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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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