Create a Talent Retention Plan for Key Employees

The Great Resignation/Reflection…

The effects of the "Great Resignation/Reflection" continue to loom over us. Restless employees, in search of greener pastures, are making moves to other companies. At the same time, our ability to attract and hire the right talent is becoming more difficult. Additionally, our business models are being challenged and modified to meet the everchanging needs of our customers.

It's time for a talent plan to address retention… 

To meet the current and future needs of your organization – it's time to link your most recent business strategy with a focused talent plan. Understanding the talent skills and capabilities needed for today and for the future success of the organization will be key. And, in today's business environment, retention of current employees should be a crucial component of a talent plan. A winning talent strategy requires intentional planning and actions to engage and retain critical employees. Wise leaders are developing pro-active plans to meet the talent needs of the business by matching talent capabilities with individual employee desires such as development, motivating work experiences, and career pathing opportunities. 

Initiate a talent plan …

With all the competing priorities we have today – putting together a talent plan may seem overwhelming. Start with a focus on identifying and retaining your most critical employees. Review the business strategy, goals, and initiatives. Then answer a few important questions to begin to build a framework for a talent plan:

• Which critical positions, if vacated, could potentially impact the business by affecting strategy, financial results, innovation, or customer experience?
• Who are the current employees that are critical to company success? 
• What is important to these employees? What motivates them?
• What options can you consider to retain them?

Identify actions and implement…

Next, put together action plans to address concerns, gaps, or other foreseeable needs. These plans may need to include customized options (i.e.: IDP's, work arrangements, compensation review) for the identified key talent the business would like to retain. Then begin developing a more robust plan to meet other components of organizational talent needs. 

Putting plans in place today will give you a road map and confidence that you'll be able to meet the needs of your employees and customers to ensure future success. 

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