Critical Components to Your Talent Attraction and Retention Strategy, Pt. 3

“The quality of an organization’s human resources is perhaps the leading indicator of its growth and sustainability. The attainment of a workplace with high-caliber employees starts with the selection of the right people for the right jobs.”

Talent management is a business strategy that is reflective of an organization’s commitment to attract and retain the best talent throughout all levels of the organization. The potential impact on an organization can be huge when quality talent is aligned vs. misaligned with organizational need.

  • A bad hire can cost a company as much as 5x’s that employee’s annual salary, depending on the type of job. “Zappos CEO, Tony Hsieh once estimated that his own bad hires have cost the company well over $100 million.”
  • Organizations with a high level of engagement report 21% higher profitability and 20% higher productivity (sales).
  • A highly engaged employee has 40% fewer defects, 70% fewer safety incidents, 28% less waste, 41% less absenteeism, and 24% lower turnover in high-turnover organizations (Gallup).
  • Gallup estimates 70 percent of employees are disengaged. A disengaged employee can cost an organization approximately $3.4K for every $10K in annual salary.3
  • Organizations with a culture of training and development show 13% stronger business results (ADP, LLC presentation, 2015).
  • Companies that have career development demonstrate 250% higher productivity than those that do not (Chronus, 2014)

High performing organizations have figured out how to effectively integrate talent management as an essential component of their business practices. These high performing organization (HPOs) have been successful with integrating the following practices to drive organizational performance.

How should you begin? Initiate the process by assessing your talent and succession readiness:

  • How can your organization benefit from integrated talent management and succession planning processes?
  • Do you have a strategic workforce plan that identifies the roles that are essential to your core business and execution of your business objectives?
  • Do you understand the knowledge, skills, abilities, and experiences that are needed for success in these roles? Do you know the critical skill gaps that need to be closed?
  • Do you have the right talent with the potential to move into critical roles that support your strategic objectives?
  • Who are your ‘A Players’ that you can least afford to lose? What’s your plan for retaining them?
  • What “are you doing” or “should you be doing” to develop and prepare your essential leadership and workforce talent to step into critical roles when needed?

What should you do next?

  1. Identify a member of your executive team who will serve as the champion of your talent management program and succession planning process.
  2. Assure alignment of your workforce strategy with the organization’s business strategy.
  3. Conduct a gap analysis to assess talent gaps for jobs most critical to executing your business objectives (at the leadership as well as workforce levels).
  4. Identify potential incumbent workers for jobs most critical to the success of your core business processes. Create a plan to acquire the talent that doesn’t already exist within your organization.
  5. Align the potential successors’ interests and talents with the organization’s needs and prepare development plans (i.e. coaching, mentoring, targeted training/education, stretch assignments or special projects) to accelerate their readiness.
  6. Continue to review and evaluate the effectiveness of your talent and succession planning processes and make the necessary adjustments.

References:
“2016 Q12® Meta-Analysis: Ninth Edition.” Gallup. April 2016.
Rokos, Greg. “10 important statistics on bad hiring decisions.” Green JobInterview. http://greenjobinterview.com/2014/01/10-important-statistics-on-bad-hiring-decisions/.
“2012 Q12® Meta-Analysis: Eighth Edition.” Gallup. February 2013.
“Our Tips Reveal: Employee Development Program Best Practices. Chronus Blog. May 2014; http://chronus.com/blog/tips-revealed-employee-development-program-best-practices.
“The People-Profit Chain™, an i4cp Report.” i4cp. ©2013; https://www.i4cp.com/people-profit-chain

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Posted by Donna Rhodes in Talent Pipeline, Workforce

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