7 Secrets to Retaining Your Talent in 2016
February 15, 2016
By: Neil Morrison In the much-touted war for talent, we often forget to look inside our organisations and realise the potential we have — until the moment we get that resignation across our desks. And at that point, it’s far too late. As a talent advisor, what can and should you be doing to make sure that those moments are few and far between?
Here are seven things you can start doing tomorrow that will not only attract the best talent, but will also make sure the best people in your organisation stay happy, motivated and (most importantly) with you.
1. Know your talent.
The first step to talent retention is talent identification. It sounds simple, but it is the area where most organisations fall down. Most talent identification processes merely skim the surface. They’re short term, risk adverse and highly subjective. How can you retain what you cannot see? Identify your future workforce needs and think about your skills shortages: This is about the future as well as the now.
2. Take risks.
When you take someone and place them in a genuine stretch assignment, you not only motivate them — you motivate everyone around them. Take a few risks, appoint people before they’re 100 percent ready, and back yourself to make the right choices. Demonstrate that talent really does progress around here and that success is rewarded quickly.
3. Break pay structures.
Most organisational pay structures reward longevity and external experience. This means if they’re home grown talent, they’re probably being paid under the market rate. If they want to get a big raise, they’ll need to leave. You’re going to have to break some of those internal mechanisms if you really want to retain your top talent. Time to crack open the piggy bank.