Change processes are challenging when you want to retain and develop talent at the same time. Hence, change processes require change management with strong communicaton skills.
According to a recently published McKinsey story “Companies around the world are cutting back their financial-incentive programs, but few have used other ways of inspiring talent. We think they should.”
The entire article is worth reading on McKinsey quarterly online
And they continue: “A recent McKinsey Quarterly survey underscores the opportunity. The respondents view three noncash motivators—praise from immediate managers, leadership attention (for example, one-on-one conversations), and a chance to lead projects or task forces—as no less or even more effective motivators than the three highest-rated financial incentives: cash bonuses, increased base pay, and stock or stock options (exhibit). The survey’s top three nonfinancial motivators play critical roles in making employees feel that their companies value them, take their well-being seriously, and strive to create opportunities for career growth. These themes recur constantly in most studies on ways to motivate and engage employees.”
Having worked on change processes in organisations with a significant number of highly educated and skilled people, I would like to add the importance of change communications.
The bigger change, the higher is the need for communications in any organisation. Not least organisations with a high portion of young people who are used to balanced communication in multiple formats. Young, talented people demand a place in the information loop, and to have a say in change processes.
A piece of advice to senior change managers: maintain a steady information flow from the start of the change process, ask for opinions, honour the fact that opinions are expressed and make visible use on the input provided from your talents. By that, you will increase the possibility to retain and develop your young talents through the change process.