Recent research has revealed 37 per cent of UK workers plan to leave their current job in 2015, with 59 per cent citing greater opportunity for progression as their main motivation for seeking a new role.
With an improving economy, a more fruitful job market and a dramatic increase in potential employee turnover, employers must realise that they may have to work harder to keep their talented employees. This means prioritising and managing the talent pipeline within the organisation in order to ensure staff have opportunities to develop and progress.
Businesses can provide employees with the tools necessary to perform well in their job but they must have the confidence and knowledge to utilise them effectively and feel motivated to achieve this. It is therefore vital for a workforce to feel engaged with the organisation they are working for and aligned in the goals they strive to achieve.
Furthermore, businesses must now cater for a new generation of workers, with different needs and expectations of their employers. Generation Y, or the Millennials, are beginning to filter into organisations. Known for being mobile and well informed, they are comfortable embracing emerging technologies. Businesses are therefore at a crux point adapt to meet their expectations by investing in effective technologies or risk losing talent paramount to the future of the company.
Monitoring knowledge, skills, behaviours and experience can result in pinpointing leadership qualities early on and ensuring training and development opportunities are available to ensure these individuals progress. Its also vital for businesses to recognise bottlenecks early, identify where a problem lies and how it can be solved to reduce the risk of a high staff turnover.
Reduce flight risk
With the economy picking up, the mobility of talent is increasing once again. It is a growing risk that those wanting to progress their careers and develop their skills will look to move to other organisations, where they feel there is more room for career growth.
Those who leave can often take a substantial amount of work, business and operational knowledge with them, that is often costly and time consuming to replace.
Ultimately it is the people working for an organisation that help differentiate a company from its competitors and losing them as well as valuable intellectual property has the potential to damage business growth in the long term. However, there are simple ways to ensure solid foundations for success are in place, allowing talented individuals to climb the career ladder without leaving the business.
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- 8 tips for hiring the best talent
Keeping track of talent
There doesnt have to be a huge cost attached for businesses looking to improve talent within their organisation. By investing in tools to manage the entire employee lifecycle, businesses can address their talent management needs, from recruitment to development and training.
Streamlining these processes in a single source reduces duplication, time and cost, providing all the answers needed to reach and engage talented individuals.
Using such technology also allows businesses to set individual objectives for each employee, specifically aligned to business objectives that can be analysed online. Crucially, an organisation can also identify when an employee is likely to become a flight risk and put together a talent retention plan to ensure it doesnt lose the individuals who could be crucial to the future of the business.
Integrated software can also be used to identify skills gaps across a business and conduct analysis of individual employees against available job roles. Matching key job specifications to the qualities each candidate has to offer, provides regular development opportunities.
Using the right solutions, businesses can define talent needs, align employees with business goals and monitor the overall performance of each employee. Ultimately, investing in effective technology ensures businesses have the right support to recognise and value rising stars within the organisation.