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Bain & Company Bain & Company Do you have any insights into what they are expecting in the second (last) round? I saw that there are two cases and a presentation. Are they more interested in professionalism than the "analytical" skills assessed in the first round? Do you have any more insights into the presentation?
Many thanks in advance
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I think the simplest answer is to treat people with respect. People need to know their work is valued, and they also need to see there's some concern for their work/life balance. If people feel squeezed and overworked, they'll think of greener pastures. And, people want to be able to look into the future and see places for themselves. If it appears that there's little chance for advancement, that will motivate them to move on.
Some excellent points in here. I'll add that my opinions on the two of the biggest factors for retention that you control. First is making sure your employees feel seen, heard, and valued. This comes through as adequate training, clear expectations, service leadership, and consistency from you, as well as engaging them as partners you're working with to achieve a common goal.
Second is compensation. Got someone you want to keep? Give them raises before they leave. Be aware of levels of pay appropriate for the field and experience and match that or better. The current climate is such that one must jump from company to company to get any meaningful salary increase. There are no company funded pensions anymore so there's no reason not to jump to a different company for a $30k jump. This crappy culture is a choice. Be different.
Flexible working hours, when it makes sense, are quite nice as well. Engineering work can be done virtually anytime and anywhere. "Chaining" someone to a desk in an office for no other reason than to see them giving up their time is cruel and often unnecessary. Work with expectations and deliverables with frequent enough check-ins and go from there. Work with underperformers to get them what they need, be it training or equipment, and if that doesn't help them, move them on to a different project or let them go. Don't waste anyone's time.
Consistent and meaningful communication and exit interviews that are actually taken into consideration moving forward. There will be people that come and go for a variety of reasons, but when it is something that could have been avoided or fixed, that is when it needs to be addressed. Most people don’t realize how much money goes into training somebody.
I think turnover is a very common issue in my industry, just because we have so many competitors and it’s easy to jump around to get an instant salary bump. I think my company has done well with having good benefits like our PTO amount and being WFH. We’re also a pretty small regional team so it doesn’t feel like you’re just a number putting in hours, you can ask questions and get help and you’re noticed.
Focus on culture
They don’t we suck at it
Treat them right. Pay them well.