Talent Management is the Key to Success
If your organization is concerned about growth,
profitability, customer loyalty, new product
development, employee engagement, and shareholder
value, you must first focus on talent management.
A recent study shows 85% of HR executives state
the single greatest challenge they have in
managing the workforce is their organization’s
inability to compete for talent.
Most people understand turnover is expensive, but
it also impacts productivity when other team
members see good people leaving.
Picture this scenario — Ray is the CEO of a large
hospital experiencing high turnover. His Human
Resources staff was spending more and more time
recruiting, hiring, and training replacements. As
soon as they got them trained, they would be gone
in six months. Patients were upset and complaints
were increasing. Their employee satisfaction
scores had dropped by 10%.
Ray decided to analysis the main reasons people
were quitting. He identified new strategies and
tactics such as creating an emerging leaders
program, providing training for managers, and
improving their employee recognition program. As a
result, they are now attracting better talent and
more importantly, have retained their top talent.
Human Resources is happier because they are not
spending all their time conducting training.
Talent management is a finely woven fabric that
includes recruiting, hiring, training, retaining,
and placing the right people in the right jobs.
A survey by McKinsey & Company asked senior
executives of global companies to rank obstacles
affecting their talent management strategies.
These are among the most critical as defined by
executives:
54% – Senior managers do not spend enough time on
talent management
52% – Line managers are not sufficiently committed
to people development
51% – Silos discourage collaboration, resource
sharing
50% – Line managers are unwilling to differentiate
high, low performance
47% – Senior leaders do not align talent
management and business strategies
So, if your organization is one of those facing
obstacles with talent management and you are
concerned about your ability to compete for
talent, you seriously need to consider a plan to
train your organization on how to effectively
retain your best talent.
Reap What You Sow – Get Started Today
By training your managers, you will help them
realize the significant leverage they have to
combat turnover in the organization. You will be
giving them the tools they need to create a
proactive and productive environment that values
key talent.
Managers need to understand they, by all means,
need to be concerned with team member retention
and know how to identify individuals at risk. Are
your managers capable of doing the following?
-Describe the scope, severity, and cost of
attrition
-Determine the risk of attrition for each team
member
-Identify which retention factors motivate each
team member
-Increase each team member’s engagement and
commitment
-Build and implement an effective Retention Action
Plan for their entire team
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