Top Two Tactics to Reduce the Risks of Turnover
By JC Heinen on September 4, 2012
When speaking with HR professionals at this year’s Annual SHRM Conference in Atlanta, many expressed concern about the effectiveness of their succession, retention and engagement strategies, sharing that though the job market remains sluggish, turnover of top talent remains a threat. To prepare, most agree that knowledge transfer and developing young talent for leadership roles are critical to their company’s long-term sustainability. Consider the following when developing your strategy:
Knowledge transfer: which roles are critical?
Would the loss of a person in a certain position cause a disruption to your company’s day-to-day operations? Look at the roles in your organization to determine what knowledge is critical and what process you will need to implement to transfer that knowledge to one or more individuals in the organization. A comprehensive approach will include coaching, mentoring and training to ensure organizations retain important know-how for future leaders.
Developing talent: are you leveraging tactical knowledge?
Identify future leaders and provide them with opportunities to work side-by-side with the experienced leaders to experiment while still having a safety net available. This will help your organization develop new talent and retain crucial information. According to a study by the AARP, more than 60% of companies in the U.S. are using retirees as contractors or consultants to retain their tactical knowledge which is the hardest to duplicate. The creative solutions that have been developed over time will be the basis for their future innovations.
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