Even in current times, the brain drain continues to fuel the unwanted turnover of organizations. When from a marketing point of view it is said that it is more profitable to retain a good customer than to attract a new one, from the point of view of Talent Management, our approach should be very similar. But retaining and retaining talent is still a complex task, on the one hand they are the ones who contribute the most value in our organizations but they are also the most desired professionals by our competition.
An article in the Harvard Business Review entitled “How to Keep Your Top Talent” presents us with some keys to how to retain Talent even in these times of crisis:
About 40% of internal job changes that include High Potentials end in failure. If you want to keep your Top Talent on track…
1. Don’t assume they’re committed. If your “emerging leaders” don’t receive stimulating work, recognition, and opportunities to learn and advance, they can quickly become disenchanted.
2. Don’t confuse current high performance with future potential. Your “Star Employees” will have to grow into more complex and demanding roles. It explicitly assesses their potential through 3 essential attributes: their ability, commitment, and aspiration.
3. Don’t leave the development of Talent exclusively to direct managers. That will only limit your organization’s talent from accessing new opportunities and encourage its stagnation.
4. Don’t protect Talent. Place your stars in highly demanding positions, where they can and should acquire new capabilities.
5. Don’t assume that High Potentials will merge with the team. A critical factor that determines the commitment of a “New Star” is individual recognition, and an important part of this is also salary. Therefore, it offers “A Players” differentiated compensation and recognition, ideally with variables or bonuses that recognize individual performance.
6. Don’t keep your Emerging Leaders in the darkd. Share with them the organization’s future strategies and emphasize the role they have in making them a reality.
Every day, and especially in the Sectors or Service Departments, the true Talent that makes them up makes a significant difference in the performance and results achieved. An accurate and well-planned investment in Talent Management can have a high impact and a very short-term effect on the bottom line. Let’s not forget that in most companies, the wage bill is still one of the largest accounts.
Felipe Angulo
Director Psicotec Catalunya