THE WAR FOR TALENT, part two

Surprising results are revealed in this update to The McKinsey Quarterly's ground breaking 1997 study "The War for Talent". Despite the current economic slowdown and the end of the dot-com boom, authors Elizabeth L. Alexrod, Helen Handfield-Jones, and Timothy A. Welsh have found that the war for management talent is 
intensifying dramatically.

Demographic and social changes are cited as a main cause behind the ongoing struggle. There continues to be a shrinking supply of 35 to 44-year olds and more of the best-trained people are heading to start-up companies and small businesses. As well, a gap persists within organizations between awareness of the talent issue and an 
effective response to it. 

The authors stress that the resourceful management of talent must become an urgent concern for organizations at all levels. 

Priorities should include:

• Creating reasons for top talent to choose their companies;
• Rebuilding recruiting strategies;
• Creating plenty of opportunities for development;
• Identifying "A" (as well as less capable) performers and investing in them appropriately.

The successful management of talent is a powerful component in delivering increased shareholder value. Conversely, the poor management of human capital, especially at the management level, drives key talent from companies and preempts positions that could have been used as development opportunities. 

To read the full study please click on the link below. (Please note: a short one-time registration is required to access the McKinsey site and article)

http://mckinseyquarterly.com/article_page.asp?tk=296367:1035:18&ar=1035&L2=18&L3=31  

ARE YOU PREPARED FOR THE HR TALENT WAR?

By now, the "War for Talent" and its various implications are widely known. However, as explained in this article from The Wall Street Journal's CareerJournal.com, a simple awareness of the 
issues is no longer enough. It's imperative that there be a sustained commitment and ongoing support by upper management to attracting and retaining the best-qualified people. Moreover, those involved in the hiring process must ensure they approaching talent management with the most modern and up-to-date methods.

The article offers a matrix of key considerations to take into account and a comparison of outdated and modern responses to them. 

These considerations include:

• What are your employer's assumptions about talent?
• What is your employer's strategy for acquiring talent?
• What is your employer's view of the talent market?
• What is the nature of your interaction with talent? 
• What are your tactics?

To reveal how modern your company's views on human capital are and read the full article click on the link below.

http://www.careerjournal.com/hrcenter/weddles/20000626-weddle.html 

KEEPING TOP EMPLOYEES REQUIRES MANY TOOLS

Most organizations don't need to be reminded about the high costs of employee turnover. However, many don't realize the extent of the potential costs involved and the effective retention strategies 
that can keep employees from jumping ship.

This article from the Society for Human Resource Management explores some of these myths and realities. 

Recruiting expenses, training costs and reduced productivity equal to about half of a departing employee's salary are a widely accepted estimate of the cost of having to replace an employee. But when indirect costs such as the effects on workload, employee morale, customer satisfaction, and "opportunity costs", such as loss of intellectual capital, are factored in, the cost can run as high as twice the departing employee's annual salary.

Although effective compensation and benefit packages will always play a factor in employee retention, a majority of employees also favour better career development plans, including training programs, tuition subsidies and clearly defined advancement plans. 

Values ranked as important to employees include:

• The ability to balance work and outside life;
• The meaningfulness of work;
• Trust among employees;
• The employee's relationships with their supervisors or managers.

For employers this translates into instituting some key retention strategies, including:

• Allowing employees to develop additional job skills;
• Making work meaningful and challenging;
• Actively working to improve employee morale;
• Paying competitive wages;
• Rewarding employees for their performance and efforts;
• Hiring people who are a good fit for the organization;
• Improving benefits;
• Encouraging open communication and dealing with potential problems early. 

To read the full article and begin improving your employee turnover rate, click on the link below. 

http://www.shrm.org/peoplewise/default.asp?page=1200thompson.htm 


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