Attracting and Retaining Top Talent

We are in a middle of a work revolution, Globalisation and the rise of automation paired with the next generation of computers who desire more personal, intuitive brand experiences are driving companies to rethink their approach to talent management and acquisition. For that, every company has some form of programs designed to foster their talent, as these high performing individuals have a huge impact on business profits.

Before we begin with the steps of identifying, attracting, and retaining the top talent we must be familiar with the word Top Talent. While top talent is generally contemplated by the organizations those individuals who are getting the highest scores or increment on their performance appraisals but as such, there is no single definition of top talent, except perhaps those individuals who evince the traits which are most valuable for the organization, it may vary as per business needs like for a company analytical skills are most important or for some might be innovation and creativity. It’s very important for organizations to identify the top talent of their organization. As per Mckinsey’s recent study shows the high performers are 400% more productive than the average ones. The study also reveals that the gap rises with job complexity. In high complex work, high performers are an astounding 800 % more productive. Here are few ways mentioned by Spark Hire about identifying the perfect candidate is – Look at the previous roles and responsibility of the individual because some organizations inflate their job titles to make them desirable and attract talent. Secondly, evaluate their behavior with others as interpersonal skills are most important to mentor and motivate others. Thirdly, they mentioned about the past initiatives taken by the individual. So precisely to identify the top talent, capture the required traits as per the business needs and include them in the Job Description and Performance Appraisal for the role. But we should also consult with the managers and peers; there might be a situation that the potential employee not be identified by the performance appraisal process.

Once we have identified the organization’s top talent, it’s important to put programs in place effectively. Stated by Harvard Business Review, Here is how:-

1) Start asking questions to gain insights on employees

2) Create more on-the-job opportunities

3) Vary learning experiences

4) Provide regular feedback

It may vary as per business needs and the nature of work too.

Let’s have an example from Forbes Magazine, How the “Hilton – best companies to work for 2019” engage employees and retain top talent.

They have introduced the Hilton Senior Leadership Business Immersion Program, which connects the senior leaders to the most fundamental aspects of the business. In this program, senior leaders spend three days doing the real front lines work which provides them insight into how the staff feels, the challenges they face, and what improvement might be required which is benefiting. Hilton seems to have given a new meaning to the phrase, “Don’t just talk the talk, Walk the walk. Indeed this type of immersive experience that connects leaders and staff seems to have a powerful positive ripple effect throughout the organization.

When leaders make an effort to implement few principles in their interactions, experiments with them, and continually refine them based on those findings, organizations will not only see staggering growth, they will be able to effectively engage and retain the top talent. Any company can turn one’s hand by making a few changes to its managerial practices. It’s time for the leaders to open communication channels and address each employee personally. Help your workers shape their learning and long-term contributions for the better.

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