I think most leaders would agree that finding and retaining talent is one of their biggest challenges. Those special employees that are driven, resourceful, creative, and committed to a common purpose are really hard to come by. Further, building a talented team takes a great deal of time, effort, and patience to develop the right combination of skill, experience, and culture fit. When we finally get there (relatively speaking) and the team is working cohesively, despite our good intentions our attention can gradually shift to other important matters. But that can have consequences.
Competition for Talent is Heating Up. As the world economy revs up the competition for talent will continue to intensify. I work with leaders in a variety of industries and different parts of the world. Virtually all of them are challenged with sourcing quality talent. A recent Manpower Group survey indicated that 72% of employers are having a hard time finding skilled candidates. This means that you have stiff competition for the talent you already have. Many organizations are laser-focused on finding new talent, but when it comes to developing strategies to retain talent – not so much! When leaders are consumed with day-to-day activities and busy schedules keeping a pulse on talent can be difficult. But the time to focus on retaining your top talent is now! You don’t want to find your back to the wall trying to keep valuable employees when it’s too late.
The Good News is that there are things you can do to retain your valuable talent. Following are five very important considerations that can help you nurture an environment that enables your talent to thrive and stay for the long term:
- Commit to One-on-One Time – A lack of engaged and consistent leadership is one of the biggest reasons employees leave organizations. Like it or not, talented and ambitious employees expect their leaders to support their professional development. If you are not making the time to understand and support their development, they will start looking for it elsewhere. The best opportunity to stay connected to your employees is to conduct productive one-on-one meetings. Done correctly they encourage open, honest feedback that helps leaders identify pockets of dissatisfaction, concerns, and career ambitions. All of which need attention or employees will gradually become less engaged. Make the time to conduct one-on-one meetings no matter what you have going on. The returns on investment are significant. If you would like guidance on how to get the most out of your one-on-one meetings reach out to me.
- Formalize Professional Development Programs – A 2019 LinkedIn survey indicated that 94% of employees would stay with their employer longer if they invested in their careers. A salary and benefit package are no longer sufficient to keep talent engaged. Most employees will want to know there are genuine opportunities for career progression, ongoing training, and development in their current role. Absence of clear career paths can lead to disengagement, particularly if they realize more fulfilling opportunities are available elsewhere. Identifying employee learning opportunities, mentorship programs, external training programs, and yes executive advisors, can play a vital role in filling that need. When employees recognize they are learning and progressing they will be far less likely to leave your organization.
- Develop a Talent Management Strategy – Most strategy sessions focus on revenue growth and financial performance as they are the most visible. But nothing is more essential to execution than talent and as such, it warrants a key role in the strategic planning process. A talent management strategy brings focus to getting the talent placed in the right roles at the right time to fill critical skill gaps and support the individual career growth of the employees. When talent is not a strategic priority talent gaps and employee development can be overlooked. Evaluating talent based on strategic goals and success drivers reinforces the alignment and agility necessary to position the individual and organization to achieve them.
- Challenge Your Talent – Your most talented employees have a strong appetite for challenge because they strive to be an integral part of your organization’s culture and influence it in a positive way. They want to be consistently stretched beyond their comfort zone in order to learn and be prepared to take on more responsibility. It is important for leaders to embrace the ambition and leverage it to the employees and organizations benefit. So get them involved and expose them too as much as possible. Assign them challenging and difficult tasks and allow them to make mistakes along the way. When they feel they are challenged, learning, and contributing they will be much more likely to be committed for the long term.
- Repeatedly Reinforce Your Vision – All employees want to feel excited and passionate about the organization they work for and need to see a clear vision on the horizon. They want to connect with your vision and know they fit in. When leaders do not consistently reinforce the future vision and strategy employees become less connected to it and engagement begins to fade. Organization strategy and vision should be reinforced whenever possible. Give them something to be excited about or they may look for inspiration elsewhere.
Retaining your top talent really comes down to trust. Do your employees trust that you and your organization genuinely have their career interests in mind? These practices, if done with thought and passion, will demonstrate that you do. Investing time and effort in developing a talent strategy can help keep the focus on your most important asset – your people! So, spend some time reflecting on what your organization is doing to nurture an environment they can flourish in – before it is too late!
As a Leadership Advisor Joe partners with executives to expand their capacity to develop high-performing teams and cultures. Learn more about advisory services at peakformanceconsulting.com. Schedule time with Joe at: https://peakformanceconsulting.com/contact.