I remember working with senior executives from a multinational professional services firm shortly after the Great Financial Crisis. (GFC) During their meeting, the leaders struggled to agree on talent attraction and retention strategies. Several leaders were deeply concerned about losing talent, with one team member expressing concern: “We cannot shrink ourselves to glory.” The group’s dilemma was understandable, given that any loss would have an impact on client retention and profitability. Others did not agree with the idea of maintaining the status quo, citing the firm’s financial viability as the most crucial factor.
When I left the room that afternoon, nothing had been resolved. Later, I learned that many key positions had been eliminated, leaving those who hoped to keep them disappointed. The organization successfully weathered the Great Financial Crisis, and while my contact informed me that the staff cuts directly impacted many people, they will undoubtedly remember the experience, particularly how they learned the news, which changed their perception of how their employer treated them as loyal, hardworking employees. [Read more…] about The critical link: Emotionally intelligent leadership and talent retention