Businesses are continually evolving, and it’s no secret that the challenge of retaining and developing top talent has become paramount for organizations; in fact, the effects of the tech crash in 2021 were drastic in this regard. Our CEO, Evan Shy, recently had the privilege of meeting with Dr. Jim Caneatriol, the VP of Growth at Engage Rocket and a leading authority on talent retention and development, on our podcast ‘Agile Leaders’. Here’s a recap of their enlightening discussion.
(feel like you’re missing out? Catch up with the full episode now on YouTube or Spotify.)
Who is Dr. Jim Caneatriol?
Dr. Jim has always been driven by a passion for HR tech and talent acquisition. His doctoral research delved into the intricate reasons behind people’s decisions to join or leave organizations. Now at Engage Rocket, he focuses on performance management, employee engagement, and leadership effectiveness.
The Changing Focus in Business
According to Dr. Jim, there’s a noticeable shift in organizational priorities. While hiring new talent was once the primary focus, the changing economic landscape has led to a greater emphasis on retaining and developing existing employees to foster growth. Engage Rocket addresses this challenge by offering solutions that focus on performance management, employee engagement, and leadership readiness. Dr. Jim underscores that while Engage Rocket is an invaluable tool, it should be part of a broader strategy that includes process and people.
When asked about the skills pivotal to his career, Dr. Jim emphasized the importance of being a generalist. He believes that possessing a broad skill set and a curious mindset is essential for success, particularly in startup and scale-up environments. His guiding philosophy is to “live as if you’ll die tomorrow and learn as if you’ll live forever,” driving his continuous learning and adaptability in agile, high-growth organizations.
Key Questions for Leaders
To cultivate a culture of retention and development, Dr. Jim recommends that leaders reflect on four essential questions:
- Does my organization reflect a capacity to retain and develop people?
- How often are development conversations happening across all levels?
- How often are these conversations translated into action?
- How am I supporting my frontline and frontline managers in building this culture?
Despite the intuitive benefits of prioritizing retention and development, many organizations struggle to shift their focus and ask the right questions. Dr. Jim attributes this to factors like the legacy mindset of maximizing shareholder value at the expense of employee retention. Additionally, many C-suite leaders lack experience in employee lifecycle management due to their backgrounds in finance, sales, or operations, leading to a deprioritization of these efforts.
Transparency is Key
A crucial takeaway from our conversation was the significance of transparency in the hiring and onboarding process. Dr. Jim advocates for organizations to be upfront with potential hires about expectations and culture. This transparency allows candidates to self-select based on the reality of the organization. He introduced the concept of giving “the pip” upfront, emphasizing that organizations should set clear expectations at various levels to increase alignment and reduce turnover.
The Role of Onboarding
The conversation also underscored the pivotal role of the onboarding process in an employee’s success. Dr. Jim stressed the importance of clarity of communication and expectations during the first 90 days, as it is a significant predictor of employee retention. Onboarding should go beyond mere form-filling and training; it should involve integrating new hires into the company culture and ensuring alignment with their direct managers.
As employees settle into their roles, continuous feedback becomes indispensable for their growth and development. Dr. Jim emphasized that building a development culture starts at the frontline with managers. One-on-one meetings should focus on aligning with employees about the challenges they face, their future vision, and how the organization can support them in achieving their goals.
Transparency, effective onboarding, and continuous feedback are essential pillars for building a successful organization. By focusing on these areas and fostering a culture of openness and development, organizations can set their employees up for success and create a positive work environment. Leaders and managers play a crucial role in driving these initiatives and should be equipped with the right skills and tools for effective leadership.
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