one cohsive strategy

The Number One Strategy to Retain Top Talent

retention strategyFully engaged top talent is the key to excellence for any enterprise; particularly a knowledge-based organizations. However, because of the current economy, not only are potential top talent difficult to find, they are also more willing to actively explore other opportunities than in previous years.

That’s the bad news. But, the good news is there is only one primary strategy you need to focus on—although it has several components as most strategies do. Interestingly, most recent surveys of the top concerns of CEOs mention both of them as if they were separate issues. I believe low levels of employee engagement are linked to excessive turnover.

Here are three elements that significantly impact engagement. Get them right and you will see improvement in both engagement and retention.

1. Benchmarked Selection System
Implement a comprehensive selection process that eliminates the unqualified and can quickly lead to the discovery of good people who can become top talent. Comprehensive does not mean complicated or lengthy but must begin with thoughtful consideration of the purpose of the job. Then, define the primary accountabilities anyone doing the job is expected to achieve. With that as the benchmark, establish the behaviors, motivators and essential skills required to achieve them. Continue by assessing the candidates and compare them to the job benchmark.

2. Continuous Learning Process
It is essential to invest time and resources in talent development process that begins before they even get started with a thorough on-boarding process. A comprehensive selection system can help to identify the gaps that need to be closed for good people to become top talent. You are not likely to hire top talent but, the best available—good people—who can be developed into top talent.

3. Coach-based Management
The primary cause of low levels of employee engagement can be traced to poor management and team leadership skills. Research is very clear that employees tend to quit their boss, not their job. Jim Clifton, Chairman of the Gallop Organization which has conducted engagement surveys for decades, emphatically states that engagement levels are not likely to improve until business leaders “get rid of bad bosses.” Thus, the solution to the engagement issue starts with senior management who must hold team leaders accountability and provide the resources to develop their skills.

Before you conclude I have oversimplified the solution to the engagement and retention problem, let me add that an integrated talent eco-system is required. The Talent Management Institute has developed an integrated talent eco-system that can solve the engagement and retention problem. We call it the Total Talent Management System™.

Click on the following link to learn more about TTMS and get a free copy of the special executive report, “Fully Engaged Top Talent: Key to Excellence for Knowledge-based Enterprises.” www.talentmanagementinstitute.com

 From The Desk of Bob Moore is now available as a subscription portal.

 

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