Your organization is changing. This year, more folks are changing jobs than at any time since 2008. It’s happening to well run companies and poorly run companies. A client of mine has seen two top level departures, and hired 5 new senior level positions. Another has seen virtually a whole senior leadership team go out the door. These types of top talent changes are natural challenges to successful business operations.
As an organizational leader, you need to be thinking about how best to manage your top talent. True talent management, however, goes beyond just managing existing employees and projects. Traditionally, leaders who excel at talent management have recognized that a successful organizational strategy depends on having the right people in the right roles focused on the right tasks.
Yet even this traditional model of management is changing in response to the current transitional employment environment. Roles and responsibilities certainly need to be clearly defined, but at the moment, the people you use to make it all happen are considering where best to deploy their talents.
The only way to respond to this environment is to join your top folks in the conversation. Often I recommend leaders use an acronym to remember the process for top talent management: AREA. As a leader you need to consider how to Attract, Retain, Engage, and Activate your top talent.
Attracting top talent. Skilled professionals today are looking for more than a great compensation package. In fact, when considering knowledge workers or intellectual capital type positions, compensation level is only moderately correlated with job motivation. Once the baseline of a fair or competitive compensation package is set, boosting financial reward is unlikely to highly motivate folks. You need to be thinking about what it is like to work in your organization – are you a “top place to work” in your industry or geography?
Retaining top talent. Most of the current work satisfaction research tells us that people don’t leave bad companies – they leave bad managers. Stress related to supervisor relations drives talent out the door. It is critical that you don’t assume that highly skilled employees don’t suffer from this type of stress. Just because they are smart, talented, capable employees doesn’t mean they don’t require a strong management relationship. Just the opposite is true: top talent want to be recognized and supported in their efforts. Create strong relationships – know how these folks are doing and what they experience in the way of challenges and successes.
Engaging top talent. When you create a relationship with your talented employees to the degree you understand the challenges and successes of their work, give them the space to think these items through. Sometimes this can occur by providing a professional coach, or a senior leadership team facilitation. The key is that these talented people have the opportunity to explore their own success factors in a meaningful way as they go, with a non-judgmental support structure. Engagement isn’t strengthened when these types of conversations happen in a performance review – there are conflicting interests at that time. Engagement comes from eliciting the best ideas and skill development your employee can provide – because it is exciting or meaningful to them personally and professionally.
Activating top talent. In his best-selling book “Drive”, author Daniel Pink identifies autonomy, mastery, and self direction as critical motivational factors in today’s workforce. Someone you identify as a top-performer is very likely to value these factors highly. To activate your top-talent don’t micromanage; be clear about due dates and outcomes expected, but give them a free hand to determine how and with whom they will best complete the work. Remember, you can’t disengage from them or you risk employee frustration and stress. Rather, encourage their creativity and recognize that they have the talent to excel. Clearly indicate your willingness to respond to requests for support, and determine the frequency of interim reporting.
Go beyond thinking about what you need to pay to attract and retain your top talent. Talented folks what to be engaged in the work they do. Provide them with the support they need to become engaged and activated, and watch your organization thrive.
Stuart G. Danforth is the Director of Positive Leadership Dynamics in Wayland. He may be reached at www.positiveleadershipdynamics.com
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