EDUCATION AND WORKFORCE DEVELOPMENT


How to Retain and Motivate Talented Employees


By Mark Steranka, Partner, Moss Adams LLP C


onstruction activity is up, employee engagement sits at less than 35 percent nationally,


and there aren’t enough Generation Xers to replace the retiring baby boomer generation. Tis reality presents a significant challenge for construction business leaders when it comes to retaining and motivating talented employees—and ultimately threatens each organization’s ability to reach its potential. Fortunately, leaders can navigate


these challenges and enhance performance by focusing on four


straight-forward actions:  Crafting a clear strategic plan  Defining and monitoring performance


 Cultivating and compensating employees based on performance


 Committing to clear communication Tese strategies lay the groundwork


to develop key management staff into future leaders, reach your company’s potential, and sustain your business over the long term. Here’s how to implement each one.


Crafting a Clear Plan Every company should follow a


strategic plan for reaching its goals, including a roadmap to get there. Tis long-term vision should guide strategic decisions, reflect a thorough under- standing of how your organization reached its current state, and define a clear path of executable actions to realize your desired future state. Core elements of a comprehensive plan


include:  Mission, vision, and core values to guide decisions


 Goals and objectives to quantify expected outcomes


 Strategies and tactics to achieve goals and objectives


22 November/December 2016


 Action plans to identify respon- sibilities, costs, and timeline for strategies and tactics Organizations often fail to under-


stand that the planning process is just as important as the resulting plan. Involving your management and staff in the process is critical to success. If you gain input from your employees, then you’ll develop a more informed plan, strengthen commitment to plan components, increase the likelihood of implementation success, and ultimately increase employee engagement.


Defining and Monitoring Performance


An effective way to monitor


performance is through key perfor- mance indicators (KPIs). A business intelligence professional can help you to develop these for each facet of your business and tie them back to your strategic goals and objectives. Perfor- mance can be measured in three tiers: enterprise, business unit or department, and individual. Focusing on performance at each


tier is important to the organization’s success. Employees of companies that reach their potential perform in a manner that’s in the best interest of the company. Tey focus on reaching enterprise goals, work in teams to achieve objectives, and adhere to core company values to meet individual expectations.


Cultivating and Compensating People


It’s important to determine how


your organization will attract, retain, develop, and motivate management and staff so company goals can be met at every level—and in every facet—of the organization. A key part of this process is clearly defining and articulating what core competencies employees must possess to success- fully perform each role they aspire to


fulfill. Once defined, the company can determine how it will support the development of those competencies. It helps to craft performance-based compensation programs that are aligned with the core competencies and multi-tiered performance expectations. Annual performance reviews should reinforce this alignment. Effective cultivation and compen-


sation includes several components:  Define your recruiting needs


for entry-level and experienced personnel.


 Provide career paths that enable managerial and technical personnel to progress.


 Create compensation programs with incentives for employees to accomplish goals.


 Design training programs to help employees reach their potential. Ultimately, the goal should be


to motivate employees to strive for strong enterprise as well as team and individual performance. Te most effective employees understand how to navigate their career path options and how they benefit from performance- based compensation.


Committing to Clear Communication


Although planning, performing,


and people form the cornerstones of high performance, these components aren’t very effective without clear communication on how they’re aligned. Communication that’s clear, struc- tured, and regular helps employees understand how they individually and collectively contribute to success. For example, organizations can report quarterly on strategic plan implemen- tation progress and how that progress impacts projected performance-based compensation payouts.


Reap Rewards from Taking Action You’ll connect best with your


employees by taking an honest and


Continued on page 23 California Constructor


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