I frequently get the chance to communicate with CEOs and management of multi-nationals and SME’s about the worth of top talent to their company. I have arrived at the following findings:
* Capable executives are commonly inspired and drawn by the possibility of individual improvement as opposed to substantial compensation.
* Top talent appeals to other top natural talent – a firm with talented executives is much more likely to appeal to other such applicants.
* It frequently happens that a corporation full of leading talent will get bigger quicker, recognised as a market leader and yield more profits than its rivals.
I forecast that the subject of talent engagement will be one of the fundamental factors for years to come. The present-day and forthcoming supply of talented executives are impacted with expected transformations in population demographics, more astute possible hires, technological innovation and globalisation. Without a process to recognise talent, bolster the abilities of current leaders and raise the number of individuals in the management pipeline, a organization is more probable to be unsuccessful.
The labour sector is currently particularly tough in a number of economies and with many markets having issues discovering appropriate talented executives for fundamental business positions, all points to the reality that holding onto talent ought to be a high priority. It is my viewpoint that businesses without a very clear method for discovering and keeping talent will overlook opportunities and have a higher chance of failing.
Various important points to think about in producing a retention strategy:
1. Identify the people who are the most important to keep hold of.
2. Understand the environmental ‘push and pull’ variables that support retention.
3. Establish an employee value proposition for high potential-high value employees and put together techniques to put into action this proposition.
4. Talent management is not limited to HR, it is something that each individual leader should do and be responsible for.
I am frequently asked if executive search firms are not at the root of corporate retention issues? To be honest, the answer is absolutely no. Needless to say if there was total retention in businesses then executive search firms would likely not exist, however retention is in fact to our advantage. If recruited individuals promptly move on, in the end neither clients nor candidates will take the phone calls of executive search consultants who are not capable, or reluctant to match up the requirements of the client and or candidate. I am confident that a value-oriented model will outlive and go beyond a transactional model. The executive search consultants who have an understanding of this are the ones that help develop their industrial sectors.
Being successful in discovering talented people will lead to recurring business. Search firms who line up their pursuits with their own clients’ have a substantially better prospect of being successful in every search, in doing so having a much better chance of repeat business. Effective executive search consultants compel both the client and the candidate to make great and in some cases tough decisions. Without trust this would not be feasible – the emphasis should be on solutions, not just positionings.
As the marketplace for executive talent becomes more and more fluid, as actual and recognized loyalty of the employee to the employer diminishes, firms without a very clear method for discovering and keeping talent will miss out on opportunities and in due course be unsuccessful.
Executive search firm TRANSEARCH International has representation in most of the major economic centres of the world with 59 offices in 37 countries. TRANSEARCH International was founded in 1982 and is a leading international executive search search firm.