Retaining Staff through Talent Management

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Retaining Staff through Talent Management Introduction Retaining skilled or talented staff can be the basis of developing real competitive advantage in your markets; it can also be a complete waste of management effort if your market strategy is not based on the use of rare or scarce skills and is simply used as a ‘mantra’ for progressive HR or employee relations practices. The issue of ‘talent management’ was first raised in the mid 90’s (in its current form) through an article in the Harvard Business Review. The ‘War for Talent’ framed a competitive marketplace where those companies that could attract and retain the best ‘talent’ would eventually out-perform their competitors. McKinsey &Co, the strategy consulting…show more content…
The issue is getting the balance right between talent, experience and skills ➢ Performance Management should not rely on perception data – Fact and reality based assessment should determine performance management outcomes General Principles That Drive Staff Retention Be clear about what you are trying to achieve ➢ What are your organisation 's goals? ➢ How do they relate to the need for staff retention? ➢ Can you build a case for longer serving staff creating more value? ➢ Specifically – who do you want to retain? – and how will that affect achievement of the organisations goals? Communication creates Commitment ➢ Do you have a compelling vision for staff? ➢ Regular communication is a vital precursor to staff believing they are involved in the organisation. ➢ Are your people aware of the organisation 's goals and how their personal performance goals contribute? ➢ Communicate all changes whether large or small, good or bad. Involvement creates Commitment ➢ People increase their effort and motivation when they believe they are involved and can affect the shape of events (and goals and targets etc) ➢ In organisations which rely on the commitment and
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