If your organization is focused on growth, profitability, customer loyalty, new product introductions, employee engagement and shareholder value to name a few, you must also be in the process of managing your talent. This is a strategy that allows you to not only develop new leaders, but also retain the exceptional talent you hire. It is a tightly woven process, and what you do to retain talent must be threaded throughout all you do.
Some Perspective
The fine art of retaining talent has an effect on your ability to deliver business value. A recent survey by McKinsey & Company asked senior executives of global companies to rank obstacles that prevent them from having talent management strategies. Among the most critical, as defined by executives' response rates, were:
- 54% - Senior managers don't spend enough time on talent management
- 52% - Line managers are not sufficiently committed to people development
- 51% - Silos discourage collaboration and resource sharing
- 50% - Line managers are unwilling to differentiate high from low performance
- 47% - Senior leaders do not align talent management and business strategies
If your organization is one of those facing obstacles with talent management, and you're concerned about your ability to compete for talent, then consider a plan to train your organization on how to effectively retain your best talent.
Most people can understand that turnover is costly in replacement expenses, but it also impacts productivity when other team members see good people leaving the organization.
Picture this scenario: Ray was an executive for a hotel chain that had lack-luster performance. Attrition of leadership was high in the organization. He decided to conduct an analysis of risk factors in retaining top talent. He identified new strategies and tactics such as creating an emerging leaders program, training future leaders, and providing more on-the-job training for line supervisors. As a result, they have recruited better talent and, more importantly, have retained that talent resulting in the value of their stock growing by more than 50% in the last five years.
A Solution
By training your managers, you will help them realize their ability 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.
"Retaining Winning Talent" is a new program from Vital Learning that teaches managers about the process of retaining talent.
Managers will understand that they need to be concerned with team member retention and how to identify individuals at risk. Managers will be able to:
- 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
- Delegating - understanding when to use delegation and how to make it motivating
- Complaints - being able to effectively manage complaints
- Coaching - knowing how to productively coach job skills
- Project Management - being able to run projects, both on-time and on-budget
- Conflict - understanding how to successfully resolve conflict
- Hiring Winning Talent- knowing what to do to consistently hire the right talent
- Providing Feedback - understanding how to establish performance goals and standards and give feedback
- And more...
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