The Battle for Talent
6/14/2019 by julie
Talent is best defined as gifted and high quality employees with the natural ability to excel at a duty or action. As positive differentiators, talent ranges from 3% to 15% in the vast majority of companies, regardless of size. In recent years, the pendulum swung from the company in favor of talent. The momentum of organic growth, reemergence of the IPO, creation of new products, push on completing acquisitions, attractiveness and availability of inexpensive money, and expansion of international markets have all contributed to the increasing need for talent. Couple that with lean bench strength, a lack of talent development, and increasing retirements of baby boomers have additionally led to an intriguing marketplace. So why will talent leave? One reason is not being challenged; therefore feeling undervalued or appreciated. Talent is passionate about making a difference and if not challenged and empowered, will be encouraged to take their passion elsewhere. Talent is wired to improve and add value. They are built to change and innovate. Talent has good ideas, insights, and observations. If you don't listen to them, someone else will. Another reason is lack of respect for leadership. Talent wants to contribute and leadership needs to give them a voice and increase their responsibilities. Leaders don't take credit, they give it. Failure to inspire and recognize talent is another way of asking them to leave. Businesses do not fail, leadership fails. Success is most often based on strong leadership and the ability to attract, manage, motivate and retain the talent needed to move the business forward. To retain talent, leadership needs to challenge, engage, and value these key employees. Talent needs to be rewarded emotionally, intellectually & financially. Empowering leadership and stimulated talent breeds success.