Right Talent to Reach The Next Level

By Tom Mollering, VP & Executive Coach
In today’s economy, every business executive, owner, CEO and president should be asking themselves one important question: “Does my company have the talent to take this business to the next level?”

If the answer is no, you probably want to begin looking for people with the right talent, but if the answer is yes, then employee retention should be at the top of your list. With employee retention statistics that prove your best employees may be sitting on your payroll while patiently waiting for the “right” job, you need to be sure that you are managing employee retention with specific individuals in mind and long-term goals in place. After all, 55% of job seekers are currently employed. These employed job seekers may be comprised of your most talented employees.

Employees Are Not All Alike
As a good leader you know the strengths and weaknesses of your employees, but do you know what motivates them? In employee retention studies, it has been found that money is NOT the reason most employees leave a job, which seems contrary to popular belief. In a recent study of over 19,000 job seekers, only 19% said money was the reason they were looking for a new position. Instead, more popular reasons included stress, mismanagement, lack of room for advancement and lack of employee development.

In order to effectively manage employee retention, it is important to determine the core values of each individual. What drives them to take action? What keeps them engaged and motivated? What needs do they have that should be fulfilled on the job?

Employee Retention Must Fit Your Corporate Goals
Developing an employee retention strategy that is specific to each individual must start with an in-depth look at your company’s long-term goals and what it needs for success. It may be helpful to answer the following questions:
• What is the next level?
• What skills do we need to get there?
• Who has those skills and what skills are missing in the company?
While it is not an easy task, it is an important step in the process of creating an employee retention strategy that will help you meet your long-term goals. Perhaps you will find that job roles should be re-organized, skills of certain employees are better utilized in another way, or certain employees are key to future success. Once you have determined how your workforce needs to adapt to meet company goals, you can implement an employee retention strategy that ensures your best talent is there to help you reach the top.