Retaining Top Talent
Adapted from the forthcoming book: The Talent Advantage by coauthors Dr. Alan Weiss and Dr. Nancy MacKay, published by Wiley.
Top talent is your biggest source of competitive advantage. In a dismal economy, every CEO will need to develop strategies to retain top talent in order to accelerate business results. Lack of focus on top talent retention could have a major negative impact on the strength of your talent pool.
ONE: What is Top Talent?
- Passion + competence = extraordinary results
- Passion is more important than anything else – you love what you do
- Competence = skills, experience, behaviours – emotional intelligence
- Extraordinary results = exceeds 360 degree expectations
- As hire As
TWO: How to Spot Top Talent and Break Down Silos
- Differentiation: 20-70-10 (ABCs)
- Strategic job functions (10% of workforce is most strategic)
- Succession Planning (internal and external)
- Strategic Planning
- Attend Leadership Development Programs
THREE: How to Retain Top Talent
- Hold people accountable for retention – it’s not about the money!
- Create personal connection at all levels
- Develop a career plan to enable top talent to achieve their full potential
- Dial-up praise and recognition
- Dial-up empowerment
- Involve top talent in strategy development
- Involve top talent in strategic projects
- Be flexible
- Invest in top talent
- Create female inclusive work environments