West Perth, Australia (PressExposure) September 14, 2009 -- As companies begin the recovery talk and consider their readiness for a market up turn, employees may well be coming out of their bunkers and reviewing their employment opportunities. Many employees have suffered pay cuts, bonus-less periods, colleague layoffs, management changes and organisational restructuring and instability over the last 18 months. They have put aside their âemployment wantsâ i.e. skill development, career progression, reward and recognition etc just to remain employed. However, now that there is light at the end of the tunnel, a process of reassessment will begin.
Research by the Corporate Leadership Council (CLC) suggests that the âIntention to stayâ among high potentials has dropped by 21% between Q4 2008 and the first half of 2009. This highlights an increasing vulnerability for organisations who are not focused on talent management.
For many organisations managing talent is a key strategic process. By definition talent management is the process of developing and integrating new workers, developing and retaining current workers and attracting highly skilled workers to your company.
Talent management cannot be left to the HR department, but should be worked into the business strategy and implemented in daily processes throughout the company. Companies with a competitive Employment Value Proposition (EVP) that is effectively delivered are a step ahead of the game and more able to capitalise on the impending economic upturn.
A few suggestions for retaining key talent and successfully taking advantage of the economic upturn are as follows:
-Initiate career conversations with valued or high potential employees to decipher the best ways to uncover development opportunities and methods to retain those who may be feeling neglected.
-Focus on improving organisational stability. Unstable work environments and the impending threat of further change reduce employee performance and commitment. Organisations who are upfront about the level of stability in their organisation will benefit from improved retention.
-Improve job interest alignment i.e. where job responsibilities match employee interests with valued or high potential employees. (CLC identified this as the top commitment driver in current times). Create ways to help employees select work and roles that align to their job interests to keep them focused and satisfied.
-Improve co-worker quality â the disengaged are staying, so work on improving employee engagement, the quality of work teams and productivity. This can be done by refreshing your EVP for critical talent segments focusing on key attraction and retention drivers relevant to todayâs market.
Now is the time to shift out of âsurvival modeâ and get proactive on you talent management strategy. Organisations that invest time and energy now will not only benefit from improved employee performance in the current environment, but also benefit from improved retention as the economy stabilises and grows.