Today’s workplace is required talented people of both with business and functional skills. Now many organizations require talented people and market is lack of qualified entrants. Earlier work place conditions have changed and now employees are looking more beyond the pay cheque. They are looking for more opportunity, involvement, collegiality and learning and to have their voices heard.
It is a strong myth that paying more than the other companies will helpful to retain the talent. It doesn’t works at all situations. A recent study reveals that more than 40% of leaders will not stay in a company for more than 2 years. With a cost equal to one year of compensation each time a leader leaves, it is critical that organizations develop a process to successfully integrate laterally acquired leaders into the business. Below guidelines may helpful to ensure success in retaining talent.
Match talent to future business needs. Hiring a leader is as much about the future as it is about current needs.
Ensure that the leader understands his/her role and its goals.
Facilitate a solid, trust based relationship with the boss.
Prepare the team for their new leader. Ask what excites them, what concerns they have and what advice they have for their new leader?
Coach the new leader, help them to learn and unlearn.
Provide guidance for new leaders, recognising that understanding the culture is a critical ingredient for success.
Help new leaders build their internal networks.
Make certain that your company’s on-boarding process includes a well-laid out plan for helping the leader connect quickly to human resource specialists, other senior leaders, mentors, finance people, team members and other subject matter experts who are vested in their success.
Monitor the new leader for at least the first year. Take pulse checks to see how the leader is doing and assist with actions to enhance his or her success.