How Project Managers Can Help Retain the Talented Resources

January 31, 2012

Michigan Central Train Station in Detroit

Organization rise and fall based on people involved in leading, managing and supporting.

It has become a deciding factor for success in any organization to hire, nurture and retain the great talent.  Organizations have in past gone out of way to attract key talented resources from competitors.

There might be fancy deck of powerpoint presentaton produced by HR professionals on available programs to do all that, but is it the reality on ground? Is it working?  Are key people leaving organization or moving to different department? How can you ensure the success of your initiative if key talented resources do not want to stick around? As a project manager you get to see things first hand if policies or programs are working as expected.

Also, I think, it is not only HR’s function to attract and keep talented folks but project managers play a vital role in it. Job security, clarity of direction, level of engagment, opportunities available, benefits and work environment determine how talented resource make their mind up but Project Managers can also influence talented resoureces stay by  –

  1. Marketing the project, its benefit to customer and organization along with in what way it  can help resource grow professionally;
  2. Keeping the account of talent levels of each resource’s skills, background and career goals to make informed decisions;
  3. Offering or arranging mentoring sessions & directing the focus of talented and motivated employees to groom and engage resources;
  4. Delegating in light of what resources can or can not do, level of hand holding required, comfort level in taking risk for project success;
  5. Keeping the communication lines open, first listen then guide and supervise so that resource feels connected and knows he/she makes the difference;
  6. Accepting that mistakes will be made by resources, plan accordingly and anticipate to develop future leaders and managers;
  7. Finding challenging and creative assignments for talented resources so that resources can grow;
  8. Rewarding and recommending the resources in presence of key stakeholders;
  9. Giving or arranging opportunities to attend conferences, meetings and training to sharpen their saws; and
  10. Explaining how project management fits into the life cycle of product development or any project – it’s not asking for status and producing late tasks report.

This is a list of 10 points to start your thought process, please share what else should be added.  Hope to find out from your valuable contribution through comments.  Thanks for reading.

Advertisements

Project Risk Management 101

October 26, 2010

Risk is a future event that may have an impact on schedule, cost or scope.  It may happen or it may not.

Image Courtesy: Open Security Architecture

While Issue is a condition or problem already occurred (or will occur for sure) that impacts schedule, cost or scope.

When Risk is realized, it becomes an issue.  It should be handled accordingly using the money set aside called Management Reserve.  A governance process is usually established to authorize the use of Management Reserve.

Risk and Issues are recorded into Risk and Issue Logs (sometimes Excel spreadsheets).  Risks are identified prior to project startup and through out the project life-cycle.  Risks are communicated to Stakeholders.  Risks when recorded should be worded such that sentences are complete and specific identifying area of impact with its  probability. Issues are prioritized and assigned.  Assigned person develops the action plan to resolve the issue.

Risk must always be assigned to someone, with a target resolution date.  Assigned person has responsibility to provide mitigation/contingency plans on how to handle Risk, if it realizes.

Severity  determines how to react to the Risk.  It can be calculated:
Severity = Probability of occurring Risk x Impact on the Project
Probability and Impact are measured in High, Medium and Low.

Mitigation plan is proactive approach; it is focused on how to mitigate or reduce the severity.  You need mitigation plan for any risk that has severity either medium or high.

Contingency plan is relative approach; it is set of predefined/contingent actions that team will take if Risk event occurs.  For any risk with high severity, you must provide contingency plan.

Four ways to handle Risks – Watch, Accept, Transfer and Mitigate.

  1. Watch – Just keep an eye (monitor regularly) the Risk but no action.
  2. Accept – Accepting the full impact  and plan accordingly
  3. Transfer – Divert the impact to another party
  4. Mitigate – Plan on how can the impact be lessened on project

Action Plan is a plan of documented actions developed in order to resolve an issue that is adversely impacting the project.  Action steps should be clear and identify outcome and deliverables from the action.

Project Manager‘s responsibility is to review the feasibility of mitigation, contingency and action plans.  Then approval is sought for the plan from governance board and then communicated to the stakeholders.  Project work plan is updated to reflect these approved risk management related changes.

Closing Risk is little tricky, mostly when risk is realized it becomes issue and risk is appropriately closed.  You need to check if this risk could re-occur?  If yes, then keep risk open and review budget for management reserve amount.  Closing issue needs confirmation that issue is resolved.  A sign-off note from customer or impacted stakeholder is also required.

Note – These are some key points that I captured sometime ago during Risk Management Refresher, hope it will help


%d bloggers like this: