Recruit, Reinforce & Reward, and Retain.
If we want to retain high potential talent, we need a plan. That plan should entail three key components: Recruit, Reinforce & Reward, and Retain. These components are discussed in this white paper along with results from a survey conducted by TMA and Oracle HR.
In the hyper-competitive world of business, retaining top talent is imperative for survival and success. But there’s more to it than that. We must also deploy them in ways that fully leverage their individual and collective strengths. Organizations should begin developing high potential talent related metrics as soon as possible to better manage them throughout the employee life cycle, from recruitment through retention.
Most high potential talent thrive when working in a state of continual stretching that is part of an integrated developmental approach that includes coaching and strategic rotations and promotions. Building trust through open conversations between the person being assessed and the person performing the assessment is a critical component of retention, as is holding managers responsible for that retention. Also, involving senior leaders who will source for business savvy, leadership talent, and other desired values and behaviors cannot be overstated, either.
All of these attributes are as important, if not more important, than technical skill sets. Also taking steps to keep them in the fold for as long as they are creating value. The best way to do so is to create value for such talent by reinforcing their desire to continue delivering within the organization.
The Center for Creative Leadership’s (CCL) Learning Model suggests that talent development comes from three key components:
- On the job training through challenging assignments represents 70% of development
- Candid feedback from coaches and mentors represents 20% of development
- Courseware and training represents 10% of development.
Read more details in the survey results white paper by Oracle.