The War For Talent Retention

CEO Survey Says…Talent Retention

 

29% – that the inability to find needed talent is impacting strategic investments; have to cancel or delay new initiatives

77% – are concerned about the unavailability of key skills

60% – that the skills gap makes it harder to fill jobs

 

PWC 2012 Annual CEO Survey

“Let’s face it. There are 80 million Baby Boomers who are going to retire over the next five to seven years, and they’re going to be replaced by 40 million Gen Xers. That’s two to one, so you’d better be developing your next generation now if you’re going to be ready for that transition.”

– Michael White, Chairman, President & CEO, DIRECTV

 

Becoming an “Employer of Choice”

The War for Talent doesn’t stop at the point of job offer and acceptance. It doesn’t stop at the new hire’s start date. And it doesn’t stop at the one-year anniversary. The War for Talent continues, but the front changes from “Talent Acquisition” to “Talent Retention.” Successful talent retention is the result of “Talent Development.”

Great talent – those candidates with the exceptional skills and knowledge who are in scarce supply – the people you want…and need…they have choices.  They want employers that are serious about talent development and career progression.

 

Retention Threats

Even the best companies are at risk for losing their best talent. Other companies and recruiters will target their people because they are the best. Most people are networked and relatively easy to reach. If your top employees are not “active” candidates, then they may be “passive” candidates. But where is the threat, really? Research points to internal factors.

Accenture did a well-publicized study about why employees quit their jobs; the top reasons were:

  • They didn’t like their boss
  • Lack of empowerment
  • Internal politics
  • Lack of recognition

According to Gallup’s 2013 State of the American Workplace, 70% of US employees are either “not engaged” or “actively disengaged.”

 

Retention Strategies

  • Make sure the people you don’t want to lose know that you value them and why
  • Provide assessment, feedback and coaching
  • Recognize and reward them
  • Offer ongoing training
  • Create mentoring and development programs
  • Give them a view of the bigger picture
  • Show them there is a future for them in the organization

Bob Moritz, U.S. Chairman and Sr. Partner, Pricewaterhouse Cooper says, “People are more likely to want to work at companies in which they see a future for themselves.”

 

Become a Platform for Talent Development

John Hagel, co-chairman, Center for the Edge, Deloitte stated, “Within any organization, self-improvement is deeply satisfying irrespective of the skill level or position that serves as the starting point. Becoming a platform for talent development can help organizations attract and retain highly skilled people. Leaders who understand the importance of creating systems where employees have continual growth opportunities may find they have tapped into the fundamental human motivation for progress and they may subsequently see significant improvement in innovation, productivity and efficiency.”

 

TD Madison is known as the go-to firm for executive sustainability in information and technology talent solutions. We welcome your thoughts and discussion