According to recent research British business is failing to make the most of its star talent. Only 41% of UK businesses actively manage their talent despite it being widely recognised (by the very same businesses) that having such talent is essential to the bottom line.
The key reasons quoted for this failure are a lack of financial investment and insufficient senior management support. Perhaps the truth is a lot of organisations don’t actually have a system for recognising star talent and they see it as a huge investment to put such a system in place.
Are you in a position where you want to hold on to your talent before they get demotivated or headhunted? Here are some suggestions to help you.
1. Identify the value – what will happen if you lose your star talent? Can you afford to lose them? It is not always inevitable that they will leave.
2. Identify your star talent – who are they? What are their specialist skills? Grade them by “top performer – proven ability” and “real potential as yet unproven”. They won’t necessarily be in strategic roles.
3. Engage with star talent – what motivates them? Why were they attracted to you in the first place and what will encourage them to stay? Personal development will often be a bigger part of this than remuneration.
4. Provide feedback – in addition to the annual appraisal. Show them you are committed and let them know what you are actually doing.
5. Share the message – let your peers and line managers know what you are doing and ask for their support.
And if it comes to the point where they do leave despite your efforts then wish them well. It might be nothing to do with their current role or they may be looking for something your business can’t provide. Your reaction will decide your reputation.