It seems that “losing top talent to competitors” is keeping some senior Directors awake at night. In the past few days I’ve been approached by three different companies asking for help to reduce the risk that their top talent might leave the team.

Here are just three of the tips I advise my clients when advising on retaining talent.

1) Ask yourself the reasons why the talent joined your team in the first place. (Was it challenge of the work, learning opportunities, career path, the business looked great on their CV, resume?). Are these reasons still relevant and are they still being delivered?
If not then the talent is at risk of leaving.

2) Ask yourself the value of your “Poach Rate”. The “Poach Rate” is the additional percentage in salary that a competitor would need to offer to steal your talent. The higher the percentage increase in salary the more your talent values working for your team. If the competitor only has to offer an additional 2-5% salary increase then the reason for leaving is more likely to be poor management, poor culture, few learning opportunities etc.

3) Meet and observe your top talent. Not just at appraisal times but regularly.
Listen and look at the way they walk, talk, dress, engage with customers and colleagues at meetings. (I often go into a business and find that I can identify a talent that’s “on the way out” by just looking at how engaged they are. But then I do this as a matter of norm and often I’m not wrong!)
Ignoring talent because you believe it’s happy, or you’re too busy to observe it, tends to increase the risk that it will leave.

Finally it’s worth considering that the day a talented member of your team tells you they are leaving your team is probably six months after they made the decision to do so!

This entry was posted on Thursday, October 6th, 2011 at 11:48 am and is filed under Avoiding team failure, Retaining Top Talent.