How to Spot, Develop and Retain Top Talent

Some argue that talent is 50% of the business success equation. The other 50%, of course, is performance conditions. No matter the ratio, your people are key to hitting your number.

Your star talent is also key to growing revenue beyond this year. Cultivating “A”-level talent benefits not just your organization, but the whole company.

In our 2018 report, you’ll find a guide to creating an overall talent strategy. In this post, we’ll dive deeper into spotting, developing and retaining top talent.

Download the Talent Enablement Tool to identify the strengths and weaknesses of your teams, increase the value that your teams add to your business strategy, determine how this adds to your competitive advantage.

 

Kickstart Sourcing With Talent Profiles

First things first. Figure out what “A” player means in your organization. Don’t leave this up to HR to do for you. Get your leadership together to create “A” player profiles to help you spot talent within your organization. Consider the following:

  • Competencies
  • Accountabilities
  • Compensation you are willing to pay 

It’s everyone’s job to source talent, as Rackspace’s Todd Cione explains in this interview. Carefully crafted profiles help everyone in your organization know how to identify top talent.

Expert tip: Don’t wait until there’s an open position to start sourcing talent. This feast-or-famine approach is counterproductive to spotting “A” players. Make sure you and your leadership team are always on the lookout for stars.

 

Be Proactive About Talent Development

Once you have top talent in place, be proactive about their development. Create an individualized development plan, and check in on their progress throughout the year.

“A” players will eventually outgrow their roles. Put a succession plan in place to:

  1. Protect your organization when star employees move on. Open positions can cripple your ability to achieve revenue growth. Have someone ready to back-fill the role quickly.
  2. Assure the employee that you support their growth. To develop future leaders, sometimes you must let them go. At least temporarily. That can be hard to do when their presence benefits your organization. A succession plan communicates your support of their development as leaders. 

3 Keys to Retaining Top Talent

When a star employee grows out of their role, it’s time to shift gears. Create a plan to retain them.

There are many things you can do to retain top talent. Here are three powerful methods to start with.

  1. Improve their compensation program. Money talks. Develop an incentive compensation program that benefits your top talent. This will help motivate desired behaviors while encouraging “A” players to stay.
  2. Reallocate territories. Sales territory mapping mainly applies to sales reps, of course. If star talent is looking to move on to bigger things, consider your territories. Can you reallocate them to place top reps in areas with the most potential?
  3. Mentor your top talent. Mentoring is beneficial for the employee, but also for the company. Mentored employees have a personal stake in the success of their organization. 

Sourcing, developing and retaining top talent requires ongoing effort. Not just from your HR team, but from your leadership team as well.

Want to make sure your talent is aligned for revenue growth?

 

Go to our website:   www.ncmalliance.com

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