Attaining, Training and Retaining Top Talent
How do you succeed in attracting, developing and keeping top Talent in the increasingly competitive and complex job market with a new record number of people in work in the UK (30.39m)?
As the economy continues to improve many organizations are struggling to fill specialist or top jobs, from roles as technical experts in aeronautical engineering, to global VPs of Sales in finance and technology, for example. The changes in workforce demographics mean that Leadership and Management skills are now often in short supply. According to many recent surveys there is now a global shortage of top Talent and organizations are realising they need to do more to attain, train and retain their quality people.
As the ‘Baby boomer’ generation (born before 1964) starts to retire they will be replaced by managers from Generation X (those born before the early 1980s) and Generation Y (also known as the Millennials and there are now 70 million of them worldwide!). These employees bring their own challenges to the workplace as, apparently they are less likely to be loyal to a company and, according to recent research, are recognized as being ‘tech-savvy, family-centric, achievement and team-oriented and attention craving’!
With ongoing major change in the work place – from globalization, consumerism and more advances in technology – leaders and managers need to find innovative ways to be more flexible and agile in order to deliver the business results. Finding, developing and keeping top Talent has become vital. Since 2008 and the onset of the recession many companies had frozen salaries and recruitment budgets which, according to some studies, has led to an increase in dissatisfied employees and a lack of fresh ideas and new thinking in many organizations.
In addition many companies have not invested in training and development which has sometimes resulted in a negative impact on employee engagement and morale, as well as a lack of development impacting on the quality of managers and people coming through at selection stage.
According to the recommendations of a panel of professionals and consultants from health and well-being to legal and finance, in order to retain and attract Talent large organizations need to ensure they can provide the following:
1. Clearly communicated and understood Vision, Strategy and Values with associated behaviours which form the basis for performance management and learning and development
2. A Work Culture which provides a positive working environment where people feel valued, there is recognition of home life with flexible working, the brand is recognized as being a great place to work and there is gender and cultural diversity in leadership
3. Learning and Development: Ensuring everyone has a regularly updated PDP and receives Feedback from 360 Reviews. Creating time and space for innovation and reward with away days, multidimensional learning and development, Mentoring and Coaching
4. Strong Talent Management Programmes with robust Talent Measurement and Assessment Solutions for Leadership Succession Planning and the means to identify and develop the Talent Pool and high Potentials
5. Creative and Attractive Comp and Benefits Packages with a sign on bonus, relocation expenses, competitive salary, discretionary bonus and performance related team/individual bonus, incentive schemes, occupational sick pay, car allowance/company car, Smartphone, private health and medical insurance, dental cover, pension, access to social media, flexible benefits, enhanced maternity/adoption/paternity pay, gym membership, free fruit, eye tests, flu jab, health screening, sabbaticals, EAP Programme, creche, discounted online shopping/gift vouchers, loyalty cards.
Have they missed anything out?