consider the closed borders providing a smaller talent pool of candidates and multiply that by people who are fed up with lockdowns and the pandemic and are looking for a change in their life, it makes it incredibly difficult to find good people.
An interesting article I came across this week is entitled Why we’re quitting: Inside Australia’s Great Resignation. The report states the top reason for the shift is due to lack of promotion opportunities, followed by non-competitive salaries, and poor management style or workplace culture. Here’s an indication of salary changes from the previously mentioned Hays’ 2021 salary guide.
One simple retention tactic
With 10 million Australians in lockdown and some having been in lockdown for more than 200 days, it’s worth considering a couple of comments from the article above.
“With the pandemic putting social, emotional, financial and even physical stressors on our lives, mental health has now become the top concern for employees, even ahead of access to healthcare or cost of living.
As a result, employers that don’t make a point to care for employees’ mental health shouldn’t expect loyalty.”
Then consider this comment from the same article “new Atlassian research found that 69 per cent of us would actually turn down a promotion if it meant compromising their mental health.” That’s under the subheading “Mental health: More important than everything.”
And so employees are becoming restless for a change, which should include a promotion of some kind, but are not willing to compromise their mental health.
Therefore, a simple retention tactic could be to ask how wise it might be to make significant life decisions such as changing jobs when a person is perhaps not feeling great. Or, put another way, maybe don’t make major life decisions that they may regret.
One way to do this is to ask them to self-assess using the Mental Health Continuum Model, shown below, which I spoke about last month and is in my book Made to Thrive. Should a person self diagnose outside the green area, perhaps they should first aim to get back to the healthy, green area before making any major life decisions such as changing jobs.
The skills shortage long game
The above example may be one idea to help in the short term, but if all your tools are short term, how will you manage in the long term? For example, in the past week, I read that the current skills shortage is likely to continue for two to three years. At the moment, how many of your tactics to hire new staff are focused on the short term? If you focus only on the short term and this skills shortage continues for between two and three years, this will be a very long and painful period for you. Instead, when you view this as a long-term problem, you can begin to develop long-term solutions. For example, rather than engaging advertising or recruiters, knowing that you might be unable to secure the candidates you need, instead consider bringing in juniors or graduates and training them up over a year or more. Also, consider your employee promise a concept from my book that helps you to attract the best employees at the pay you offer.
COVID-19 vaccine guide for business
As more businesses ask about dealing with vaccinations in the workplace, the CCIWA has released a guide for business.
The guide, developed in conjunction with the Australian Chamber of Commerce and Industry (ACCI), contains advice on:
Talking to staff about vaccinations;
Implementing mandatory vaccinations;
Offering incentives to encourage employees to get vaccinated;
Potential liabilities if employees have an adverse reaction to vaccines; and
Asking employees about their vaccination status.
12 ways to get smarter
The level of a person’s raw intelligence, as measured by aptitude tests such as IQ scores, is generally stable for most people during the course of their adulthood. While it’s true that there are things you can do to fine-tune your natural capabilities, such as doing brain exercises, solving puzzles, and getting optimal sleep—the amount of raw brainpower you have is difficult to increase in any meaningful or permanent way. For those of us who constantly strive to be high-performers in our fields, this seems like bad news. If we can’t increase our processing power, then how can we solve life’s bigger problems as we move up the ladder?
The world’s most successful people, from Ray Dalio to Warren Buffett, are not necessarily leagues above the rest of us in raw intelligence—instead, they simply develop and learn to apply better mental models of how the world works, and they use these principles to filter their thoughts, decisions, strategies, and execution.
This infographic comes from best-selling author and entrepreneur Michael Simmons, who has collected over 650 mental models through his work.
Fifty years ago this week, on a Sunday evening when the world’s financial markets were closed, the US president Richard Nixon interrupted the hit TV western Bonanza to inform the world that 184 years of one dollar representing a quantity of gold was ending and that from then on it would represent only a paper dollar. And it’s had an enormous impact on society ever since. The day the dollar died
MacKenzie Scott’s Money Bombs Are Single-Handedly Reshaping America with $8.6 billion in gifts in 12 months, most in private and direct, that recipients are so surprised at, they think are fake.
This week on The Growth Whisperers podcast
SMART goals are used to help teams achieve better outcomes. They turn a vague intent into a direct, specific understanding of what needs to be achieved. This helps in both measuring progress and determining whether the goal has been achieved. This is why you need to know how to use SMART goals with your team.
The problem with goals that aren’t SMART is that they don’t clearly state what needs to be achieved and when. This leads to poor execution and ultimately teams who regularly don’t achieve their goals.
This week we discuss what SMART goals are and why you should use SMART goals in your strategic and business planning.
How to use SMART goals with your team
Listen to The Growth Whisperers
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