As the job market improves, employee mobility could rise to an all-time high. Here’s how to retain workers through talent development.
As a result of economic recovery and the strengthened job market, 28% of all employees reported that they were looking for jobs at new organisations in 2014, according to Modern Survey.
It is clear that effective talent management is needed now more than ever.
As an important first step, HR needs to identify high-potential employees and communicate the company’s investment in them. When doing so, however, it’s important not to promise any particular outcome, but a path forward.
“As with all types of selection, the communication associated with the program is the key, as setting expectations and then not meeting them will create risk and disengagement.”
Instead, HR should showcase “a series of options and contingencies” available to the employee.
Other critical steps include:
- Developing a framework that provides for career advancement, such as mobility, flexible work arrangements, and job rotations or stretch assignments that offer new opportunities in breadth, scope, or enhancement of work skills
- Communicating an EVP that is well-respected in the organisation and also resonates well with the external market
- Enabling smartphone technology that eases communication between employees and managers. Two popular apps include Yammer and Huddle
- Considering a implementing 9-box grid assessments that account for potential, performance, and future plans for development
- Creating a structured process for internal job postings and commit to hiring from within
- Establishing a robust culture of mentorship
Companies that successfully implement these initiatives can reap countless benefits in the form of valuable leaders developed within their own organisation.
“Employers that acknowledge the expectations of today’s employees and adopt more innovative employment practices, such as situational development, increased mobility and flexibility, are more likely to have success encouraging more executives to move their careers into management,” said Nick Bailey, partner, Grant Thornton.
