In early November 2011 I spoke on ways to attract and retain talent to a group of executives in Shanghai organized by the Ivey Alumni Association, Shanghai Chapter and the Canadian Chamber of Commerce in Shanghai. This is part 5 of that presentation.
A golden career pathway for employees
As you can see, one of the common themes is transparency and the perception of clear expectations. Long-time employees appreciate this but I have found that in many countries younger people today have a particular need for quick feedback and an understanding of what they need to do to succeed.
In my work I have made the following observations:
Many organization do not have well-developed technical career paths; consequently in order to advance, people with poor managerial skills but strong technical or specialist skills are moved into managerial roles that they are not equipped to handle, causing de-motivation for the person and their subordinates;
Too many organizations also make the mistake of creating more levels than Jaques’ target of 7 in order to permit faster promotions; instead they should create multiple pay bands within each level. Based on industry research, Jaques recommends each stratum should contain 3 pay bands (Low, Medium, High) and that within each pay band there are 6 mini bands separated by about 3.3%;
This provides ample opportunities for recognition through compensation that reflect increasing capability and strong results.
In addition, in many organizations, there is a high impact of using symbols, tailored to local custom, to signal key advancements from one pay band to another.
All of this creates a “Golden Pathway” for employees to see and aspire to travel, encouraging longer careers with the organization.