In a job market where talent is freely available, many organisations misinterpret this situation by considering talent to be easily “replaceable.” But availability and replaceability are totally different things.
When a glut of talented individuals are present in the economy, leadership proclaims, “Why bother spending money and resources on motivational programmes?” After all, if one individual leaves, another will quickly fill the vacant position. Right? Well, not always.
Why are so many business leaders careless with valuable talent? By acknowledging the following five reasons for such harmful practices — and doing something about it — employers can minimise the long-term damage and point the business in the right direction.
Reason # 1. Assuming the Brand Is Sufficient
Some employers believe that working for their company is a bonus, a highly desirable job, solely due to the company’s brand and reputation in the eye of the consumer and general public. This strong belief is usually ingrained in many corporate cultures, too. Further, such leadership typically believes that having their company name on an employee’s resume is sufficient for the individual to get a good job elsewhere if desired — which, unfortunately, is what often happens. Those skilled individuals are pretty smart and will move on to greener pastures if they realise they can do better elsewhere.
When proud businesses take things and people for granted, they usually do not think it is necessary to make an extra effort to retain and motivate talent. As a result, they fail to design the right programmes to incentivise such employees. Is it any wonder that skilled individuals choose to leave a company that apparently does not value or appreciate their work?
Reason # 2. Misinterpreting Talent Supply with Replaceability
Markets change, as do the skills and talents of the workforce necessary to sustain long-term organisational growth. This constant evolution of the external environment demands ongoing monitoring to efficiently and effectively provide the products and services desired by clients. Without the right talent — not simply the number of “replaceable” skills — the company cannot satisfy customer needs…