We are seeing of late a large amount poaching of talented people. Recent example being Apple poaching Tag Heuer. It is noticed that big companies are failing to keep their best talent in spite of the many benefits provided. What in your opinion are the reasons for the same? Can you suggest some best practices to be followed to avoid this?
http://www.cnbc.com/id/101812950
Talent search and recrutiment needs not only procedural, but also project/indicidual approach. Procedural part of it consists of:
- discipline orientation,
- observation of universities, publications, conferencies, professional competitions and challenges, new spin-offs and concurrent companies,
- maintaining of the list of contacts, including both identified talents, experts, and head-hunters,
- flexible HR policy incorporating both short- and long-term plans and strategy of the whole company.
Project approach needs for flexible shaping the offer in reaction to individual needs: not only salary, but also development occupations, professional challenges, family issues, mobility limitations, etc.Bad opinion concerning work in big companies may be important limitation.
In my opinion the most important erros is "american view to career":
- money as the most important thing: your proposal with the biggest salary may not be so attractive as concurrent, offering e.g. school or university programme for children, work for wife/husband (she/he may be also good specialist i her/his own area), prestigious name of the post, etc.
- place of the work and family issues as not important: that may decide, especially in Europe,
- thinking: our proposal is the only one - good specialist often have at least several "ready to use" proposals, not used so far, but quite good,
- thinking: "we can replace everybody" - usually yes but what if not?
Talent search and recrutiment needs not only procedural, but also project/indicidual approach. Procedural part of it consists of:
- discipline orientation,
- observation of universities, publications, conferencies, professional competitions and challenges, new spin-offs and concurrent companies,
- maintaining of the list of contacts, including both identified talents, experts, and head-hunters,
- flexible HR policy incorporating both short- and long-term plans and strategy of the whole company.
Project approach needs for flexible shaping the offer in reaction to individual needs: not only salary, but also development occupations, professional challenges, family issues, mobility limitations, etc.Bad opinion concerning work in big companies may be important limitation.
In my opinion the most important erros is "american view to career":
- money as the most important thing: your proposal with the biggest salary may not be so attractive as concurrent, offering e.g. school or university programme for children, work for wife/husband (she/he may be also good specialist i her/his own area), prestigious name of the post, etc.
- place of the work and family issues as not important: that may decide, especially in Europe,
- thinking: our proposal is the only one - good specialist often have at least several "ready to use" proposals, not used so far, but quite good,
- thinking: "we can replace everybody" - usually yes but what if not?
When very talented people who are treated very well leave the firm anyway, the only logical answer is ambition. Sometimes people have in their mind a good idea of where they want to be at a certain point in their lives. When a firm is confronted with personal ambition there is little they can do about it. As people rise to the top of any organization fewer top level positions exist. Therefore, an ambitious person will need to leave the organization to advance his or her career at some point in time. Headhunters (people working for executive recruitment firms) know this is true.
I agree with Reginald. Sometimes talents should be allowed to leave for a higher position or set up their own companies. Mobility makes the working palce vibrant and good for a company and employees.
I think that the human nature is never satisfied; however, to keep the best talents at the company, I suggest that they are given a slice (shares) at that company.
Certainly, Abedallah. They should be given shares at the company they work with. In addition to that, their company should build a career path for them.
Yes indeed dear @Mahfuz, it is a kind of making these best talents feel responsible for the company.
In my opinion, poaching of talented people from an organization means that there is something wrong in the way the organization treats its employees.
At present, there is what is called "cut throat competition" & the management ought not to take its employees for granted. Any good door open , for them, may attract them to say good-bye. HRM ought to have talent management & by this it will try hard to hold on its human assets. Job security, fair compensations, and wise promotions may very well help in keeping the hen which produces "golden eggs".
Thank you Emilia for a thoughtful answer. As you rightly said it is necessary to practice in the organizations the nurturing of individuals with specific talents that are very valuable for the company's growth. For them the HR department need to develop special incentives and programs that are not necessarily the run of the mill systems.
Here is a link for the top best recruiting and talent managed companies.
http://www.ere.net/2005/02/28/the-top-25-benchmark-firms-in-recruiting-and-talent-management/
Here are the ten reasons from Forbes article. "Top Ten Reasons Why Large Companies Fail To Keep Their Best Talent"
1. Big Company Bureaucracy.
2. Failing to Find a Project for the Talent that Ignites Their Passion.
3. Poor Annual Performance Reviews.
4. No Discussion around Career Development.
5. Shifting Whims/Strategic Priorities.
6. Lack of Accountability and/or telling them how to do their Jobs.
7. Top Talent likes other Top Talent.
8. The Missing Vision Thing.
9. Lack of Open-Mindedness.
10. Who’s the Boss?
http://www.forbes.com/sites/ericjackson/2011/12/14/top-ten-reasons-why-large-companies-fail-to-keep-their-best-talent/
Dear Nageswar
Your question is very specific, and i will try to answer it that spirit only. The question is not on how to retain talent; but how to recruit so that one is able to retain. Please check me if I have understood you wrongly. Today, recruitment and talent management are amongst the top strategic people management concerns both in the HRM literature and industry. Talent flight is very high which leads to high cost of human capital.
For retention, employers need to provide facilitative organization culture and state-of-the-art employee engagement practices. But all this may not work unless we recruit people of the right attitude and disposition. For that, leading companies focus on conducting some of the most relevant psychometric and selection techniques. 85 per cent of the Google's top management time goes in recruitment.
In addition to very good answers already given I can think that the followings could be a part of the any recruitment program
1-adopting scientific approaches such as data mining,
2- a good referral program,
To retain Talent the strategy should be worked from the beginning of the manpower planning process....
Junior Positions
Like all resources the Raw Material proves it worthiness, in many cases organizations think established educational institutions alone have the creamy and best talent. There is a Yes and No it. Educational institutions can provide the platform or opportunity to learn and network, there are other lesser known educational institutes which have better brains and limbs which can form part of the talent resource.....
Big Corporates, hence they try to have mix of talents from all sources (educational institutions) by subjecting them to common evaluation scale (Knowledge, Skills) including a psychometric evaluation (Behavior).
Mid Positions
The moving mass is always at the middle. 'Referrals' is the best method to know and get to the better known person who has the SKILL / Knowledge / vetted exposure to job requirements.... Candid talk between the 'new recruit' and 'Referee' will help in better management of people relations at work and also to get known of the reality of the candidate such as on the 'demographics'... this would be better than the 'antecedent verification reports' we get from the 3rd party.
Senior Positions
The 'Managers and above' are proven material and rare to easy access....We create opportunity to touch base with them through professional networks or Associations...Even inter organizational events such as QUIZ, Cricket match, Children's Competitions etc., pave way for a meeting point....
Recruitment is a SKILL of HR of function and changes very drastically, getting the right talent is the prime requirement and based on which to retain or not is decided latter by the top Management.
TOP Management
Networking and chats, meeting in sport clubs etc., are the some of the extended ways, sources and places of recruitment.
Now-a-days, many people like me have started using technology to be in touch with the potentials which either 'Hire' or "to hire" like LinkedIn, RG.... even FB to some extent....
There are occasions very many when we co-chair some events as guest of honour or pep-talk or seminars or conference etc., ................
Those of you that their specialty happens to conform with management and large companies, they will give appropriate answers. Personally I do not give a damn for large companies!
It is big question not only for companies but also for public sector organizations. I see it as a challenge to keep/retain talented employes. My experience is:
-Youth care more about good salary. They are not reluctant to move from company to company in search for handsome salary
-Senior/old guys care more about permanent job i.e. job security as they find it bit difficult to move around
Dear @Nageswara, ORACLE published recently the following article "Best Practices for Recruiting the Best Talent"! Oracle is a very large internationally recognized IT company with many experience. "By implementing recruiting best practices and supporting
technology, you can potentially reduce your time to hire by up to 50 percent, reduce cost per hire by up to 70 percent, and improve recruiter efficiency while finding the talent you need for driving business results." Modern HR in the CLOUD!
http://www.oracle.com/us/products/applications/human-capital-management/talent-mgmt-rec-best-practices-2157035.pdf
Companies must motivate continuously their talented people.
Usually they avoid to hire the best candidates since they are the first who are leaving the companies.
Young generation is always looking after money. If they are not happy at this point they choose to move to another company.
I think Dana Balas-Timar can give us a good answer since she is preparing her PhD exactly in this filed.
Hello,
Studying the best predicting model for long-term job performance, we have come across a high relevant Fuzzy expert Model based on candidates characteristics such as: age, background experience, numeric and verbal abilities test scores and interview ratings. Modeling these features, we have elaborated a Fuzzy expert system that could predict in a proper manner future long-term job performance than classical weighted algorithm of such scores. Our model had a big “inconsistency” would hire candidates with low level of numeric and verbal abilities and as well as interview ratings scores for entry-level positions, but would exclude candidates with one of these three variables situated ay high level, and the others low. This picture depicts best the false negative candidates, that even if they have scored low on test from different reasons, if they have been hired, they would have been highly performing. On the other hand, besides positive candidates that score high and show high job performance and negative candidates that score low and show low job performance (after 1 to 3 years from being hired) there are also false positive candidates, that score high, but in term of future job performance they are not doing so great.
These false negative and false positive candidates could be also your problem. We are elaborating now a Fuzzy model to correct such errors. Good luck with your research.
Dears @Valentina and @Dana, this is a very specialized analysis of the case and very informative; I read it with pleasure.
WIll @Dana present a results of her research at SOFA 2014? Some papers! Regards to my friends from Romania! :)
Yes, I will present our findings: Fuzzy scoring algorithm and long term job performance. Looking forward to meeting you.
To maintain talent, the talented should be kept happy and satisfied by giving them food for brain and thought, freedom of thought and action and appropriate living conditions, for them and their family. Appreciation of good work is necessary too.
Dear@Dana and @Valentina, I hope that everything is going to be fine so I could come to Timisoara to meet many friends, especially your family! We are so close, I would like to visit ARAD also! There is Serbian population there, famous mausoleum from 1st World War...!
Talented people should be motivated and satisfied all times. Management should do its best to retain them in the organization.
Dear @Mahfuz, I totally agree with you regardless of that some managers work as celebrities to celebrate themselves but not promoting the company.
Th problem with the psychological question 'who is the boss' is the main reason for making talented people leave their companies. Many times leaders do not want other people 'talented or recognized' to be interface or a cover 'even a small one' to their self celebrity. And usually those push the talents to the door. The problem with the celebrities like scheme of 'vogue' is making many damage to companies, institutions, professions, ... and to the economy in general.
Though what you say is true dear Kamal, the problem with many a managers is the reliance of a few of their loyal people for running the show. The people surrounding them are loyal but not necessarily talented. The result is the organization suffers in the process. It is necessary for the upper management to weed out such managers who depend on talent less people.
Bala Subramanian sent this message:
Performance appraisal surely gives bias which is following in different big institutions. for an example one big educational institution giving all facilities for the development of faculty failed to observe the output (students development). talents means identifying an individual showing personal growth as well as giving out better put. unfortunately, many institutions during recruitment selecting the candidates only seeing their academic performance not of holistic concept. better recruitment process to be revised based on the evaluation of their contribution in the particular field not on the experience.
I cetum agree with @ Reginald that in order to fulfill ones personal ambiltion the talented ones leave . Couldn't agree more with @Bala Subramanian too. Of course @ Nageswara Rao " The problem with many managers is the reliance of a few loyal people for running the show. The people surrounding them are loyal but not necessarily talented. The result is the organization suffers in the process ". Adding to that I should say these loyal ones will not allow other talented ones to progress in their careers. They treat these group as a threat which is not ideal for any organisation.
Talented people generally love their job but rarely the organisations. the day they lost interest in their job they leave organisation. Money may not be the motive to leave the organisation.
I do agree with Mahfuz Judeh "Talented people should be motivated and satisfied all times. Management should do its best to retain them in the organization."
To retain them the organisation should make their job more & more interesting. Talented people are Intellectual assets of organisation and they should be properly treated, its organisation who needs them because they are always demanded in market.
A lot has been discussed about recruitment practices but again it is essential to hold the existing one than searching somebody else.....
Yes Kamal, the leader who do not cares with his talented employees is not a leader. However talented people do not need to show their loyalty or not to the leader, they have a self assurance in their expertise and perform the required job with expected satisfaction of success. Intelligent leader should motivates them and satisfies their needs to keep them for the organization benefit purpose. As talented people are independent people free from any allegiance scheme, some leaders could see on them strong concurrent (even if the talented is not interested by the leadership) so the eternal psychological question of 'who is the boss' combined with the modern need of the mass media show celebrity like events, could drives them to push talents to the wall or the door just for self insurance of leadership or to get the total success to them
It takes talent, albeit a different kind of talent, to keep talented employees in a company/research lab and if that special kind of talent is not there talented people will not be motivated to remain. While a better pay package is important, in my view it is not as important as being able to work on research projects which suites their talents and motivates them. Talented people are talented precisely because they do what they do with passion. Their is nothing harder on a researcher than being assigned a project that doesn't suite their skills and expertise. Putting the right person in the right place motivate researchers as they will be doing exactly what they are good at.
It is a vicious cycle. Talented people are needed by the organizations for their progress but they may take disadvantage of this fact. A golden mean has to be achieved whereby the talent is maintained and the organizations are benefitted too! For this again, a good leader or a good management can do a lot.
Yes, equal treatment to all the candidates while testing the 'talent' and with sincerity -honesty - loyalty to the organization to be tested, so that the hire can be retained...
Nag,
These papers may offer some insight
https://www.researchgate.net/publication/299604127_Human_Factors_Affecting_Productivity_in_Jamaica_Technical_Report_on_Preliminary_Findings
https://www.researchgate.net/publication/299747565_Towards_a_talent-driven_outward-oriented_globally-competitive_SME_framework_Discussion_Paper
https://www.researchgate.net/publication/305687139_Priority_policy_recommendations_for_transforming_individual_productivity_and_SME_competitiveness_in_Jamaica
Technical Report Human Factors Affecting Productivity in Jamaica: Technical R...
Technical Report Towards a talent-driven outward-oriented globally-competitiv...
Technical Report Priority policy recommendations for transforming individual ...
5 Things Successful Companies Do To Retain Top Talent!
After you put in the time, effort and investment to hire the best employees possible, you need to retain that talent...
http://www.selectinternational.com/blog/bid/148239/5-Things-Successful-Companies-Do-To-Retain-Top-Talent
There are few things that the company need to take care to keep the best talent, Increase their wages is the one which will help them keep them in the company, try to keep them the field that they best at rather shifting them to some other like if a person has done his engineering in Mechanical domain and then completed his MBA in marketing or some other domain and he is the best talent he should be kept in the field in which he is interested rather than the availability say he has done MBA for Post graduate degree but he is interested in Mechanical domain then he should be kept in that only and i agree with what @krishnan has said.
Recruitment policy is a LIGHT for the organisation & the main aim of the recruitment policy is to select a right person at the right time. Whatever may be the settle of organisation & also is valuable management team the success of the organisation rest in the recruitment .
We have believe the certain basic aspect for the recruitment policy .The profile of candidate is a guideline for selection as it involves his past record of his experience which may help us to views this candidature .
We are aware that salary criteria remains the basic essence for the candidate to change his present position but first & foremost i must for on his bio -data where we have to find out that how many times the candidates has change his services for the interest of only money packet & in this case as a matter of policy such recruitment should be avoided .
Besides in the selection process the candidate meets with the requirement for the recruitment some sort of psychic tech & HRD are also to be given for the final selection for the position .
This is my personal opinion
Keep your company competitive with these 4 talent management strategies!
"...But for managers, the talent management issue isn't only in employment recruiting. It also extends into how well you know the capabilities that are resident within your own staff and throughout the company. This makes it imperative for IT managers to work hand-in-hand with HR and other company areas so that these four objectives are met:
you're competitive in the open market for new talent;
you develop skills in your existing staff for positions you need to fill;
your staff retention and motivation are high; and
you develop a roadmap for positions that you think you will need to staff in the future.
Here are some ways to accomplish those things..."
http://www.techrepublic.com/article/keep-your-company-competitive-with-these-4-talent-management-strategies/?ftag=TREabb1cd6&bhid=26515897512689358169344413145444
- Badges
- Science topic
- Similar topics
- Organizational Psychology
- Training