Everyone is anxiously waiting for this economic downturn to pass, as many of the economists have been predicting will ultimately happen. The problem is no one really seems to know when that will start happening. Some people might even be thinking it’s just ‘pie-in-the-sky’ wishful type thinking.
How do talent retention strategies fit into the mix?
Let’s put it this way. If you were the captain of a boat out in the high seas, and you were navigating through some dangerously stormy times—you would still want to do all you can to preserve, motivate and engage those best hands on deck.
The really big questions for today’s strategic-minded business owners are, "How are these economic storms going to impact our business and will we be ready when we start to come out of it?"
Some other similarly strategic concerns and words of caution come to mind. Among them:
Do you or your decision-makers have a false sense of security? In other words, resist the temptation to let down your guard. Just because the economy is in the tank right now doesn’t mean that there are no jobs out there. Businesses still have to worry about losing their top talent, even in bad times.
- Anticipate some critical and chaotic times when the economic downturn does pass. You will want to have your top talent positioned in the rights spots, as this will make all the difference for your competitive advantage. Now is the time to focus on that talent. You should be asking yourself, "Do I have the right people in the right places?"
- Seize on development opportunities that come with down times. If business is down right now, are there things you can be doing—such as developing your talent and getting them ready for when the economy starts to go back up?
- Understand that your top talent is like your inventory. Some can remember in the past when inventory was more viewed as a static emphasis—now, we need a quick response to the changing times. I encourage business decision-makers to really think about these questions: How would you handle your inventory of talent in a changing market demand? And have you adjusted your thinking about managing your inventory (your staff) so that you can quickly respond to changing market demands? If you want to move from a static position to a quick response, it’s going to require that you really think through your talent management process.
- Know what questions you need to be asking right now. Is your business changing? If so, stop and think, why is that? Are you changing in response to the economy? Are you changing because you’re facing challenges from your competitors? Are you changing because you need to address some financial issues? Or do you just need to save money? Are you looking at your processes? This is important, because once you identify the reasons for making changes, then you may react a little differently to your future states. And, most importantly, referring to number four above, have you looked at your talent inventory?
- Beware of making excuses. No doubt, times are crazy. Excuses are easy to make. And because you’re focused on your business right now, it’s still to your advantage to stop and think about your critical positions. Who are the ones who can bring you down to your knees, so to speak? Ask yourself, "If this employee walked out the door tomorrow, how would that affect my business?" Identify these people and identify your top performers, as well as your high potential performers. You need to get clear on who these people are and then think through plans to retain this top talent. Especially your high potentials—you certainly do not want them walking out the door. You may have done a lot to get them on board, and you’ve probably spent considerable time and resources on developing them, so you want to keep them motivated and engaged.
One of these days, the floodgates will open. The economy will start to look up once again. If you have taken the time to invest in your high potentials and your top talent—and you have successfully kept them from being interested in looking elsewhere—you will get a better return on your talent inventory investment.
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