TOP
TALENT TURBULENCE STRATEGIES FOR ORGANIZATIONAL
CHANGE
What are the most serious indicators of plummeting
business revenues? Empty chairs where your top
talent used to sit!
Vacated positions in a knowledge-based business
represent not only lost revenue opportunities,
but a host of other serious costs that are
not always as easy to spot, including:
**Loss of valuable intellectual capital and
training investments
**Delayed product delivery to market
**Increased vulnerability to competitors
**Decreased customer confidence
**Decreased productivity from remaining staff,
who are overworked and demoralized
Quantifying
the costs of top talent turnover is easier
than preventing it from happening.
There are a host of “turnover calculators” available
on the Internet today that will help attach
a price tag to turnover and qualify it for
a place on the boardroom agenda. The formulas
they use will verify that talent turnover is
a major drain on business. Depending on the
value of the position, calculations will reveal
substantial costs related to LOSING AND REPLACING
talent.
Knowledge-based businesses are the
hardest hit when top talent leaves.
If your business depends on the development
of software applications,
for example, and you lose a talented programmer
with a minimum of 3 years experience in your
company, the loss can easily amount to 900%
of that person’s unburdened salary! Here
are additional financial exposures:
1. Your competitors
now have the opportunity to acquire your
knowledge-base, widening your financial risks
and reducing
your competitive edge;
2. Your current development
project(s) can be substantially delayed
in getting to market, slashing your ROI and
decreasing customer confidence;
3. The remaining
staff pick
up the slack but their productivity and
the
quality of their production is lowered
due to overwork as well as the demoralization
that is inevitable with workplace downsizing
(no
matter what the cause).
How do you keep your top talent committed
to working for YOUR company? The best
strategies to achieve this goal begin with
putting the
RIGHT PEOPLE in the RIGHT JOBS – and
continue with appropriate performance appraisals,
meaningful recognition and compensation, generation-sensitive
benefit packages, plus a focus on training
and development.
At
this point in our economy, it is still an
employer’s market – but forecasts
are all pointing to an EMPLOYEE’S MARKET
in the upcoming years. This is prompting many
companies to take a serious look at developing
their recruiting and retention strategies.
Prepare for tough competition, as top talent
turbulence becomes the norm. In the end, the
companies who can recruit and retain top talent
- and talent that fits their jobs - will be
the only winners.
How does your business currently measure human
performance against the KEY ACCOUNTABILITIES
of your critical jobs?
Do
you have the right talent in place NOW for
the unique challenges of today’s
evolving business world?
What
are your company’s strategies for
retaining top talent? Are you practicing them
consistently?
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Face
the future with confidence through effective
human performance management. Contact Joe McKenna,
Founder of The KENNA Company AND EXPERT IN
THE EMPLOYEE SELECTION PROCESS, to discuss
how the TriMetrix™ System
can lead your company to success with CUSTOMIZED
JOB BENCHMARKING,
TALENT SELECTION and PERSONAL DEVELOPMENT.
Joe is a Certified Professional Attributes
Analyst, Certified Professional Behaviors
Analyst
and
Certified Professional Values Analyst. Joe
is also a member of the highly exclusive TTI
International Faculty, qualified to work with
organizations around the world.
TriMetrix™ System
is a trademark of Bill Brooks and Bill J.
Bonnstetter
Copyright ©2004
Target Training International, Ltd. All rights
reserved.
