Talent Management: Why make the investment?
Staff retention is a big issue for businesses. With a recent report revealing that 75% of UK employees applied for a new job in the past year, organisations must swiftly look to redress the balance. The first step in this is becoming transparent about what can be offered to staff in the short, medium and long term: after all, career progression remains a sizeable motivational factor for many.
Time-poor managers now more than ever need to have systems in place that provide easily accessible data with regards to the company’s key talent. Effective talent management should identify skill gaps, explore personnel issues and focus on career planning – all underpinned by a sound succession strategy.
With remuneration being an obvious area of dissatisfaction for many departing staff, the ability to swiftly carry out a clear salary analysis and ensure the organisation’s offering is financially in line with the industry is also of great importance. Investing in addressing the basics can play a significant role in heightening productivity through ensuring staff do not feel under-valued and / or over-worked.
The cost of not being committed to talent management can be vast. As well as the obvious costs associated with hiring new staff to replace departing employees, there is also the ongoing cost of an disengaged workforce to take into account: unlikely to contribute at the same level as their motivated counterparts, these staff may also foster a negative atmosphere that can spread rapidly.
Due consideration should, of course, be given to the development of all employees, not just those that have been recognised internally as having the highest potential. A fair, balanced and productive workforce can only be achieved through all staff receiving equal opportunities to grow their skills.
Clearly communicated internal mobility programs demonstrate a commitment to career progression that can be a big boost to morale and, ultimately, retention. Building a clear understanding of motivational factors is vital to building long-term loyalty, as is ensuring that corporate goals are clearly cascaded down to employee objectives.