Ensuring a Long Lasting Relationship

At workplace, where the war for talent makes it difficult to find good workers with required talent, the need to retain the talented individuals increases. Great businesses understand the importance of retaining talented individuals. They are well aware of the fact that replacing employees require time, money and energy. According to the ‘Center for American Progress’, it costs roughly 20% of an employee’s salary to replace that individual. So when the employees of an organization constantly leave for greener pastures, the organization is forced to spend the equivalent of over two months’ worth of salary just to find someone to replace them.

Retaining top talent is a struggle for many businesses, but there are several things an organization can do to increase the likelihood of its talented team sticking around a little longer than average.

Hire the right Talent- An employee is not able to perform well if he does not fit in the organization’s culture. Therefore, it becomes really important for the employer to ensure the alignment of skills of the new entrant with that of the organization’s culture.

Provide Growth Opportunities- An employee joins an organization with a vision to grow with it and expects challenging positions to showcase his talent. In the case of limited advancement opportunities an employee becomes demotivated and starts to look for an alternate. To avoid such situations, an organization must provide challenging opportunities to its employees. This will not only motivate the employees but also provide a positive and hopeful atmosphere to its people. 

Recognition- Sincere and positive recognition strengthens the bond that an employee has with its organization. Constant and constructive feedback ensures that an employee is motivated to put in his hard work. Day to day interactions with the superiors can directly impact on motivating or losing a key contributor.

Handsome Compensation- Scarcity of talented professionals is an alarm to the ever expanding industries. In the event of non-availability of surplus of talent, an organization needs to deploy strategies to retain the existing talent with the organization. Understanding the worth of a talented employee and providing him the required compensation may help in retaining a contributor within the organization.

Eliminate unnecessary barriers- Unnecessary barriers not only irritate the employees but also prove to be a major time waster.  Providing the right amount and quality of tools can ensure the correct and optimum usage of employees’ time and potential.  

Conclusively, if an organization continues to nurture and support its talent by offering them ongoing opportunities for professional growth and development along with constructive feedback while showing them that their opinions and efforts are heard and valued, it can ensure that its relationship with its employees will last long.

By:
Ms. Priyanka Trakroo - Faculty
INLEAD

Talent Management- A strategy for the Aspiring Organizations

Organizations are required to make continuous efforts to ascertain that there are right people, at the right place, at the right time to accomplish its mission. Locating, recruiting, hiring, and developing the best talent is crucial, not just to support organization’s strategic planning, but also to contribute to a thriving work culture. Talent management is an organization's commitment to recruit, retain, and develop the most gifted and trained employees available in the job market.

While HR has been around since the dinosaurs, talent management is a relative newcomer. It is an important term as it comprises of the entire work process and systems that are related to retaining and developing a superior workforce. Failures in talent management are an ongoing foundation of pain for executives in modern organizations. Over the past generation, talent management practices, have by and large been dysfunctional, leading corporations to lurch from surpluses of talent to shortfalls to surpluses and back again.

An organization is able to attract and retain its best talent by entrusting its employees that they will have enormous opportunities to develop professionally within the organization. However, well before that an organization needs to be sure that it has the right pool of talent. Organizations, in order to never go wrong with the choice of talent and its management, need to follow simple process of Talent Management that is -

Step 1- Firstly, the organization needs to be aware of the type of talent that it requires to reach the goal of the organization. It is essential to align the talent management strategy with the business strategy of an organization.

Step 2-The Next step is to identify the essential skills set that each profile working for the organization requires. This step is achieved by structuring the levels of the organization and creating clear and coherent job profiles for each level.

Step 3-Later, the organization is required to identify the talent gaps within the system and to fill these gaps with the best suited talent.

Step 4-Once the right talent has been identified, the process of performance management needs to be applied, where the organization monitors the performance of each contributor and recognizes the achievements of its members.

Step 5-The last and the most important step of the entire process is managing the talent and retaining them with the organization. For this process to be effective, the talent needs to be provided with developmental opportunities and structured career paths.

Organizations with right set of tools and good talent management practices often have employees who are actively engaged and more satisfied with their roles. A strong and well aligned talent management culture also favorably impacts on how employees rate their organizations as places to work.

By:

Ms. Priyanka Trakroo-Faculty
INLEAD