Talent has left the building
The talent within a business is likely not happy. Those with the potential to develop and grow the organisations they work for are already thinking of where they might go next. A Forbes survey found that more than 30% of employees believe they will be working somewhere else inside 12 months. The people who particularly display skills and abilities to grow and develop a company are eyeing up the exit, the talent is leaving and it begs the questions, why?
In the KPMG 2016 Outlook Survey, CEO’s recognition of one of their biggest challenges was undeniable. Faced with significant transformation plans and rapidly advancing technology, a startling 99% of CEO’s reported the need to take action to develop and keep talent within their organisation.
So business leaders know about the problem. But there is a difference between knowing the existence of a problem and knowing the reason for it.
Statistics found in the same Forbes survey give some indication towards two main reasons that talent is ‘leaving the building’:
1. The people they work for. More than 40% of employees do not respect the person they report to and the relationship between them does not encourage them to want to stick together. Managers and leaders shape and present the ideals and culture of the business to its employees and overwhelmingly, the way that is happening is not working. Over 50% of people say they have different values to their employer and over 70% do not feel appreciated or valued by them. There is an old saying that goes; “Employees don’t quit working for companies, they quit working for their bosses.” The talent that voluntarily leave, generally do so out of a disconnection with their leadership.
2. Businesses are not engaging individuals in the growth and future of the organisation. There is a perceived absence of understanding how an employee might factor in the future of the company, how they would play a role in development, in direction, purpose and what specific challenges they might be given. More than 60% of individuals do not feel their career goals are aligned with the plans their employers have for them. Employees who are challenged, engaged, valued and rewarded rarely leave. And more importantly, they perform at very high levels.
There is, of course, something bigger here than assigning blame or responsibility. It is the question of what it is costing for businesses to be losing their talent at such a rate? From the day a top performing employee moves on there are numerous impacting factors. Undoubtedly there is a loss of productivity as the team or department adjusts to new staff or reorganising of roles. New acquisitions cost money and time to find and an investment to bring them up to speed in their new role. All of this must surely leave a CEO wishing they had just kept hold of the talent that left.
Talent does not have to leave. Productivity does not have to drop. Recruitment costs do not have to increase. At Pobi, we believe that a business can transform the culture surrounding every individual to engage, value and challenge them. Talent will no longer be looking to leave, instead they won’t ever want to.