The Chief Information Officer's Body of Knowledge: People, Process, and Technology

Chapter 6

Retain Your Talent by Creating a Fun, Engaging Culture

Baron Concors

Whether we like it or not, CIOs are in a talent war. As we press for continuous improvement, we go to great lengths to find and grow great talent, hoping they are satisfied and stay for many years. As someone intelligent once said, “Hope is not a plan.” The fact is that our high performers will be tempted by headhunters and better offers throughout their careers. In addition, there is no longer a dying commitment or loyalty to people or companies as there was in the past. Why is retention such a big deal? Well, let's start with the obvious financial impacts of turnover. There is a lot of debate about the average dollar amount it costs an organization for employee turnover, but we can agree on one thing: It is an unnecessary cost that can and should be avoided. There are also a number of intangible costs associated with turnover, and often these carry a larger impact than financial ones. Intangible costs include things such as increased workload of other employees, declining employee morale, and the loss of intellectual capital. With baby boomers leaving the workforce and an entrepreneurial group coming out of college, we have to constantly assess our workplace environment and understand what issues are top of mind for our teams. We must constantly adapt and grow our leadership styles to accommodate this changing workforce. Leadership is not just about setting a strategy, vision, and prioritizing work ...