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by Stephen Harvard Davis

Top talent can get a new job tomorrow. With computers, the Internet and mobile phones at their disposal top talent doesn?t even have to leave their desk. All they need to do is to connect with someone that sees them as fresh, smart and keen. And when top talent starts to leave other top talent tends to follow. If too much top talent disappears then it?s possible to have a business filled with people that should go but don?t. Yet too many companies gamble that their top talent will stay but do little to prevent the loss.

Replacing top talent can be costly and often as much as twice the salary in hard cash terms. Yet recent studies from the USA suggest that the opportunity costs when top talent leaving a company can be as much as twenty-four times the salary (Based on a salary of ?62,000).
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Most companies try to retain their top talent by throwing money at the situation.? This reliance on financial rewards because it?s one of the few things the company feels they can exercise control over. So high salaries, share options and other rewards are used as a motivator. However as we all know this thinking is at odds with all the research done on the subject. The fact is that money only buys time and talent scouts are always on the look out for top talent and are always able to pay more.
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There are six steps to retaining top talent:
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Step one is to recognise that top talent can be found at all levels within an organisation. It?s not, and never has been, confined to the boardroom, top tiers of management or graduates. Once identified, however, top talent needs to be nurtured, developed and encouraged otherwise it walks. Managers, therefore, should be rewarded for identifying top talent, developing and nurturing it.

Step two is to understand the reasons for top talent leaving. This means learning what individual?s want from the job. Many companies view this as difficult because of the complexity of analysing human relationships. It also makes developing a one size fits all package of benefits difficult.

The result is that most companies ignore the real reasons for talent loss and blame attractive salaries and benefits on offer from competitors. As such companies seem to be content with allowing top talent to leave whilst pretending that nothing can be done about it. Yet the fact is that top talent tends to be hungry for knowledge and experience and seek out the companies that can offer them this.

Certain top talent can be therefore be categorised in three ways ?Knowledge nomads? moving from one company to another seeking information that adds to their abilities. Then there are the ?Prospectors?, those that are looking for better career expectations and finally the ?Relationship Migrant? who seeks out a particular type of boss as a teacher and mentor.

Step three is to engage with top talent. Top talent tends to be attracted by retention drivers such as, mentoring, coaching, training programes and particularly by discussion groups where the top talent is asked to contribute to the company?s vision, direction and future. However paying lip-service to this communication will only go to create resentment. The engagement must be real and allow the top talent the opportunity to contribute effectively.

Step four is to provide constant feedback and stimulation. There is little point in having groups of top talent look at the future of the business if senior management pays lip service to the process and are not prepared to enter into the discussion, try out some of the ideas that top talent comes up with or allow top talent to make their own mistakes.

Encouragement should also be given to top talent wishing to move laterally within the business. Such ?talent swap? encourages learning and reduces a feeling of being ?trapped? in one specialist area.
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Step five is recognising that line managers have the greatest influence over retaining top talent. Managers should be encouraged to develop a relationship and losing a top talent should be regarded as a ?management failure? and viewed with concern. When losing top talent there should always be an exit interview as well a debriefing for the line manager. This is essential if mistakes aren?t to be repeated time and again.

Step six is to assume that when top talent gives notice to quit that they aren?t out of the door until it?s firmly closed behind them. Early meetings to discuss why they are leaving and what could be done to bring about a turnaround are often successful.
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Stephen Harvard Davis is recognised as the UK?s leading authority on job transition and retaining top talent and the author of ?Why do 40% of Executives Fail?? A regular speaker at high profile conferences and business meetings. Contact Stephen on (44) 01727 838321 or www.stephenharvarddavis.com