Do you remember the days when companies used to overtly claim that people were there most important asset? Somehow, a little temporary amnesia has set in during the past 18 months or so. Don’t worry. The skill shortage is still there, lurking beneath the surface. As world economies improve, it will become more acute; and then many organizations will be facing music they never dreamed would come their way.
Why do you suppose that is? I’ll tell you. It’s because retaining talent has never really been that important to managers; certainly not as important as attracting it. It may seem self-evident to the likes of you and me, but most companies work harder at obtaining new talent than retaining the talent they already have.
Don’t believe me? Let’s consider just one of the many policies that support my assertion. Bonuses. When recruitment bonuses are offered, who gets the money? I’m not asking a stupid question. I really want you to think about this.
What would an organization do if it was only interested in attracting new talent? . . . Time’s up. What would an organization do? It would only pay the bonus to the new talent. Have you got it? Isn’t that exactly what they already do?
If organizations were really interested in holding onto the talent that they had, then they would also give the same bonus to those talented people they claim that they want to retain. But, I’ve yet to hear of a company that does that. They only pay bonuses to those they’re trying to entice to jump ship. And that means that if existing employees want the bonus, then they have to go somewhere else first so that as “new” employees they are eligible for the bonus on offer. Can you think of a more expensive way to hire people?
If you hear of anyone who actually awards bonuses to the people who stay that’s equivalent to what they offer those who have been recruited, I’d be interested to hear about it. It would be unprecedented.
Bruce Hoag, PhD, CPsychol
http://www.p-advantage.com
