RETAIN KEY TALENT AND REDUCE TURNOVER
By Ashley Bowers
Filed in Job Benchmarking, Growth Curve, Retention
According to a study by WorldatWork, “Retention of key talent – those employees who are the strongest performers, have high potential or are in critical jobs – is even more important during economic recoveries when organizations compete aggressively for market share and talent.” During this period of economic recovery, are you prepared to lose your key talent? As the leader of your organization, what are you doing to identify, define and manage key talent so you will be able to retain these individuals?
Ensuring engagement and retention of key talent begins with job benchmarking. By letting the job talk, you understand why the job exists in the first place, how success in the job will be measured, and how the job fits into the company’s overall strategy. Depending on the tool used, job benchmarking provides the opportunity to determine the ideal Behaviors, Motivators, Acumen and Competencies that key talent should possess to be successful in the role. When an employee is, for example, motivated by the rewards offered within his or her position, that employee is more likely to remain engaged with the company (read our previous post “Motivating the Masses” on improving employee engagement by aligning job talent through Motivators).
It’s not enough to place key talent in proper roles; rather, it’s important to engage with those top performers by developing clear lines of communication that underscore the value each person brings to the mission and vision of the entire organization. This is something we see coming out of our Growth Curve program – team members understand their role and align themselves with the company’s trajectory. In addition, offering continuous training and development gives your key employees the opportunity to grow professionally, adding expertise to your team.
When key employees understand their roles, are rewarded by their jobs, and recognize that their company has invested in them and considers them an asset to the organization, they will be less likely to pursue other opportunities, thereby reducing the unfortunate and significant expense that comes from employee turnover.
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