Despite talk of austerity everywhere, many organisations are growing with overall UK employment reaching record levels. This situation is accelerating the search for talent.
In just the last few weeks a number of CEOs have told me that finding good staff is becoming increasingly difficult and unless something changes their businesses could be harmed. This begs the question: are companies identifying, cultivating and retaining the talent they already have in place? According to a recent survey I read the answer is no as turnover of talented workers is increasing and is now at 30%.
Paying more may help resolve the problem, but such an approach may also totally floor the reward system in the company and cause loss of morale, motivation and even increase the staff wastage rate.
A better approach may be to identify the talent and nurture it. That process is a subject in its own right, but you could consider those who: work hard/smart (sometimes that involves long hours); clearly demonstrate that they add value to the organisation; motivate others; are continuously positive (glass half full people); help, support and encourage other staff to perform well; are quality conscious and customer focussed; and innovate or implement new ideas. But not just identify them but tell them so. A meeting with the company boss followed up by a letter confirming the value of the individual to the organisation is a great way of making people feel valued and important. This should be followed up by actions to confirm what the company has said. Such actions could include off the job training, chairing or leading a working party to solve a key company issue, deputising for a manager, visiting clients or suppliers with a view to securing improvements, even changing jobs or being part of rotational career development programmes. All of this could retain talent in the organisation without having to reach for the cheque book.
But remember, if you are serious about talent and you want to retain it, then you do need to recognise its worth and career development initiatives provide a structured way of augmenting pay and benefits, so rewarding performance in a way that is recognised by all.
Dr Hugh Billot, Deputy Chairman
HR GO Group of Recruitment Companies
HR GO Recruitment offers solutions to all your staffing needs, temporary and permanent, please call 0845 130 7000
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