What determines a company’s success? Technology, marketing, sales and a good strategy? All of these are certainly correct answers, but lets take this line of thinking a step further: behind all of these areas you’ll find people, your employees.
So, shouldn’t the real question be more like: Who determines a company’s success?
Lawrence Bossidy expressed this approach to the question pretty well: the talent of all those involved determines development and success. It’s precisely for this reason that it’s so important to get the best of the best on board, but HR ought to be able to do more than that. HR should be able to keep the best of the best on board and to help them to become even better!
The phrase “war for talent” has been around for quite a while now, but it is still usually only used when talking about hiring new employees. This article demonstrates really well what we’re trying to get at. In their analysis, the authors found that 95 % of the “talents” in question still update their CVs regularly and send them to other potential employers during their first year at a company. On the average, a high-talent employee will leave a company after a period of 28 months.
Why does this happen? It turns out that it’s due to what the authors call the “career-development gap”.
These talented employees didn’t feel like there were employment opportunities for growth in their companies. Mentoring and development are essential for them.
So, how do you really go about holding on to your employees? By investing in them!
Just as you put time and resources into searching for and hiring talents, you should also foster their further growth, not only because doing so will strengthen and develop your team, groom new candidates for leadership positions and make you more efficient: it will also serve to increase employee motivation in the workplace and show them that their presence is valued.
Finding and retaining talented employees is crucial. Support your HR department in these efforts wherever you possibly can, such as implementing together an employee development software. Develop strategies together to promote, motivate and reward your employees.
Do the math! Failing to hold onto a good employee represents a truly great loss for the company.
Devote attention and care to your company culture! This leads to happy and motivated employees and has a positive impact on your external image: your company will become an attractive workplace for others too.