As a manager, you might make some major mistakes that are far too common for all companies. A lot of these mistakes have to do with complacency, which is easy to occur when it seems you have all the talent you need.
When you ignore various aspects of managing your talent, you could soon face a major dilemma in those employees suddenly leaving you.
Take a look at these eight common talent management mistakes to help you avoid facing a disastrous turnover rate.
1. Making Assumptions Your Talent Won’t Leave
One of the worst examples of complacency is automatically assuming your best talent wants to stay with your company. Forbes notes a major component to this that company managers sometimes forget:
“Employees who are challenged, engaged, valued, and rewarded (emotionally, intellectually & financially) rarely leave.”
It’s worth assimilating this basic truism into your talent management philosophy. The central reason so many top talents leave is that managers fail to unleash their passions or challenge their intellects. Most people with top talent are extremely intelligent and want challenges.
Don’t assume they’ll just go along with your program if it doesn’t involve some creativity. More so, you need to develop their skills and feel like they’re valuable in all your business projects.
2. Lengthy Hiring Processes
How protracted is your hiring process lately? All those perfect candidates you want to hire don’t want to wait weeks or months to start working. Making them wait only brings impatience, which may force them to take another offer waiting on the table.
Some statistics show as much as 46% of all candidates move on to something else if they have to wait too long for hiring results. Don’t assume they’ll hang around just because you offer competitive benefits.
3. Hiring the Wrong Candidates
Perhaps you’re so desperate to get some top talent into your company that you ultimately end up hiring the wrong person. It’s easy to take what someone’s resume says and not follow up on whether it’s all true.
Anyone can say anything on a resume without some proper vetting. Make your interviewers focus on the real tangibles like what the candidate’s proven skill sets are, their success track records, and their accountability.
Vetting is so much easier to do today with online searches and taking time to make a few phone calls.
4. Not Enough Training and Development
We alluded in Point 1 to the dangers of not enough skill development in your top talent. Training is a big part of this so your talent can feel like they’re working toward new horizons. If they feel like they have nowhere to go, they’ll feel stifled and look elsewhere for challenges.
Forbes aptly describes why lack of training and development usually occurs:
“Mentoring and coaching require a great deal of time, for both the mentor and the apprentice.”
This proves retaining top talent is one requiring enough time and financial resources to assure you keep them.
5. Failing to Communicate
That old “Cool Hand Luke” phrase “What we got here is a failure to communicate” applies to every type of work situation, including professional companies.
One of the talent management best practices is to stay communicated with your top talent as early as possible so you’re both on the same page about your company’s direction. If you don’t, misinformation can start to spread throughout every department. Once this happens, it only instigates worry in your top employees, leading to false assumptions you don’t care about them.
Particularly during tough times, keep one-on-one communication going with your most valuable talent. Listening to their concerns shouldn’t fall squarely on the shoulders of your HR department.
6. Not Recognizing When Someone Does a Good Job
Your top talent is going to work hard to bring their best expertise to your company projects. Never take this for granted, because the talent you hire wants recognition for the work they do.
A lot of them want more than money, which is why recognition programs have become so popular in workplaces. These give further incentives toward pushing forward and continuing to reach goals. Often, it’s not about the financial aspects and more about just being recognized and valued.
Offering bonuses is always nice for your talent management strategy. Consider other rewards like vacation packages, gift cards and certificates.
7. Resisting Changes to Push You Forward
All that talent you hired won’t want to stick around if you’re not going to provide a major goal to reach in the short or long-term. Think about Apple and their continual push to create new devices the public wants. In the Steve Jobs era, all of his talents stuck around because they were defiantly on board with his compelling vision.
Your company needs the same mindset, so don’t resist the telltale signs of change. In the corporate world, things change all the time. Business 2 Community notes that Millennials are going to change the corporate landscape exponentially in the coming years, changing the game of the talent management programs.
It pays to hire Millennials for your top talent, though they definitely embrace change. One reason is they grew up in a time when they expect a change in everything.
To avoid this mistake, understand Millennials and their general personalities.
8. Not Retaining Your Talent
If you want to improve your talent management strategy and retain the talent you’ve hired, it’s essential to put some energy into keeping them around for years to come. Some of the things mentioned above can help amend this, though what’s most important is to keep them engaged.
Employee engagement is a critical aspect to keep your top talent constantly interested and never bored. A recent Gallup poll shows 51% of employees aren’t engaging like they should. Take this to heart and look at possible solutions to what you can do to keep your talent constantly involved and inspired toward the future.
One great way to do this is through a corporate wellness plan. You’ll discover these programs add a lot to employee engagement by way of giving the freedom to join sports and fitness centers.
Here at Gympass, we offer this corporate solution for all B2B companies.
How the Gympass Corporate can improve your talent management program
Gympass is the world’s largest promoter of physical activities. We have a global network of more than 23,000 gyms, boutique studios, boot camps, and swimming pools in 12 countries. Employees of our corporate partners have unlimited access to all the offered activities and pay a very low membership fee. That’s why they love our product and our clients manage to increase the physically active population by 3x on average.
What better way is there to create employee engagement than allowing your top talent to converse with one another while working out? Giving them unlimited access to these centers lets them keep their physical health in good shape, helps them mentally, and inspires good conversation.
Over time, you’ll boost productivity, improve health scores, prove wellness ROI, and optimize your benefits package.
Visit us to find out more about wellness plan details and ways to retain your best talent.