Talent Management Challenges & Retention By: Alex Mendez
What is Talent? Talent can be described in many ways. There are four main factors in defining talent in contemporary management: High productivity Multi-skilled Self-motivated Innovative
What is Talent Management? Developing and integrating new workers Developing and retaining current workers Attracting skilled workers to work for the company
How is Talent Management Important? Sets a standard for a certain level of quality Keeps skilled workers loyal and motivated Creates competition within departments to increase performance
The War for Talent This was a phrase coined by Steven Hankin in 1997 which refers to the competitive environment of recruiting and retaining talented workers. However, this war has just begun.
The War for Talent (HBR Article) Many top companies are struggling in the war. 18% of companies claim to be winning the war for talent. 72% portrayed it as an endless struggle in which they were neither gaining nor losing ground. 10% declared that the war for talent was winding down in defeat for their enterprise.
The War for Talent (HBR Article) The war can be lost on ignorance. Keep talent-assessment systems on par with company priorities to help define talent.
Challenges A common theme for managers is poor employee retention. Not enough effort spent in keeping employees with the company. Too many resources into attracting new employees.
More Challenges A suffering economy only adds to the trouble. As people become better-rounded, the bar of talent quality rises. This makes job openings very specific and exclusive.
Retention Challenges Employee retention always has room for improvement. Other companies / job openings offer higher salary Dead-end with no opportunities Burnout
Tour of Duty The IT field can lend a lot of insight to talent management There are several departments within IT, all with varying responsibilities and expected skill sets. Swapping high potential employees from department to department (6-12months) provides a new perspective (Tour of Duty)
Benefits of “Tour of Duty” Lets employees try something different Helps a business maintain talented individuals Gives talented workers the benefits of a new job while keeping things familiar Creates loyalty between individual and the company
Tips to Improve Retention First, it’s important to realize what makes retention work. Companies need to provide the following: Clear goals Balanced work environment Performance tracking Fair evaluations Proper compensation
Tips for Improving Retention If these factors are ignored, the talented individual can find them elsewhere. Talented workers need a reason to stay Keep employees motivated Reward them accordingly Consider Fast tracking
Fast Tracking Fast tracking essentially takes high-potential employees and puts them in upper management as the years progress This is key to having talented individuals stay However, there are pitfalls
Pitfalls of Fast Tracking Improper time spent in the department, which leads to insufficient experience Employee may not be able to lead effectively (can cause Domino effect) New managers are introduced too frequently for certain projects to finish properly
Retention Systems (Walmart) Walmart has developed their own retention system. Closely monitor and track top executives Reward those with high scores, discuss how to improve the ones with lower scores Review and share data This creates healthy competition to strive for high quality.
Retention Systems (IBM) Often, talent-management efforts are difficult to measure and can take years to play out Mike Markovits’ tracking system Keeps track of career paths, assessments, and training Easier to discover flaws and conversely, what works.
Summary Talent Management is an ongoing process. Talent requirements are becoming more and more specific. Talent management systems such as Markovits’ and Cude’s creations can help improve talent management.