Keeping the Talent Pipeline Full

The quest for finding top talent is not just an American phenomenon. Organizations around the globe are seeking top talent in order to remain competitive. This begs the question: Does your organization work to keep fresh talent in its pipeline?

Managing the Talent Pipeline

Despite global economic conditions, the search for talent worldwide is predicted to intensify in the upcoming years. In developed countries, organizations are finding it difficult to recruit and retain skilled workers.

Several factors complicate talent acquisition: aging populations, younger workers who lack skills and experience, the gap between education and the skills organizations need, lack of investment in training, and societal and generational changes in how people want to work are just a few.

A study conducted by the Economist Intelligence Unit indicates that companies are implementing talent management strategies to address the following:

• Globally, sourcing talent is more competitive in attracting talent.
• Organizations expect to experience difficulty in finding talent with the success-driven skills necessary to manage change, think strategically, communicate effectively, and analyze and solve problems.
• Talent management should be integrated with business strategy, implemented by business units and supported by HR.
• Nontraditional approaches to recruitment will be needed.
• Organizations will need to work more collaboratively with educational institutions to develop training programs to develop the skills they need.

Other studies identify an issue with younger generations and their high expectations for on-the-job development. This creates a problem because these workers are more likely to consider leaving if their talents are not developed.

Underscoring the need for talent management is identification of the skills needed in a complex work environment:

• Acceptance and management of change
• Strategic thinking
• Communication and interpersonal skills
• Analytic and problem-solving skills
• Ability to work in teams collaboratively and virtually
• Project management skills
• Management skills
• Industry knowledge

Is Your Talent Preparing to Leave?

In June 2010, the U.S. government reported that the number of people who quit their jobs for positions at other companies rose to nearly 2 million in April. This signals that many who clung to their jobs out of fear now feel more confident about the job market --- in fact, they feel more confident than they have in a year.

David Adams, vice president of training at Adecco, said, "The hangover is kind of over."This could signal a mass exodus of talent in the post-recession.

Results of a May 2010 Harvard Business Reviewsurvey questioned 20,000 workers identified by their employers as "high-potential." About 25 percent of companies' top performers indicated that they plan to leave their current jobs within a year.

The loss of talented employees can have a damaging effect on organizations because these workers usually possess key skills and knowledge. Moreover, covering a departed employee's work and finding a replacement is expensive.

Leaders and supervisors affect employee retention by influencing factors that lead to an employee's disengagement and disenchantment with the organization. In order to retain winning talent, organizations must leverage both a talent management system and train high-potential leaders to actively work with their best employees.

High-Potential Leadership's Effect on Talent

Teaching leaders effective talent management strategies is one of the most important elements of the approach itself. Organizations must train high-potential leaders to recognize potential in others. The Center for Creative Leadership has found that high-potential employees expect their leaders to recognize their potential, discuss it with them and develop them accordingly. The study states that high-potential employees expect the following:

• Visibility and access
• Special assignments
• Training
• Greater responsibility
• Promotion and rewards
• More opportunities in general
• Freedom and flexibility

Leaders should be trained to communicate clearly with high-potential employees about their career paths. Training leaders to coach and delegate appropriately in order to provide talented team members with decision-making autonomy is also key to obtaining and maintaining employee commitment and engagement.

Recent studies have examined the ways in which employees become not only engaged but also embedded in their jobs. High-potential leaders can help high-potential talent by supporting them in community involvement, as well as in professional and community life. These leaders build a more positive team culture and provide more challenging jobs with well-defined career paths. They make team members feel more valued --- and leaving their positions is more difficult when employees have reasons to stay.

More than a Strategy

In today's complex environment, creating a talent management strategy can be tricky. A study in The Harvard Business Reviewindicated that most companies actualize only 63 percent of their strategy value because of lack of planning and execution. This is another indicator of the importance of well-trained leadership with a commitment to the talent plan.

When the recession is over, will your talent pipeline be ready and full? Talk to your Vital Learning training provider today about your strategy and Vital Learning's Hiring Winning Talent™ and Retaining Winning Talent™ programs, two valuable seminars that can help your organization prepare for the days after the recession.

Thought for the Day

"It is not just talent alone that is important...Talent without teamwork is not sufficient."

---Dave Ulrich, Author and Professor of Business Administration

Sources:

Allen, D. (2008). Retaining Talent, SHRM Foundation
Campbell, M. and Smith, R. (2010). High Potential Talent A View from Inside the Leadership Pipeline, Center for Creative Leadership
Hiring Winning Talent (2010). Vital Learning Corporation
Leonard, C and Rugber C. (June 2010). MSNBC.com
Murray, S. (May 2008). Talent wars: The struggle for tomorrow's workforce, The Economist Intelligence Unit
Murray, S. (May 2008). People for growth.The talent challenge inemerging markets
Retaining Winning Talent (2010). Vital Learning Corporation