What Are You Doing About Talent Today?

In these times of uncertainty, staff reductions, project cancellations, and clients demanding more for their dollar, what have you done to assure the happiness of your existing talent? The staff who have made it through cuts at your firm are likely among your most valued — that’s why they are still there. But what have you done to be sure they will still be there in the future?

In many organizations today, there are talented people who aren’t happy in their current roles. If the economy had continued to grow at a “normal” pace, they likely wouldn’t be working for you any more. However, because of the downturn, job security has been of utmost importance: Better to have a job you don’t like than not have a job at all. However, once the economy begins to turn, these people will leave at the first opportunity. In some cases it is already too late. Your only option is to encourage their professional growth, and maintain touch with them in coming years in the hopes they may someday return. In other cases, there are opportunities for you to re-energize their passions and talents around the future of your firm. I believe there are three winning strategies to keep these talented staff within your organization:

1. Be very clear with them about their future. With the future as fuzzy as it is, this may be uncomfortable. Times and situations do change. However, if you see people as future leaders in your organization, make sure they know it. Often times, leaders assume their most talented staff know they are valued and have a place in the future vision of the firm, yet this isn’t communicated. Set a clear path for them and provide them the training and development opportunities necessary to grow into the roles you see for them.
2. Embrace the power of mentorship. In the booming economy, senior leadership and key players within your firm were traveling quite frequently — often globally — and have the frequent flier miles to prove it. Now, many leaders are traveling much less, often as a cost-saving measure or perhaps the workload and client opportunities don’t necessitate the travel. This means the leaders in your firm — the talented people who have driven it to success — are now in the office. They have time to sit with younger staff and mentor them. Take younger staff to meetings with clients or community groups that you weren’t attending before. A quick coffee or lunch that wasn’t possible before because of travel is now a chance for mentorship. Senior leadership has a great opportunity today to prepare young leaders for the future.
3. Develop a meritocracy culture. Now more than ever, it is important to reward people for their contributions to your practice, particularly the most talented individuals in the firm who you hope to build your future practice around. Be upfront about your expectations and values and follow through by rewarding those who exceed them. If you challenge your staff to reach for new levels of service, expertise, and design quality you will motivate your stars to shine. This is particularly true for your younger staff. They want very clear expectations and clear outcomes. A challenge for any firm certainly, but those who believe in meritocracy will find great success.

Today’s professional practices require that we develop talent and teamwork both as individual skills and organizational capabilities. It is important to note that these strategies will help you retain and recruit all talent within the organization, not just those who aren’t happy. Firms and leaders who provide mentorship and focus today will be best positioned to win the war on talent tomorrow.