why great talent is the most precious resource

Inquire of any leader at a top organization about his/her most valuable asset, and the most
common response will be “people”. Research backs this up –according to a Kronos study,
Improved retention is high or critical priority over the next five years for 87
percent of leaders.
Actions, as they say, speak louder than words though, and no real concerted effort supports this
contention. If one company invests heavily in managing talent, many others do not.
Retaining talent is critical.
A talented employee is someone who the manager can count on to take initiative, be a self-
motivated performer, and regularly brings out the right results. It follows that losing such a
person is a nightmare – expected or unexpected, it is among the talent management challenges
that stresses leaders. Replacing talented people is not cheap, and the cost also includes the skills
and insights they take to their greener pastures. All other talent management efforts come to
naught if talent flies the coop.
The lack of effort in retaining people is surprising.
Managers often are unclear on how to take care of their talented people. Inadvertently or
otherwise, great performance is dampened or the person gets cause to seek better opportunities
elsewhere.
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AUTHOR
EDI
TORI
AL TEAM
TalentManagement Institute
Why Great Talent is the Most Precious
Resource
Jul 1
9,2021
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Poor self-confidence:A manager often does not appreciate the presence of a talented team
member, instead feeling threatened by someone who might be equally or more capable,
energetic, or smart. The fear of becoming redundant causes the manager to overexert
authority, take undue credit, or demean good work.
Low imagination: Great performers often are not deployed suitably, deputed to routine,
uninteresting, or insufficiently-challenging work right after completing an excellent
assignment. If their capabilities are not leveraged suitably, they are likely to want to move on.
Undue employee turnover is not a positive phenomenon.
Ideally, an employer would want to focus on employee engagement and keeping them happy, so
they do not want to leave. When talented people leave their employer(s), morale and productivity
go down, and workload per person as well as costs of recruitment and training go up. The
transition of onboarding new hires can thus be an expensive talent management challenge.
Here are the costs of employee turnover:
Low morale:Existing team members must balance their own workloads with the work owned
by exiting employees. This may cause the former to reflect on their own roles and what they
might be missing out on, as well as possibly feel an emotional disconnect in the absence of
great team dynamics that contribute to good work.
Reduced productivity:With the same work being done by fewer people, employee burnout –
credited by nearly 46 percent of HR leaders for up to half their annual turnover –becomes a
serious threat.If the company is not managing talent properly,the trickle could soon be
becoming a flood!
Talented people require a different approach.
Stellar talent within a firm is the bunch of people that leverages innovative mindsets, works
dedicatedly toward a bigger vision, and ups profits. Such employees seek at least as much
investment in them from the talent management team as the effort they put in at work. With
demographic trends, globalization of business, and poor leadership development within firms,
managers will find it increasingly tough to hold on to great talent.
Eschew counterproductive measures that drive away the best people.
If a company wishes to not lose great talent, here are some common practices it must avoid like
the plague:
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Inflexible academic requirements: For years, hiring criteria include –for instance –four-year
degrees, instead of looking at just the skills the candidate has. It is important to recognize that
education is a lifelong process, and candidates must have employable skills rather than fancy
degrees.
Poor recruitment practices: Companies often ghost candidates, are not transparent, include
several hurdles in the application process, or put the candidates through several other hoops. This
could point to the likelihood of a poor work environment after joining.
Casual approach to performance reviews: Effective performance reviews are aligned with job
descriptions; however, these need effort, or in truth use hard-to-measure criteria, include no
training, and have opaque evaluation parameters. Companies must better these practices, and
employees too should keep track of their performance.
Inadequate compensation for promotions: Hikes for outperforming internal employees are often
capped arbitrarily, even though hiring an external candidate could entail a higher overall cost
than adequately compensating a proven internal candidate. It often leaves joining another
company as the only way to get a proper hike.
Rewards that please all but excite few: Rewards often tend to be distributed between all
employees, rather than giving extra consideration to those who rise to the top. Without proper
incentives, employees will slowly but surely just regress to an average level of performance.
Negative work culture: Poor diversity suppresses certain groups or inhibits their success, and
could drive talented people away to a place where there is more employee engagement and
appreciation.
According to Gallup, 70 percent of employees are disengaged at work.
Social media has made calling out such employers easier, and employees will seek workplaces
whose values align with their own.
Unsuitable handling of difficult employees: Difficult employees often get the easyway out, being
transferred to different teams rather than being put through performance improvement plans or
being terminated. Masking the consequent excess workload for existing team members as
reward for good work only servesto discourage them.
No attempts to upskill or reskill: Technology has been advancing at a record pace even ahead of
the pandemic, and status quos had been proven to be unsustainable in the long term. Top 10jobs,
for instance, change everyfew years, with old ones often ceasing to even exist. Employees require
reinvention, for which they require opportunities to upskill or reskill.
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Short-term focus: Companies often focus on short-term gains instead of long-term solutions, and
a company that does not evolve in a future-ready direction, its talented people will start to look
elsewhere.
Complacent reactions to market movements: No business is in truth too big to fail, and
restrictive internal systems make adaptability and agility difficult to implement. Having to toe the
regular line is a surefire way to crush motivation.
Be proactive to retain talented employees.
An exiting employee may seem like a surprise, but is often the culmination of a slow buildup
ignored over time. The following are some proactive measures that could help workers enjoy work
and appreciate the organization and its leadership:
Hire employees,not candidates
Establish challenging yet achievable goals
Clearly communicate the values, mission, and expectations with prospective hires
Implement career development plans
Encourage two-way feedback between employees and managers
Celebrate good work, goals, and other successes
Dos and don’ts of retaining great talent
I
n summation…
Bringing about change that leads to measurable improvement in retention of talented people
requires effort and time from top leaders. They must be closely clued in to the happenings across
organizational levels, as they cannot really cross the bridge when they come to it in the case of
their most talented people. This is the only way to develop a credible reputation by doing
developement of talent, not an ignorer of it.
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