Leveraging EQ to Enhance Employee Retention and Attract Top STEM TalentFeb 23, 2023
Frederic is the CPO of the fortune 500 ICT company named Galaxy Inc.
Frederic's job is to attract and retain top talent in STEM fields for Galaxy Inc, but he's been facing high turnover rates due to layoffs and AI automation. He's concerned about the future of the company and the quality of its workforce, as it's becoming harder to compete for skilled professionals in the market. Despite the challenges, he remains determined to find a solution that will improve employee retention and keep Galaxy Inc ahead of the curve.
The remaining teams at Galaxy Inc. are struggling to stay motivated amidst ongoing layoffs and the threat of AI automation. This has resulted in an increase in sick leave and a general feeling of uncertainty among employees. With the European ICT industry facing a staggering number of job vacancies, Frederic, as the Chief People Officer, is under immense pressure to attract and retain STEM talent.
However, with our EQ toolkit and leadership coaching, Frederic is discovering new ways to address these challenges. As part of our EQ leadership pilot program, we conducted surveys of three departments with high turnover rates at Galaxy Inc.
Frederic was disheartened by the results of the report. All three departments surveyed had scored less than 90 on all EQ markers on a scale of 70 to 130.
However, EQ can be developed regardless of age or background, which is good news. It is important to analyze survey results in the context of a company's culture and context before making any definite conclusions.
Together with Frederic, we established the desired EQ levels for each team. Each department head and their teams participated in informal focus groups, which helped us identify the most important factors for each department. The teams had to understand how emotional intelligence can assist them in achieving their business goals.
To achieve the desired levels of emotional intelligence, we developed a roadmap with specific strategies and milestones. Based on the business objectives of each team and department, we identified the most important EQ skills.
Next, we organized a series of workshops for leaders, from online training to town halls to leadership workshops, to equip them with the tools to coach their teams.
With his new plan, Frederic could explain to senior leadership what success looks like through the EQ toolkit and measure progress.
To address the high turnover rates and attract STEM talent, I used relevant EQ markers to develop a refreshed Employee Value Proposition for the departments with the highest turnover. By implementing an EQ leadership culture, employees experienced higher levels of well-being at work, leading to an increase in retention and application rates.
I also worked with Frederic to create a Stakeholder Engagement Plan and connect with universities to showcase the company's new workplace culture. This shift in branding transformed the company's image from a technical bureaucracy to an innovative, creative, and supportive workplace.
Now, the company has a strategy and tools in place to attract and retain top industry talent by prioritizing employee satisfaction and quality of life at work.
Enhancing Talent Retention and Leadership with Emotional Intelligence
Throughout Frederic's story, there are some critical reflections worth considering.
Frederic initially struggled with high turnover rates and attracting and retaining top STEM talent. Is this a struggle you can relate to in your own role? Consider the challenges you face in acquiring and retaining talent.
The realization that the departments had low EQ markers served as a wake-up call for Frederic. What is your perception of the level of emotional intelligence within your own organization? Is there room for growth within your organization based on an EQ assessment?
Frederic worked with us to establish desired EQ levels for each team based on the results of the survey. What are the advantages of setting similar goals for your teams? Consider how emotional intelligence can help you achieve your business goals.
Changing the company's image from a technical bureaucracy to an innovative, creative, and supportive workplace was Frederic's strategy. In what ways does the image of your organization align with the desires of your current or potential employees? Are there any aspects of your Employee Value Proposition that could be improved?
Frederic's story ends with a transformed company, equipped with tools and strategies for attracting and retaining top talent. Think about how you can foster a similar environment in your organization. Would EQ leadership culture improve employee well-being, retention, and talent attraction in your organization?
As a result of these reflections, we are prompted to examine our leadership practices, reminding us that emotional intelligence is essential to fostering a productive and satisfying work environment. It begins with thoughtful self-reflection and an understanding of the profound influence EQ can have.
At Thrive with EQ, I am dedicated to helping organizations like yours achieve their goals by leveraging the power of emotional intelligence. Through my proven EQ toolkit and personalized coaching, I can help you develop a roadmap to success, improve employee retention, and attract top talent to your organization.
I am passionate about helping leaders like you thrive in today's fast-paced business environment, and I'm confident that I can make a difference for you and your team.
So why wait? Book your discovery call today to learn more about how I can help you unlock your full potential with EQ!