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Why Your Talent Management Practices Should Center on Top Talent

Why Your Talent Management Practices Should Center on Top Talent
From Recruiter - December 29, 2016

In a world of multigenerational workforces and falling unemployment levels, traditional methods of attracting, retaining, and engaging employees are losing their effectiveness.

Cerno, which provides adventure learning programs to organizations, recently published a white paper entitled The Talent Challenge: How Leading Companies Attract, Retain, and Engage Top Talent. The paper outlines several of the factors that complicate employee retention efforts today, including declining unemployment, generational differences in engagement, and the higher expectations employees have of their employers. The paper also offers a potential solution to these challenges: focusing on what top talent needs.

According to Cernos white paper, Offering [t]op [t]alent the programs and opportunities they are seeking helps attract, retain, and engage the best employees and build a sustainable [high-performance] organizational culture.

Shifting Power Dynamics

Declining unemployment levels have shifted the power balance of the job market, giving job seekers the upper hand over employers. In an environment where there are more opportunities and fewer people available to fill them, individuals can afford to be more discerning about where they work.

Furthermore, employee turnover can be a significant cost to any company. According to Cernos report, if an average-performing employee with an annual salary of $50,000 leaves an organization, it can cost the company up to $75,000 in productivity losses, hiring costs, increased workloads for remaining employees, and training and onboarding costs. If the employee who leaves is a top-performing worker, their departure can cost the employer up to $175,000not to mention the non-financial costs such as loss of expertise and company knowledge and lowered employee morale.

When top talent leaves a company, their colleagues start evaluating their options as well, which can set off a cascade of resignations.

Engaging More Generations Than Ever Before



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