Organizations are setting challenging strategic goals to remain competitive in the marketplace they do business in. They are also striving to lead in that marketplace. They all agree that the driving engine to success is the performance of their employees. They must be highly skilled and motivated to perform at a high level. This has and continues to be problematic in a work environment that is fluid, both domestically and globally. This requires the organization to be creative and innovative to address the challenges that this represents.
The following is an exploration of the challenges organizations face in retaining superior talent in this century and beyond:
- Economic growth – when the economy is in a growth mode, more job opportunities are available
- The entrepreneurial passion – there is an increase in the desire for entrepreneurship
- Offering jobs that employees can learn, do and become
- Offering competitive compensation and benefit packages
- Maintaining high levels of employee engagement
- Ensuring that organizational strategies and organizational cultures are aligned; if they are not aligned, this disconnect could cause failure.
- Offering reward programs that do not effectively reward superior performance
- Challenging or engaging employees effectively in the decision making process
- Creating an atmosphere of trust and respect
- Creating and maintaining an atmosphere absent of work/life balance
- Creating an atmosphere that stifles creative problem- solving
- Sustaining an atmosphere that does not embrace change and organizational development
- Sustaining an organizational culture that does promote team development
Organizations spend an enormous amount of time, energy, effort and money in recruiting. They secure employees from employment agencies, executive search firms, job fairs, employee referrals etc. They onboard them comprehensively and they leave – voluntarily or involuntarily. The organization does not get a return on its investment in human capital. It is a critical strategy that must be developed and executed to not only hire superior talent, but to retain it. This is and will continue to be the determining factor for success – meeting your strategic goals and growing your business.