Recent talent research points to fantastic savings that can be achieved whilst ensuring you retain the very best talent in your organisation.  Figures from the Association of Graduate Recruiters, for example, show if a business can increase retention from 50% to 70% it can on average save 15% of its total recruitment spend. How much could you save your company?

The key to making these kind of savings is having a good understanding of who the talent is within your organisation and ensuring you have processes in place to retain them. 

However, research carried out by Taleo suggests that organisations simply don’t have the appropriate data to know who their talent are.  Their research suggests that 82% of HR leaders questioned recognised the importance of having data on talent ‘bench strength’ whilst only 41% of them felt they had access to reliable data on it.

It’s clear that ‘parachuting’ talent in to the organisation is more expensive than ‘growing your own’.  Not to mention the risks involved in terms of cultural fit in bringing people in from outside. But if you don’t know who and where your talent is how can you hope to retain them?

5 Tips For Growing Your Own Talent

1.     Spot your talent early - put in place schemes at all levels within the organisation to spot talent.  Make sure you don’t lose really good talent because you only focus your search from middle management up.

2.     Assess potential not performance - it’s easy to make the mistake of assuming individuals who perform well in their current role will have the potential to progress through the organisation.  To effectively identify your talent, assess key characteristics that research suggests predict potential.

3.     Understand what talent looks like in your world - talent is context specific, whilst there are generic areas which help us to identify potential, this has to be put in the context of your own strategy and challenges.

4.     Keep them engaged - once identified the next thing to focus on is keeping hold of your talent.  Play to their strengths, ‘high potential’ individuals like to be constantly challenged with ‘real’ development opportunities that allow them to show others what they can do.

5.     Coach them to deal with potential derailers - some of the characteristics which make your people talented, if overplayed, can become derailers.  Help your talent to be more aware of these potential derailers.  With greater understanding individuals can recognise and amend their behaviour.

So what are you doing to nurture talent and drive the future of your organisation?

If you would like to discuss talent strategy and how Indigo Assessment can help, call 020 7924 8760 or email me at DanielR@indigoassessment.co.uk

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With the economy showing signs of recovery, it is absolutely critical that organisations are fighting fit and prepared for the future.  Businesses need to get a clear view of their new surroundings and reframe their thinking to ensure the future is a healthy and secure.

Carrying on doing what has always worked well in the past may have been a useful strategy up to now,  but in the new economy this is simply not going to work.  Many organisations have had to take drastic measures just to survive the recession and, as they raise their heads above the parapet, are finding that life will never be the same again.

When we launched Indigo Assessment our plan was to focus on providing high quality, no nonsense fixed fee assessment services delivered by a team of highly experienced chartered Business Psychologists.  What we have found though is a business community crying out for help to understand how to best tackle their new surroundings.

This means taking a good hard look at the market you are in and exploring what has changed and what that means to the way it operates.  Understanding what people you have in the business now, the people that you are going to need moving forward and how to meet the challenges you are facing and how to overcome them.

We have been working with a number of organisations to help them ‘vision the future’ so that they can plan ahead and put in place clear benchmarks for people requirements moving forward.  This has helped them to take stock of the talent they currently have in the business and ensure they have a clear pipeline of talent to reach their future goals and beyond.

My Top 5 Tips for Survival:

1.      Explore the future: Use visionary interviews to explore where the challenges that your organisation is likely to face in the coming years, how will the business need to change to meet these challenges.

 2.      Know your people: Carry out audits of the people you have in the business. Have you got the talent required to sustain the business moving forward

 3.      Plan Plan Plan: Make sure you have a clear idea of who your future leaders are in the business.  Spot them early and make sure you retain them.

 4.      Keep it fresh: Make sure your competencies are up to date and reflect the new circumstances you find yourself in. Competencies should be reviewed and refreshed every 2-3 years to ensure they are still reflective of the business goals and strategy.

 5.      Keep it simple: When you put in place competencies or indeed any HR processes keep them simple.  We don’t believe in style over substance here at Indigo Assessment; competencies should be straightforward and easy to use. If you over complicate things, people just won’t use them. 

If this situaton feels familiar to you, and you would like to meet with me to discuss ways in which we can help you, simply drop me a line at:

Daniel Redland

Assessment Services Director

T: 020 7924 8760

DanielR@indigoassessment.co.uk

www.indigoassessment.co.uk  

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We are thrilled that, after much interested in our new service www.indigoassessment.co.uk, we now have a dedicated free newsletter for this arm of the business.

Please join up and choose your area of interest at http://bit.ly/d1Ov7i

See our full range of services and new training workshops at http://indigoassessment.co.uk/training.html

Regards,

Daniel Redland, Assessment Services Director

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