There is little argument around the need to find and grow the talented people who will drive the success of any enterprise , be it commercial or a public service organisation.
So what are the reasons behind top talent causing high turnover costs to organisations? According to the Chartered Institute of Management research they are usually unhappy with company pay structures and, they lack job satisfaction, training and career development opportunities.
High potential talented employees often fail to make the grade when Companies cannot meet their expectations. According to research completed by Income Data Services, many Companies are convinced that by paying high salaries alone it ensures high productivity and profits. However this is not the case, and Companies frequently find that they are paying out these huge salaries but the results they are expecting from key strategic business objectives and performance targets are not being met.
There are several key stages to implementing a business strategy which creates a culture where your truly talented people are encouraged and motivated to add the most value to your business.
Selecting, engaging and retaining talented people does not happen by accident. It must be carefully planned and properly resourced to be effective. For example, have you thought about using customised and mentored high potential development programmes as an incentive to retain your best younger high potential staff ?
Offering stretching training and development opportunities is motivational and can enhance job satisfaction. These typically highly educated top performers want to continue growing their skills through a range of options such as achieving further academic qualifications, taking secondments and working on action learning opportunities. Likewise the company benefits from having top employees who are in the know with new ideas which help to stay ahead of competitors.
Beyond Potential will support your business in this vital business growth strategy in several ways . We can help you build the vision of talent development which will produce the bench strength appropriate to a high performing business. We will also train managers and future leaders to better understand their responsibilities and help them to acquire the relevant skills.
Take a look at our overview of the processes and approach to delivering the key business strategy of Talent Development