Talent Management – now more important than ever!
Yoni Szpiro, Generations Recruitment, emphasized in our recent Talentor Talk the importance of reconnecting with talent during times of constant change.
You can watch the Talentor Talk here.
‘’Many people do not feel aligned anymore right now with the values and work of their organization. Not inspired, and some feel isolated from the HQ decisions. Re-connecting people and talent back with the organizations is THE key work of leaders right now. It is now time to make the step towards the people.’’
Yoni Szpiro, Generations Recruitment
So, how can we re-connect with global talent again?
Companies need to prioritize the following critical aspects of talent management and retention:
- hiring the right people
- developing them
- recognizing and rewarding performance
- creating a positive work environment
- encouraging employee engagement
- effective communication
- aligning individual and company goals
And…it is not enough to tick those boxes, as each of those 7 aspects requires strategy, focus and high commitment of everyone in the organization. As Yoni mentioned in the Talentor Talk:
People want to BELONG again, they want to be part of a mission again. A company is a kind of society and we create growth through connections!
Organizations that are looking to expand their global reach or compete in global markets often place a high value on global talent, as it can give them a competitive advantage.
Those with language proficiency, cross-cultural experience, and the capacity to function well in different teams are known to be global talent. Along with having extensive knowledge of international markets and trends, they may also have experience operating in many nations or areas.
This kind of talent that is usually hard to find and requires the ecosystem we previously outlined.
Berlin or Singapore - what eco-system do we need to create for global talents to be motivated to stay?
Keeping global talent motivated to stay in an organization is a complex challenge and requires a multi-faceted approach that addresses a range of factors that are important to employees.
Global talent is not looking for another opportunity at the competitor next door in the same city. Your competitor is based on another continent, an organization creating more innovative solutions, a highly flexible environment and gives clear growth perspectives.
Here are some strategies and new trends that can help retain global talent:
- Offer opportunities for career development and growth: Global talent is typically ambitious and driven, and they are looking for opportunities to develop their skills and advance their careers. Offering career development programs, mentorship opportunities, and challenging assignments can help keep them engaged and motivated. Growth is the only constant in their lives, and stagnation a phase to spark ideas to re-orient your career…
- Provide competitive compensation and benefits: Providing competitive compensation packages and benefits is critical for retaining global talent. In addition to salary, benefits like health insurance, retirement plans, and paid time off can help demonstrate the organization's commitment to its team. We also see stock options, relocation packages, unlimited vacation time (with realistic work-load), sabbaticals and professional development programs to stand out from the crowd.
- Foster a positive work environment: A positive work environment that promotes collaboration, respect, and diversity is essential for retaining global talent. Providing opportunities for employees to give feedback and participate in decision-making can help them feel valued and engaged. Global talent is used to work in a diverse environment. Toxic cultures with top-down hierarchies, no vision, and a lot of fire-fighting are not a place to stay for long. Again, we do see global talent and their families pack their bags again and the only reason to move was the company and leadership culture.
- Embrace flexibility: Embracing it, and really living it. Not a hybrid version of forced 4 days in the office and 1 from home. The COVID-19 pandemic has shown that many employees value flexibility, including the ability to work from home or have flexible work hours. Embracing these trends can help retain global talent, particularly in a world where remote work is becoming increasingly popular.
- Invest in technology: Providing employees with the latest technology and tools can help them stay connected and engaged, particularly when working remotely. Create an environment with high tech solutions, AND high human connections. No annoying old software solutions, but smart ways of making collaboration in remote or also live workplaces fun, simple and engaging.
- Prioritize employee well-being: As organizations become more aware of the importance of employee well-being, many are investing in wellness programs, mental health support, and other initiatives to promote employee health and happiness. These initiatives can help retain global talent by demonstrating the organization's commitment to its employees' holistic well-being. Important is to integrate the focus on well-being in your everyday office life. Live a culture of integrating life and work, family and care time. No praise of working late hours or weekends. Well-being cannot be one day per year, when we all listen to a workshop and do yoga in the office. It is fundamental to a culture and ensures that your team is not burning out while solving your solutions of the future.
Global talent needs an environment to grow
Global talent is ambitious and seeks career development opportunities, challenging assignments, and mentorship programs. Competitive compensation packages and benefits are also essential, including health insurance, retirement plans, paid time off, stock options, relocation packages, unlimited vacation time (with realistic workloads), sabbaticals, and professional development programs.
A positive work environment that promotes collaboration, respect, and diversity is also crucial. Flexibility, particularly during remote work, is important, and organizations should invest in technology to facilitate remote collaboration. Organizations should prioritize employee well-being by investing in wellness programs, mental health support, and initiatives that promote holistic well-being. The focus on well-being should be integrated into everyday office life, and work-life balance should be encouraged to prevent employee burnout.
TedTalks and great articles to read into
Culture is the core element to keep your (global) talent motivated to stay and grow within your organization.
Here are some TedTalks and Harvard Business articles that provide insights on how to create a culture of retaining your best people and growing (with) them:
- In this writing, Jim Crupi shares his insights on why people leave their jobs and what companies can do to retain their top talent. And his article: What music and great leaders have in common.
- The Harvard Business Review article ‘’Why People Really Quit Their Jobs’’ by Lori Goler & Adam Grant.
- TedTalk: "The happy secret to better work" by Shawn Achor: In this TedTalk, Shawn Achor talks about how happiness and positivity can lead to increased productivity and employee retention.
- TedTalk: "The Power of Vulnerability" by Brené Brown: Although not specifically about talent retention, this TedTalk by Brené Brown discusses the importance of creating a culture of vulnerability and authenticity in the workplace, which can help build strong relationships and increase employee engagement and loyalty.