Talent Acquisition Management: How to Retain Top Talent Without Derailing the Organization When Fast-Tracking
Would you ever build a house on a weak foundation? The answer is quite obviously no.
Then why risk the future of your business with inexperienced and unmotivated employees?
We see record numbers for new opportunities, with forecasts of up to 97 million new jobs globally. There is unprecedented competition between organizations to secure the best talent as economies stabilize and people start flexing their purchasing power in the aftermath of the pandemic.
An essential part of this drive is to retain the top talent you already have and give them all the incentives they need to stay happy in employment with you.
As your business prepares to go full throttle and conquer global markets, the chances are that you’ve been thinking about fast-tracking your internal employees up the corporate ladder.
HR leaders now realize that “talent optimization and management” is just as important as talent acquisition. But is fast-tracking a good idea for your business?
Let’s explore some perils of moving select employees quickly up the managerial levels of your organization.
Talent Acquisition Managers: Lookout For These Dangers of Fast Tracking For Employee Retention
According to research, focusing on diverse Human Resource strategies can create an impactful retaining effect. Therefore, the talent acquisition manager should implement competitive salaries, compensation, and other benefits to keep employees committed to the organization.
But be very careful when fast-tracking employees; here are several reasons why:
- They Might Not Have The Experience To Deal With Added Responsibilities
To be an effective leader, one must undertake experience in correctly realizing issues and solving them within due time. Besides this, they should have experience in making informed decisions, strong communication skills, the capacity to deal with various employees and offer role-based leadership.
- It’s Hard To Evaluate An Initiative When Managers Are Fast-Tracked Too Often
Often, companies that engage in fast-tracking don’t have enough time to evaluate the new initiative set by a new manager.
Have you ever thought about what will happen if the manager leaves before the impact of the new initiative are even realized? Fast-tracking misses the daily experience of interpersonal behaviors and interactions that come with any shift.
Every Managerial Position Has Its Own Set of Challenges
Indeed, moving too quickly through a company results in the risk of missing vital experiential learning. This experience is self-learned and almost impossible to learn from others.
Especially when managers develop new skills and frameworks, they are more equipped to make informed decisions in the future. A short learning cycle leads to a derailing leader.
- The Domino Effect May Be Bad For Business
We all know it well; the number one reason behind employees leaving the organization is their immediate manager. Poor decision-making and problem-solving skills cause employees to leave one organization for another.
Profitability and productivity suffer as a result.
- Others May Not Like Getting Left Behind
A competitive environment is desirable, but not a win-lose culture that demotivates employees and lowers productivity.
Creating a stressful atmosphere within the corporate will only bring the morale of employees down, and as a talent acquisition manager, you end up working harder to recruit new employees.
Ways To Retain Top Talent When Fast Tracking Them
Companies need to create growth opportunities for their employees and ensure smooth management transitions every single time. Agreeably, some businesses face talent shortages and have no other choice but to promote their internal employees. In such cases, the fast track works for the betterment of the organization.
But often, this isn’t the case, and companies must not indulge in fast-tracking in retaining employees. So what should a talent acquisition manager do to retain top talent?
Develop A Succession Plan
The most straightforward way to ensure top talent doesn’t leave your organization is to create an internal management structure that appreciates the top talent. When you create a succession plan that showcases growth opportunities for employees, they end up feeling positive and committed to the organization. As a result, they stick around for longer with the organization.
Identify The Stars And Trailblazers
The organization should evaluate each one of its employees and identify all the employees who have a high chance of being leaders. Don’t be afraid to take risks in identifying candidates. Definitely, not all candidates would show signs of an outgoing personality.
Offer Opportunities for Everyone
The project assigned must open doors of opportunities for the employee to demonstrate their skills. Not only this, they should provide chances for learning new skills and growth. In other words, the projects should allow the employee to take responsibility for their actions and consequences.
Have A Personality And Performance Assessment
The purpose of this step is to identify emerging leaders and areas that may need improvement. As a talent acquisition manager, you should be able to intervene at an early stage and prevent things from getting worse.
As a talent acquisition manager, you must understand when to offer the most effective support to the new talent and when to evaluate the performance of existing employees. Of course, this is better than the “sink or swim” approach, where new managers are often thrown into learning organizational secrets.
Take Your Talent Acquisition To The Next Level
Yes, the best talent is out there. But there’s also fierce competition among employers leading to a talent shortage which is expected to grow.
As expert talent acquisition managers, we recommend you invest in an employee retention program that showcases growth opportunities that keep existing workers happy while also attracting more superstars to your team.
We aren’t saying that you can stop the turnover, but you can slow it down considerably when you do everything to keep your existing team happy.
Are you tired of other recruiters poaching on your home turf? Looking for ways to keep your people happy and satisfied? Let us handle it.
Contact GUIÓN PARTNERS to gain access to some of the best perks proven to retrain employees.