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TOP TALENT TURBULENCE
Question: What are your company’s strategies
for retaining top talent?
Answer: Find the right people first.
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What are the most serious indicators of plummeting business revenues?
Empty chairs where your top talent used to sit!
Vacated Positions
Vacated positions in a knowledge-based business represent not only
lost revenue opportunities, but a host of other serious costs that
are not always as easy to spot, including:
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Loss of valuable intellectual capital and training investments
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Delayed product delivery to market |
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Increased vulnerability to competitors |
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Decreased customer confidence |
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Decreased productivity from remaining staff, who are overworked
and demoralized |
Losing & Replacing Talent
Quantifying the costs of top talent turnover is easier than preventing
it from happening. There are a host of “turnover calculators”
available on the Internet today that will help attach a price tag
to turnover and qualify it for a place on the boardroom agenda.
The formulas they use will verify that talent turnover is a major
drain on business. Depending on the value of the position, calculations
will reveal substantial costs related to LOSING AND REPLACING talent.
Knowledge-Based Businesses
Knowledge-based businesses are the hardest hit when top talent leaves.
If your business depends on the development of software applications,
for example, and you lose a talented programmer with a minimum of
3 years experience in your company, the loss can easily amount to
900% of that person’s unburdened salary! Here are additional
financial exposures: your competitors now have the opportunity to
acquire your knowledge-base, widening your financial risks and reducing
your competitive edge; your current development project(s) can be
substantially delayed in getting to market, slashing your ROI and
decreasing customer confidence; the remaining staff pick up the
slack but their productivity and the quality of their production
is lowered due to overwork as well as the demoralization that is
inevitable with workplace downsizing (no matter what the cause).
Put the Right People in the Right Jobs
How do you keep your top talent committed to working for YOUR company?
The best strategies to achieve this goal begin with putting the
RIGHT PEOPLE in the RIGHT JOBS – and continue with appropriate
performance appraisals, meaningful recognition and compensation,
generation-sensitive benefit packages, plus a focus on training
and development.
At this point in our economy, it is still an employer’s market
– but forecasts are all pointing to an EMPLOYEE’S MARKET
in the upcoming years. This is prompting many companies to take
a serious look at developing their recruiting and retention strategies.
Prepare for tough competition, as top talent turbulence becomes
the norm. In the end, the companies who can recruit and retain top
talent will be the only winners.
Human Performance Specialists
Contact HRGroup --- your Human Performance Specialist --- to discuss
how the TriMetrix™ System can lead your company to success
with customized job benchmarking, talent selection and personal
development.
© 2003, Target Training International, Ltd.
Contact HRGroup for a demonstration of the TriMetrix(tm)
System for job benchmarking, talent selection and personal development.
TTI Distributors deliver human capital management solutions for
enhancing your organization's ability to compete and thrive in the
marketplace.
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