Talent Management Predictions and Solutions for 2014: Talent will Rise (Again)

Talent related initiatives have taken a beating since 2008’s economic downturn, resulting in cost cutting via salary reductions. Due to scarce alternative employment options, employees remained silent as cultivating talent was put on the back burners by corporations.  Salaries increased at a marginal pace and wherever possible, employers did not replace people who left or replaced them with less experienced, ‘cheaper’ resources.

The Prediction

Employers be warned! I see the first signals that we have turned the corner. 2014 will slowly see the shift from an employer-driven talent market to an employee driven one. Economic growth is slowly picking up and if companies don’t respond quickly their talent is going to leave them at the very first opportunity they get. CEOs who may have taken advantage of their power over the talent market during the past 5 years will specifically be hard hit. Their best people will now have excellent job opportunities outside and will have no reservations to make the jump.

The Solutions and Actions

So what can you do to turn this around? Here are 5 tips to help you steady your talent ship before it’s too late:

1.    Talk to Your Employees to Help Them Feel Part of the Company Culture

First and foremost you have to engage your best people. Talk to them, involve them, make them part of the future, ask for their opinion and connect with them not only on a business level but also on a personal level. It’s much more difficult for people to leave if they feel that their workplace is their second home.

2.    Help Employees See That you are Invested in Them

By understanding what your best people are looking for and what drives them, you can chart out a path that helps them grow keeping in mind both their future as well as the company’s future. If their ambitions cannot realistically be met within the company, be honest and focus on how you can help them on their journey, even if it means letting them move to another organization in the future.

3.    Challenge your Employees to Release their Potential

Strong talent loves a good challenge – it helps them push their boundaries and do something that’s important for the company. Give them projects that are outside their normal domains and help them use their strengths. Empower them completely to run these projects as their own business and you’ll find they’re unlikely to walk away.

4.    Nurture your Talent

Your best people want to learn from the best. Let them network with others whom they feel make good mentors for them, both inside and outside the company. Expose them to customers, suppliers and other external stakeholders. Get them mentored by the best leaders in your company, and if that is not possible, ask people you admire from outside your organisation to mentor them.

5.    Recognise Employees Beyond your Comfort Zone

Many Asian bosses don’t receive recognition during their careers and this often makes it hard for them to praise others. However, research shows that recognising people for their performance is the best (and cheapest) way to keep them in your organisation. Of course the praise needs to be genuine, linked to real achievements, equitable, and if possible, public.

One of the best things you can do to retain top talent is to engage and invest in your talent consistently – and not just when you need them or feel that they may resign. CEOs who understand this will win the talent battle and at the end deliver the sustainable results that they are looking for.

What is your 2014 resolution for increasing the investment in your organization’s key talent? Share with me in the comments below.

Photo Credit: ffaalumni