The economic downturn forced most of us to change our perspective on work, and in some cases even on life. Organizations kept their best employees, loaded them with more work, ignored most of their concerns, and held on for the “wild ride.” As things begin to return to some form of stability and radical uncertainty migrates back to its dark cave, most of us face the challenge of making amends with and developing a reason strategy regarding our most important resource: our people.
As the labor market bounces back, high performers will explore other options outside of their current organization. Some will look for more money, but many will look for new challenges and opportunities in more “healthy” organizations. We all know the cost of losing our best talent. However, we are typically more vague on the cost of failing to compete in the talent marketplace. This too can be very detrimental to our organization.
How a child play a game mirrors the opportunity cost of missing out on high value talent. As children learn to play games, they move away from making single or unique moves to adopting a more complex or interactive strategy: moving to prevent something else from happening later in the game. Put simply, an action is taken to prevent another party from taking the same action later. In sports, this happens every time a team contracts with a player that is not really needed, but they want to prevent a rival from having that talented individual.
In business, rarely can one afford to hire all of the talented people in our relative market, but making sure we have our share is critical. However, a successful organization monitors the market and acts within its available means on a regular basis. Why is it so important to stay vigilant?
Constantly seeking new talent assists with:
Establishing your organization as a desirable employer – talented people tend to attract other talented people.
Increasing you advantage over competitors –the best people make a difference in how innovative, productive, and successful you are compared to your competitors.
Getting results – the best people should be aligned with your most critical needs to produce the best financial results.
Continuing to grow – reaching the top is not enough as every organization must continue to develop and grow to flourish and survive.
If you are not shopping for these people, others definitely are.