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Wednesday, May 25, 2011

Loss of Top Performers a Growing Concern

As new opportunities begin to open up in the job market the loss of top performers has emerged as the top concern of across the nation. Right Management research found that as many as 30% of employers cite defection of top talent as their most pressing HR challenge. And a further 30% told us that they lack high-potential leaders in the organization. Twenty-two percent are suffering from low engagement and lagging productivity and 18% have a shortage of talent at all levels.

Loss of top talent is a growing concern for many employers. In fact, it’s now more of an expectation. After all, it’s no secret there’s a lot of pent-up frustration in the workplace and that many, if not most, employees have been floating their resume.

Many employers find themselves faced with a dilemma. Right now they don’t want to do much hiring, but at the same time they think they will lose top people. If these defections play out, that in turn will mean more hiring to fill key gaps. It seems certain that job churn and turnover will notch upward, which may harm growth at many organizations.

HR professionals know that recruiting and securing the right talent for key positions is a demanding process regardless of whether the job market is weak or strong. Top talent is clearly on the move. To secure the best available talent, organizations need to have a clear picture of the competencies required and the success profile for the positions for which they are hiring. Without this clear focus as well as a fast track on-boarding plan, organizations risk losing greater productivity and performance especially from new leaders being hired into the firm.

It’s imperative for organization’s today to have a well-constructed succession planning system for rapid replacement of key roles, and more broadly, a well aligned succession management plan to ensure firm-wide talent progression. Those that don’t are highly exposed to risks of underperformance and further loss of talent that could have been successfully developed for competitive advantage.

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