Talent is the magic word that can make or break a business. While an organization may have the latest technologies, world-class processes, and sophisticated systems, talent is tantamount for success. And considering current generational trends, Millennials are growing to become the largest generation in the global workforce. There is a colossal demand to manage and utilize this group’s unique strengths in the organization—a vital task for all talent professionals.

Talent and strategy combined with solid leadership is undeniably an integral success formula for any organization. Effectively attracting and retaining employees is one of the biggest challenges—and greatest business contributions—for the talent professional. Simply put, getting the right people at the right time, right the first time and every time, serves as both a key goal and important metric for the learning and development or human resources function.

With the presence of social media and complex technology, the world is getting smaller each day. Sourcing and reaching talent across the globe is not as difficult as it once was. Of course mis-hires can cost an organization its resources—in terms of advertising, selection and assessment, agency commissions, induction, training, and administrative fees. A talent professional must focus on selecting candidates who have excellent job track records, uphold positive attitudes, and are a cultural fit.

However, as far as the spectrum of talent management tasks, retaining employees is a much more important—and challenging—responsibility. And while many organizations use their talent attrition rates to benchmark their efficiency, talent loss takes the greatest toll on the business.

With these talent attraction and retention considerations in mind, assess your organization’s “talent health” using the following questions:

  • Have you identified key talent in the organization? If yes, is the list current and based on business goals?
  • How frequently do these employees receive performance reviews, and are there any solid developmental initiatives to retain them?
  • Are such development strategies supported by organizational climate surveys and employee satisfaction results?
  • Have you researched and understood employees’ career needs? If so, are you torching the opportunity and growth tunnel for them within the organization?
  • Is there a clear career management strategy vertically, horizontally, and diagonally in your organization?
  • Do you know which employees are engaged and happy, or does it take their exit interviews for you to figure it out?
  • Knowing that even the most engaged employees may still fall for the bait from a competitor with a more attractive job offer, do you have a Plan B in place to replace such key talent?

This blog series continues next week with a deeper dive into talent identification and retention strategies.