How do you keep your best talent?
Keeping Exceptional Procurement People
At Procurement People, we are regularly asked how the best organisations keep their best people. Well, you may not keep them forever, but it is proven that you can keep them longer and you can turn them in to great ambassadors when they do eventually leave.
You are not always going to be able to offer more money, or guarantee a bigger role in the procurement team, so how do you keep your better people longer?
To start with, you need to know what makes them happy and what keeps them making their above average contribution to your organisation, so regularly benchmark what makes them happy in their job.
Challenge them
What motivates exceptional people? Beyond a certain point (it is usually higher than the average) they cease to be driven by money. What engages talented people is usually challenging work. Let them drive projects that have the potential to make a difference to the business and allow them to prove themselves. An average employee will do what they have to and give you 70% commitment. Challenge the exceptional and you’ll get their 30% discretionary commitment as well.
Get out of their way
Talented people need less support, but they also require the space and freedom to excel. They may not be the type of people who respond to task based management. Give them clear, unambiguous goals and manage them with honest performance feedback. If you need them to deliver a saving of 20% on a particular project, explain why, rather than how. At this level, a procurement professional needs the context, not always the content. Then make sure they have the tools at their disposal, remove any potential barriers, then get out of their way.
Talent Loves Company
Spreading your stars across different teams makes sense on one level. It puts energy, skills and drive into all parts of your organisation but consider the power of putting them all on one team. High performers love working with other high performers and the total is considerably more than the sum of the parts. What is the most significant business objective in front of you right now? Consider combining the skills of your most talented people on this project. Inspired people inspire results.
Invest in them
Give them the tools but give them energy too, they will respond to your input with multiplied output. Invest on two fronts; training and development but also a personal investment; your time.
Firstly, Training and development: it provides skills, inspiration and the knowledge they are highly valued. Stretch them into areas of procurement or other parts of the business they may not be used to; if they are a sourcing expert, inspire them with the latest thinking in supplier relationship management. Consider expanding their horizons with wider business skills; an MCIPS or MBA qualified procurement professional becomes an incredibly versatile resource.
Finally, invest your time. Recognise that at this level, they may possess specific skills that are far better than your own, at what they do. So your role is one of coach - to bring out the best in their overall performance. Meet regularly, discuss the wider implications of their work, provide the bigger picture and expose them to decision-making and procurement at a senior level. Investing your time will make the biggest difference.
In short, some of the answers to keeping your procurement stars longer is to turn them into future leaders.
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