October 22, 2020

PwC Chimes in on How Companies Can Retain Top Talent

It was only a few weeks ago when Deloitte threw their two Lincolns into the mix; now it’s PricewaterhouseCoopers offering advice on how to retain workers during this economic recovery. So, in an effort to not play favorites:

1. The financial crisis and ensuing recession have quickened the pace of structural changes already underway in many industries. As companies rethink the way they operate, they should assess the talent pool and look for opportunities to add new skills while keeping their existing employees motivated and engaged.

DWB: Because nothing says your job is safe with us like hiring new workers, right? The cojones on Dubs to lead off with this statement. Essentially Dubs is suggesting that companies poach talent from competitors; the exact action the article is intended to prevent.


2. With budgets expected to remain tight, it makes sense to focus on non-financial incentives such as training and mentoring programs, challenging assignments and other opportunities for growth and flexible work schedules.

DWB: Whoa, whoa, whoa. Did they really just lump (mandatory) trainings and (mandatory) mentoring programs together with “challenging assignments?” Does anyone else think that last one is code for “your staff has been cut in half due to layoffs and departures?” Umm…no…neither did I.

3. This may be obvious, but determine whether your top talent feels well compensated.

DWB: How much does PwC charge to perform that survey?!? It continues:

“By freezing pay across the board or cutting bonuses and benefits during the recession, you may have inadvertently given key employees a reason to leave.”

DWB: Dubs, are you looking in the mirror again? Shameful.

4. To figure out the right mix of incentives, executives need to first determine what motivates their top performers and other key employees.

DWB: Common sense. As an HR professional, statements like three and four really bother me. They only perpetuate the “HR fluff” stereotype that is associated with our field of work. (Some of you might say the same about my posts, so I should probably be careful where I tread.)

pwc_pointofview_keeping_talent

It was only a few weeks ago when Deloitte threw their two Lincolns into the mix; now it’s PricewaterhouseCoopers offering advice on how to retain workers during this economic recovery. So, in an effort to not play favorites:

1. The financial crisis and ensuing recession have quickened the pace of structural changes already underway in many industries. As companies rethink the way they operate, they should assess the talent pool and look for opportunities to add new skills while keeping their existing employees motivated and engaged.

DWB: Because nothing says your job is safe with us like hiring new workers, right? The cojones on Dubs to lead off with this statement. Essentially Dubs is suggesting that companies poach talent from competitors; the exact action the article is intended to prevent.


2. With budgets expected to remain tight, it makes sense to focus on non-financial incentives such as training and mentoring programs, challenging assignments and other opportunities for growth and flexible work schedules.

DWB: Whoa, whoa, whoa. Did they really just lump (mandatory) trainings and (mandatory) mentoring programs together with “challenging assignments?” Does anyone else think that last one is code for “your staff has been cut in half due to layoffs and departures?” Umm…no…neither did I.

3. This may be obvious, but determine whether your top talent feels well compensated.

DWB: How much does PwC charge to perform that survey?!? It continues:

“By freezing pay across the board or cutting bonuses and benefits during the recession, you may have inadvertently given key employees a reason to leave.”

DWB: Dubs, are you looking in the mirror again? Shameful.

4. To figure out the right mix of incentives, executives need to first determine what motivates their top performers and other key employees.

DWB: Common sense. As an HR professional, statements like three and four really bother me. They only perpetuate the “HR fluff” stereotype that is associated with our field of work. (Some of you might say the same about my posts, so I should probably be careful where I tread.)

pwc_pointofview_keeping_talent

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