Retaining Talent. Are your managers and senior management committed to and good at retaining and developing the talented future leaders your company will need? Is your company good at hiring and keeping talented potential leaders? Do you have in place the talented succession needed to replace your senior leaders?
Retaining talent is an important challenge for companies today. How does your organization measure up? Talent retention is a combination of a range of factors including:
• Your managers need to be aware of the importance of talent retention and committed to making it happen.
• They need to be skilled at coaching and developing talented employees and giving them opportunities to further build and demonstrate their ability.
Here is a slide pack extracted from an article in HBR 2007 – Talent Factories by Douglas A Ready and Jay A Conger. It reports on research conducted over 40 companies globally providing a good framework for analysing your own talent retention approach in terms of functionality and vitality. It also gives practical examples of talent retention policy in P&G and HSBC among others. A second piece of work that is worth looking at is “How to keep your top talent”, a HBR article from May 2010 by jean Martin and Conrad Schmidt. Here is a slide pack with the key points from the article.
Gallup research and the 12 elements of great managing. It is backed up by very extensive research by the Gallup organization and has very string face validity in our experience. People leave poor managers rather than organisations and the behavior of the immediate manager is a key factor in retention.
Developing Talent. Do you have managers and leaders who are committed to creating opportunities for their talented staff to develop? Have you clearly identified and documented who your key talent are? Does the top management team review the talent status and the prospects for the key global talent? Do you have in place a talent development strategy which maintains your organization as an attractive place for talented people to work?
At minimum it is important that you have in place visible opportunities for your talented managers to have development opportunities. Most companies have some form of talent development program. Whether this is formalized or not it is important that your talented managers are provided with opportunities for personal growth and development. Here is some interesting research on “The Changing Landscape for Talent” from HBR July-August 2009 by Sylvia Ann Hewlett, Laura Sherbin, and Karen Sumberg, The Center for Work Life Policy, New York. Here is a slide pack with the main points and