Attracting And Retaining The Right Talent
Why is talent important? Superior talent is up to eight times more productive it’s remarkable how much of a productivity kicker an organization gets from top talent. Great talent is scarce, 6 It refers to the increasingly fierce competition to attract and retain employees at a time when too few workers are available to replace the baby boomers now departing the workforce in advanced economies.
What are the big ideas? Focus on the 5 percent who deliver 95 percent of the value, Companies go through cycles of initiatives to improve their talent processes. Make your offer magnetic—and deliver, Leaders know the term “employee value proposition,” or EVP: what employees get for what they give.
How do I make it happen? The new leader of a major US public institution had a mandate for change. The defectors were mostly the higher performers and specialist talent the organization wanted to keep:
- Aspire
In the leader’s words, a team was commissioned to “fix the leaky bucket, and fill it with the finest stuff imaginable!” Core members from each division populated a task force to meet the challenge.
- Assess
With the priorities established, the team took a deep dive into the current mess.
- Architect
The working team recommended two discrete career paths, for generalists and specialists.
- Act
The leader and top team led from the front—for example, by personally attending the newly overhauled top-talent development programs—to communicate the importance of making the target EVP real and vibrant.
- Advance
The results appeared quickly: employee engagement shot up and attrition declined, especially among the most recent hires.