Five Best Methods for Talent Retention and Utilization
Employees had limited expectations in earlier times. They wanted long-term job security. They wanted some low-cost benefits. In the modern times, employees’ expectations have become very complex. In such a situation, five successful methods can be used for talent retention and optimum utilization of brilliant talents.
Pay for performance
Earlier scales of pay anticipated some performance and fixed the pay. This arrangement is all right for the average performers. Above-average performers will not be satisfied with this payment. They want a pay that would suit their special performance. Pay for performance will suit the budget too because the company is not going pay non-performers. It will pay only the performers.
Enhanced Capital Accumulation
Employees now do not look for job security from the company. They want to arrange their own financial security. Company can facilitate it by enhanced capital accumulation program or defined-contribution plans.
Greater Work Flexibility
Workplace rigidity is something that employees do not like. Better performance is possible only by the coordination of mind and body. If the mind is unwilling due to some reason, work should not be forced on the body. Employees’ personal life and family life also have become very complicated. So, the talented employees demand greater work flexibility.
Career Development Opportunity
Young employees give a great importance to their career development. So, companies now arrange training programs, aided higher education and online courses. Systematic and specific career development is arranged by the companies to satisfy the urge of the employees.
Community Impact Program
In the past, bank employees were working unlimited hours with little room for personal life or social life. Citigroup has announced an ultra modern community impact program. Now the employees have the option to take a year off from the bank to do charity work in the communities.
So, companies look for innovative ideas to attract the best talent and also retain it. Traditional approaches such as scale of pay or promotions are not effective in the modern days. Companies look for alternative approaches. According to a new survey by the Hay Group Division of Kom Ferry, five new approaches have been adopted by 90 per cent companies. Thus, Pay for Performance, Enhanced Capital Accumulation, Greater Work Flexibility, Career Development Opportunity and Community Impact Programs are five best methods to retain and utilize the best talents.