Talent Retention – your biggest problem?
Talent management is the number one area in which companies can expect a dramatic change in the year ahead.
With intense competition for talented people, particularly in high-demand occupations, retention issues will increase. Organisations will vie for valuable people as they draw from the same small pool. With the cost of hiring and replacing such employees, retention could be the highest economic impact area that Human Resource professionals will face this year. Keeping your innovators, skilled specialists and dynamic game-changers will be critical.
As demand for competitive excellence grows, it gets more difficult to distract people from the ‘golden carrots’ that competitors will not hesitate to dangle. Previously, a one-size-fits-all approach to retention seemed to produce results. This is no longer the case. A targeted personalised approach is the only way to satisfy the various complex requirements of the current work-force.
So, how do you ensure that your expensive dynamos are loyal, committed and prepared to be worth their weight in gold? Obviously, the package counts, but it is counting less and less, particularly once people are able to satisfy their desire for a comfortable standard of living. Many people have written eloquently on this plateau the employed reach. The hungry and talented quickly look for something more.
Flexibility, mobility and autonomy are expected by Generation X and Y talent and the rest are catching on to the appeal. Mobile and remote work, border-less collaborative communities and stimulating best-practice sharing across disciplines are tempting retentive mechanisms for some.
Fast-track development opportunities are another appealing add-on. Personalised learning and development has wide-spread appeal, as does receiving specialised coaching, being mentored and the opportunity to assist others. Holistic Wellness programmes also add benefit.
It is worth recognising that providing random training and facilitated experiences does not have much retention impact if it is not re-integrated into the overall work experience. As people learn new skills or come to understand themselves better, they look for ways to bring meaning to this. Many an excited employee returns from a learning experience to find that its business-as-usual and their new skill’s only value is lip-service.
This is where another aspect to talent retention comes in: aligning development to the organisational culture. If changes are not accommodated within the team, if new ideas and skills are not given an opportunity to be expressed in a useful or acknowledged way, if there is no response, the ‘investment’ will pick itself up and move to where it can shine. Obvious in theory but frequently not integrated into organisational practice, the age-old problems of resistant managers, inflexible corporate culture and lack of communication and collaboration are invisible barriers to retaining vital talent and actualising a return on investment.
Recruiting and developing the dream work-force of highly motivated, talented individuals requires an open, forward-looking and flexible approach. Predictive metrics, alignment processes, learning opportunities and specialised support are all key tools for this vital task. But remember: truly valuing people for the unique contributions they make and finding ways to show appreciation and support will always have a lasting effect if it is genuine. Authentic honouring of Talent is the way to go.
Know your people and show that you care.