2015 Warning – A Talent Shortage! Focus on Growing and Retaining Your Talent – Part 2 of 2

Are your competitors luring your best employees away to "greener pastures?"

Are your competitors luring your best employees away to “greener pastures?”

The premise of this two part series is that there is a major issue now facing US companies as the economy continues to improve and the record number of people retiring exceeds the supply of new qualified talent entering the work place.

In Part 1 (link) I focused on three top sources of bringing in new talent. But once you obtain the best talent, how do you keep them engaged and growing? And to make the issue worse, as the economy continues to improve, you competitors are going to come after your best people to lure them away to greener pastures. You need to actively show your employees that the company cares about their career growth and that great future possibilities are available within your enterprise.

The importance of providing a skills and career growth value proposition is highlighted in the SHRM (Society of Human Resource Management) January/February 2015 “HR Magazine” in a feature story called “What’s in Store for HR in 2015.” In fact, a majority, 5 of the 9 predictions, supports this theme of the importance of talent development:
• Culture, diversity, engagement and retention will be front-burner issues.
• Corporate learning will be transformed and will take on more importance
• Talent mobility and career management strategies will become necessary to complete
• Leaders will invest in talent analytics and workforce planning
• HR teams will get a new design and focus on professional development

When your best talent leaves to go somewhere else (and let’s face it, it normally is your best who are recruited and lured away by competitors), the replacement cost in terms of recruiting, hiring and onboarding is huge! The cost per employee can often range from 1 to 1.5 times annual salary. Yet to invest in some robust career development tools to excite and retain your employees may even cost less than replacing one employee! Get proactive and grow your people instead of spending millions of dollars on “employee replacement costs.”

A good talent growth strategy will involve engaging employees in growing skills within their current position as well as giving them tools to plan meaningful longer range careers within your enterprise (see my past blog on short range and longer range development.) On the career growth side, I offer an innovative yet proven approach based on career mapping that is tailored to your enterprise and engages employees enthusiastically in longer range career planning.

Check out the Total Engagement Career Mapping offering as well as reading this ZipRecruiter article about my process. In addition, here is another article that demonstrates how to calculate a business case for investment in employee career development, ideal for securing the necessary budget from your CFO. And then contact me today to request my two page offering spec sheet and / or to set up an appointment to discuss how Total Engagement Career Mapping can work within your company.

Strategic Human Resources Planning – Part 2 of 2 (Talent Development and Diversity)

This blog is loaded with lots of useful links – please explore them!

In part 1 (link), published last week, I argued that Human Resources Strategic Planning should be one of the foundational activities for any enterprise since expenditures on people resources are most often the largest expense . In addition, in an increasingly commoditized world, talented people are now most often the differentiating factor in outpacing competition and winning market share. I find it very ironic that many executives do not get this and spend very little time or money developing human resources and leveraging their talent.
HR March 2014
I then summarized an outstanding practical workshop that Molly Hegeman, VP of HR Services for CAI (link) presented at the January monthly meeting of TSHRM (Triangle Society of Human Resource Management.) In this session, Molly defined strategic planning, provided the steps to do it, and highlighted key emerging areas to consider while planning.

In part 2, I will highlight my two areas of consulting expertise and how they fit strategically into Human Resources Planning: talent development and diversity management.

My first area is in employee talent and career development with my innovative Total Engagement Career Mapping services. This is a process that is customized for the individual enterprise to engage employees in longer range career planning. In addition to assisting employees to gain key competencies for their current position, companies should prepare their talent for positions 3, 5 or 10 years down the road and build a robust leadership pipeline. When employees are engaged in meaningful career planning, they are more excited about their work and productivity improves. In addition, companies experience lower attrition and can save millions of dollars in additional recruiting and onboarding costs.

Additional resources:

An online article in ZipRecruiter about his process: How to Attract and Retain Top Talent through Career Mapping.

A blog: Are You Protecting Your Company’s Largest Investment?

A blog: How to demonstrate the business case for investment in employee development

My second area is Diversity Management – I can handle all areas of diversity strategy, program execution and training, with a deep specialty in the LGBT (Lesbian, Gay, Bisexual, Transgender) workplace and marketplace. Companies are increasingly understanding that an organizational diversity strategy is not just simply a good thing to do, but is a critical component for business success. Recruiting top talent from the widest possible talent pool, leveraging diverse talent with innovative ideas, connecting positively with a wide range of community organizations, and reaching out to new diverse markets are all key factors in increase profitability.

An additional resource:

A Blog: Demonstrating a business case for investment in diversity initiatives.

Please feel free to contact me at [email protected] to set up a call to discuss how my expertise in these two areas can benefit your enterprise!