If you’re not sure about the security of your talent pool, you’re not alone. In fact, 69 percent of CEOs find the lack of key talent in their companies to be a challenge.1 Therefore, to retain key employees, you might have to rethink a few of the popular myths about talent.2
Myth: In a tough economy, pivotal talent will stay put Even in volatile times, uneasiness can trump security. If pivotal talent—those key employees whose performance can make or break the bottom line—feels undervalued during a downturn, anxiety will replace productivity, as employees use their time to network for new jobs and competitors lure prospects with better job offers.
Myth: As long as employees are treated well, they will be loyal Sure, it’s tough out there for jobseekers. But workers are still willing to change jobs if they aren’t happy in their current positions. In fact, a PwC survey found that 58 percent of millennials—the younger generation of workers—will be loyal to an organization only if they feel fulfilled in their roles.3 Today’s talent expects employer-employee relationships to be mutually beneficial.
Myth: Foreign-born talent is always willing to work in the US The world is an oyster for the talented. With emerging markets booming and US immigration policies becoming more stringent, foreign-born employees are opening their eyes to opportunities outside of the US.
Retaining staff requires more than finding talent and keeping them happy. Determining a company’s business objectives, identifying individuals who meet those objectives, and rigorously measuring the effectiveness of talent policies are important steps in redefining a talent management program. Equally as important, pivotal talent needs to be motivated and engaged to keep the right blend of critical skills in a company.