You’ve developed your top employees – but will they stick around or run for the hills?
Managing top talent is a tumultuous process. On the one hand, you want to develop their skills and develop them to their full potential. On the other hand, training them could lead to a mass exodus – which will play havoc with your bottom line.
Finding that middle ground, where an employee feels valued enough to stay whilst also being continually upskilled is tough. According to a report from Hayes, 43% of employees are actively looking for other career opportunities – with 71% of workers willing to take a pay cut for their ideal role.
“Workers today expect more than just a paycheck from their jobs, and they are willing to compromise on base salary to find the right fit,” added Dan Rodriguez, Hays US president. “We hear every day from candidates looking for a company culture that fits with their core values. Strong leadership, open communication, work-life balance and career development are only going to become more important for attraction and retention.”
With that being said, it falls to the C-suite to come together and negotiate up with a viable, long-term talent strategy. HRD spoke to Nahal Yousefian, chief people experience officer at MEC and speaker at HR Leaders Summit Vancouver, who explained how to manage your internal talent pools.
“The philosophy we’re taking here at MEC is that the approach to talent retention is already outdated,” she said. “Instead, there should, be a focus on talent generation. As project-based work becomes more prevalent, the concept of trying to retain talent is a fruitless journey. However, generating talent is where it’s at.”
LinkedIn’s 2018 survey found that 93% of employees would opt to stay in their role if their employer invested in their careers.
“Organizations should want to become famous for a platform where talent can come and get the opportunity to fine-tune their skills,” continued Yousefian. “If they then choose to leave, the door should be open for them to return.”
The message is loud and clear – don’t be afraid to develop your top talent. They’ll thank you with their loyalty.
To hear more from Nahal and other industry leading experts, don’t forget to book your ticket to HR Leaders Summit Vancouver here.