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TURNOVER: TOP TALENT TURBULENCE
STRATEGIES FOR ORGANIZATIONAL CHANGE
What
are the most serious indicators of plummeting
business revenues? …Empty chairs
where
your top talent used to sit!
Vacated positions in a knowledge-based business
represent not only lost revenue
opportunities, but also a host of other serious
costs that are not always as easy to spot,
including:
-
Loss
of valuable intellectual capital and
training investments
-
Delayed
product delivery to market
-
Increased
vulnerability to competitors
-
Decreased
customer confidence
-
Decreased productivity from remaining staff,
who are overworked and demoralized
Quantifying the costs of top talent turnover is
easier than preventing it from happening. There
are a
host of “turnover calculators” available on the
Internet today that will help attach a price
tag to
turnover and qualify it for a place on the
boardroom agenda. The formulas they use will
verify
that talent turnover is a major drain on
business. Depending on the value of the
position,
calculations will reveal substantial costs
related to LOSING AND REPLACING talent.
Knowledge-based businesses are the hardest hit
when top talent leaves. If your business
depends on the development of software
applications, for example, and you lose a
talented programmer
with a
minimum of 3 years experience in your company,
the loss can easily amount
to
900% of that person’s unburdened salary!
Here
are additional financial exposures:
-
Your competitors now have the opportunity to
acquire your knowledge base widening your
financial risks and reducing your
competitive edge.
-
Your current development project(s) can be
substantially delayed in getting to market,
slashing
your ROI and decreasing customer
confidence.
-
The remaining staff picks up the slack but
their productivity and the quality of their
production is
lowered due to overwork as
well as the demoralization that is
inevitable with workplace
downsizing (no
matter what the cause).
How do
you keep your top talent committed to working
for YOUR Company? The best strategies
to
achieve this goal begin with putting the RIGHT
PEOPLE in the RIGHT JOBS – and continue
with
appropriate performance appraisals, meaningful
recognition and compensation,
generation-sensitive benefit packages, plus a
focus on training and development.
At this point in our economy, it is still an
employer’s market – but forecasts are all
pointing
to an
EMPLOYEE’S MARKET in the upcoming years. This
is prompting many companies to
take a
serious look at developing their recruiting and
retention strategies. Prepare for tough
competition,
as top
talent turbulence becomes the norm. In the end,
the companies who can recruit and retain top
talent
will be the only winners.
Questions for your Leadership Team to ponder:
How
does your business currently measure human
performance against the KEY
ACCOUNTABILITIES of your critical jobs?
Do you have the right talent in place NOW for
the unique challenges of today’s evolving
business world?
What are your company’s strategies for retaining
top talent? Are you practicing them
consistently?
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