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Managing Talent in Times of Struggle: 7 Tips to Attract, Retain and Develop Talent in Trying Times
There is no doubt about it, these are challenging times. Large organizations trim staff, niche companies pick up slack, and first time consultants abound. These are the signs of the changing corporate landscape.
The constant is talent. We all need solid, qualified, professional people to work with us to get the job done right. A year ago we were asking: "What to do when the Baby Boomers retire?" There was going to be a severe shortage of workers. With the change in fortunes, portfolios and 401k's the critical question has become: "What to do when good people can no longer afford to retire?"
As business schools, colleges and universities graduate eager young people into the overly full workplace; how do you attract the best and brightest to work for you and not your competition?
1. Have an open and honest conversation with your employees who were slated to retire in the next 2-3 years. Ask them if their plans have changed. Work with them to the best of your ability to meet their changing needs. This could be a very difficult conversation for them to have with you. Consider using some resources from Harvard Business Press or Wharton Press on how to manage this type of conversation.
2. If your organization needs to release resources consider your options. It is very likely that you may not be able to hold onto the senior resources who were planning to retire. If that is the case, consider carefully what you need to do to capture the information, skills, talent and relationships that you will lose when they go:
Can you create a mentor program whereby they can mentor younger, up and coming talent? Can you afford to hire them as subject matter expert consultants for specific projects?
How can you prepare clients for the change in account management so that your organization keeps the relationship even if the favorite account manager retires?
3. For every loss, there may be a gain. Review your talent management practices concerning new hires. Are you doing everything possible to attract the best and brightest talent to your company?
Take the time to brainstorm with your key personnel. Ask them why they enjoy working for your organization. Be specific. List tangible and intangible benefits.
Make sure that every potential candidate gets an accurate, honest and complete understanding of why they should work for you.
4. Review how you search for new talent. This is the time to make sure you have good internal and external recruiters searching for the right new hires. Offer incentives for internal referrals that lead to a good hire.
5. Do due diligence. It is less expensive to have a thorough and complete hiring process than to be forced to release a new hire and start the process all over again. Consider using personality assessment tools like the Birkman Method to delve deep into what motivates the candidate to succeed.
6. Retaining key personnel is a must. In times of stress, people become worried and anxious. Many feel a need for options. Make sure your key personnel are not unduly concerned:
Talk with them. Discuss why they are important to the organization. Make sure they have a clear career path. Be honest about what they can expect as far as changes in workload, etc.
Maintain an "open door" policy. And mean it. The more people can see that there is nothing to hide, the more they can relax and focus on the task at hand.
7. Develop your people. Budgets may be tight for professional and personal development training. Use internal resources for continued education:
Ask subject matter experts to conduct short classes during lunch or before and after work.
Use community resources like SCORE or retired personnel who may charge less for mentoring bright people who are truly interested in learning new skills.
Start a professional level book club and use top notch business books to increase communication, leadership or managerial skills. Be creative!
These are the times that test true leadership capabilities. Look carefully at how your organization is handling change. Identify the gaps and be courageous in plugging the holes. If you complete an honest assessment upfront, it will cost you less down the road to fix the problems whether it is through internal resources or you hire a company to assist you.
About the Author Elizabeth Darcy Hope is the CEO of Fox Hollow Consulting Group, LLC. An international Executive Business Coach and Management Consultant, she has successfully guided many organizations through the process of change management. She can be reached at http://www.foxhollowconsultinggroup.com.
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