The talent brain drain

After months of reading articles, posts, opinions and whatever over the net on how to avoid talent brain drain, I am going to try and put into a nutshell the ideas I have been gathering. Before I start though, I must say that all that is being said on the matter is quite vague, and it’s almost impossible to find real and applicable “solutions”.

For the most part, allegations HR managers make are well known to all. There’s nothing new there…and nothing surprising. What’s obvious is that these professionals are deeply worried by this talent “brain drain” and are desperate for answers, even though solutions are late coming…

And that’s not surprising as the latest international studies have put forward figures that would make any personnel manager tremble.

First of all, 33% of employees are deemed “high risk”. That’s that same as saying they are not committed to their company and do not plan to stay beyond two years. Some 39% feel “trapped”; they too are not committed, but do intend to continue in the company over the next two years. And finally, the remaining 24% are loyal to the company.

Now we need to delve and find out where our talented employees are, and unless they are one of the 24% who are loyal, we should worry and develop really effective plans of action.

PROBLEMS FACED BY THE TALENTED

Although it’s no easy task, defining the profile of our talented employee can help us understand the problems faced daily. We can then identify the benefits to offer the employee, particularly the ones that represent a real advantage for him over any company in the competition

Although each company is different, I think there are common elements shared between all talented people we must bear in mind.

One of the ideas often repeated is that talented people wind up doing the work of others who aren’t so talented, and end up overloaded with extra responsibilities outside their own, because their colleagues expect more of them. The challenge for the talented is to generate positive synergy in the entire group and not the other way round, and also to “level out” downwards.

Another common issue is that these people “stagnate” or feel blocked. If they feel they will be in the same job for the rest of their lives, they feel imprisoned and end up “escaping”.

For the employee, these scenarios can create stress, disenchantment, fatigue—elements that can be the last straw.Other reasons may be, for example, disagreement with decisions taken by company leaders which make them feel uncomfortable with those steering the company, or stressful and difficult relationships with superiors.

It’s time to find solutions… What makes talented people decide to stay on in our company rather than go to the competition? Here are some examples.

BENEFITS TO OFFER IN ORDER TO AVOID TALENT DRAIN

1. Value and respect people, showing interest in them.
2. Make them feel useful and satisfied with their work.
3. Offer “space” to allow them to develop their talent.
4. Give them the freedom to contribute with new ideas in such a way they can see the results of their own creativity and initiative.
5. Make space for their professional development: offer them a well-defined career plan within the organization which is for REAL.
6. Offer challenges.
7. Financial compensation: competitive salaries, benefits, intangible benefits (training, etc…).
8. Align the individual’s objectives with the global corporate objectives. Offer them free hours, flexible hours, teleworking, etc.
9. Allow them to advance within the company to decision-making levels.
10. Enable participation in the company, through shares, etc. It is vital that the employee feels part of the organization, as if it were his own, even if it were a just a tiny percentage. The goal is to make the individual “fall in love” with the corporate project.

BENEFITS HARDER TO OFFER, BUT ONES THAT MAKE ALL THE DIFFERENCE

1. A fun corporate culture
2. Flexible dress code
3. Experienced and imaginative leaders
4. A sense of organizational pride
5. Good working climate among colleagues
6. Doing stimulating work
7. Fluid and real communication with superiors
8. Team spirit, encouraging events which let employees build personal relationships and have fun
9. Identify whether an individual begins to lose interest in the current work and try to relocate him in an area where he feels more motivated
10. A leader who identifies and answers to the personal needs of each of his team members

HOW DO WE DO IT?

Based on a survey conducted by Price Waterhouse Coopers, only 10% of their clients have a programme for retaining personnel. And even then, these programmes have not proved to be effective enough. The reason for this failure seems to be poor identification of the personal needs of each talented individual.  This impresses the need for developing specific programmes for each one.

How? A solution might be to offer a wide range of possibilities and let the employee prepare his own personal benefits plan within some pre-established parameters. Let’s not forget that it is also vital to execute a competitive salary plan as well as involve key people in the development of their career path.

And now… what are you waiting for to implement a talent retention plan?