With the job market showing signs of revival, many employees are now starting to look at alternatives. If your company has experienced layoffs, restructuring, pay cuts, furloughs, or general uncertainty over the last two years (that covers just about every organization!) then your employees may be starting to look for greener pastures.
Recognizing this trend, smart companies are proactively taking steps to identify their critical roles and create tailored talent programs to keep their critical staff engaged.
One such company is UK-based SHL Group, an organization of approximately 700 employees worldwide. Earlier this year, company leaders recognized that retaining key employees will become more difficult in the months ahead. Therefore, the company has taken proactive steps to identify “at risk” staff and to create tailored talent initiatives to improve engagement and retention among these individuals.
Individuals in the "at risk" group are identified by the company's operating committee of senior-level leaders. Selection for the group is based on the impact to the company’s revenue, customers, and/or operations in the event of the individual’s departure. The group will ultimately be comprised of 20 to 30 key individuals who hold one of three types of positions:
- Senior leaders running parts of the business;
- Sales people responsible for key clients and/or significant revenue;
- Staff in delivery roles who are critical to the company’s ability to deliver products and satisfy customers.
Each identified “at risk” individual will have a tailored plan comprised of compensation/rewards, development opportunities, and long-term incentives. The individual’s functional leader on the operating committee is responsible for making sure the plan is implemented.
Using this approach, SHL Group is tailoring its talent initiatives to help ensure the retention of key talent. The company is wisely taking steps to curb the flight risk of critical staff once the job market improves and these individuals have more alternatives elsewhere.
Find out how other UK companies are improving their talent initiatives by attending our webcast "Modernising Talent Management in the UK," Tuesday, Oct. 26. More details are at:
http://ems3.intellor.com/?p=305427&t=5
For in-depth findings from this research, read our just-released UK Talent Management Factbook report.