This blog post was written in response to the May 2013 Coffee Shop HR World Café topic: “What will it take to retain the best talent over the next 5 years?”
With the Baby Boomer generation beginning to retire over the past few years and continuing into the future, many senior roles and executive positions which have been filled by these soon to retire Baby Boomers will now become available; this is going to create a talent war, and the hiring market will boom.
When senior talent retires only two options exist to fill the position: internally through pre-planned succession efforts; or externally through external applicants or targeted headhunting.
A key effort to undertake early is your own corporate succession planning- have those conversations now, and by creating and communicating that plan to your planned successors today you can increase your chance of engaging them, and securing them for tomorrow.
Remember, if you are looking externally for talent, so are your competitors; those star employees you may have ear marked for future succession are vulnerable to being poached from you so it is important that they are aware of the existing and current opportunities within your company.
Inevitably you’ll have to look externally for talent, whether it be for these senior roles, or to backfill the vacancies created by internal promotions; when looking externally, you can still incorporate succession planning into these hires.
Hire external individuals into the company now, and being training and grooming them for the future opportunities- this will allow you to hire in at the ground level and ensure a cultural fit as well as a skills fit when the time come to fill senor vacancies.
To retain your current talent through the next 5 years keep your workforce engaged. Offer training and development that align with career pathing opportunities and ensure you are conducting performance reviews that have a development plan component- this will foster important conversations around your business needs as well as your current employees aspirations. Regardless of your company’s current processes, planning and communicating to your current employees with positively impact your retention over the next 5 years.
What Will it Take to Retain the Best Talent Over the Next Five Years? by Gareth Cartman
The Magic Bullet by Nicole Davidson
It Takes More than Money to Retain Your Best Talent by Jessica Lau