Retaining Top Talent in a Year of Rising Economic Confidence

With the rise in economic confidence over the last few months the job market is beginning to look more buoyant. High performers are assessing their existing situation and looking to progress their careers with new opportunities. Employers will be required to develop new talent management strategies to keep high performers motivated, challenged and retained within their organisations.

The Challenge

At a recent breakfast meeting we held, delegates from a range of organisations across different industries discussed the subject of defining and retaining talent in a recovering economy. Click here to read our Lead Consultant, Alana Inness’ summary of the discussions.

Definitions of talent

The delegates began by discussing the different ways that talent was defined within their organisations. Most identified a group of “high potential” individuals but how this was defined and then managed varied. This was the type of “talent” that seemed to be managed most formally as part of a process or programme. Some of the measures included cognitive ability, emotional intelligence, ability to adapt to new roles or situations and breadth of experience but few measured technical ability; it was taken as given that this performance must already be in place in order for the individual to be considered to have high potential. Once identified, it was this group that tended to receive an accelerated route through the organisation through development and profile raising opportunities. It was noted that this approach did bring some challenges for those not in the group.

Key issues and recommendations

Providing opportunities for progression

Cost heavy career development teams now seen as a luxury have been cut from many organisations; a key challenge, even for the larger ones, was about how to identify and engage individuals looking for progression when there are limited opportunities to be promoted. Few organisations had a formal process in place where secondments could take place and often the siloed way in which some organisations work meant that there were issues around practicalities such as salary differences that hindered sharing of talent and gaining breadth of experience.

Key issues and recommendations

Creating the right culture for talent to thrive

Increasingly organisations are measuring not only the “what” but the “how” of results. Some delegates felt that organisations should be stronger at sifting out high profile individuals who were not meeting the “how” measurements, some had seen this done and it was seen to be very effective in driving the right behaviours.

Key issues and recommendations

What is Crelos’ approach to Talent Identification?

We focus on your commercial requirement and business strategy to make sure that you get a clear return; rapid growth, sustainability or differentiation may require subtle differences in approach. By framing your talent programme in the context of your commercial requirements, and by what has gone before, we will make clear recommendations about what will best help you achieve your objectives.

We work out exactly what ‘talent’ means in your business; talent in one business means something quite different to another. Our process is specifically designed to understand what talent means for you. While we can show you how your talent compares to extensive benchmark data, you can have confidence that you will also know what it means for you against your own set of criteria. This is critical for you to differentiate your resourcing and development process from your competitors.

Different talent is required for different roles; the temptation is to think that all ‘high potential’ will fit into one profile. Our approach defines individuals’ ideal role from a motivational point of view and from a capability point of view, in order to evaluate the way and the extent to which they will make use of their ability and personality in a particular work situation. You can then make better decisions about placing people in roles that they are both competent for and motivated to deliver against.

Transparency is key to our approach in measuring talent; our assessment method is not a black art. The leadership of your business will fully understand the measures used and how to interpret the information so that they can take properly informed decisions about the people in their business.

If you need us to not only design your talent criteria but also assess against it, you can rest assured that our methods are both reliable and accurate. All of our consultants go through an extensive, rigorous training and examination process to be qualified to conduct our assessments. The examination is written, verbal and observational and the pass mark required is 85%. This means you can guarantee the quality and accuracy of the information.

If you would like to have an informal conversation about how we build a picture of talent within organisations please get in touch with Alana Inness on 07738 319204 or alana.inness@getfeedback.net