Talent mismanagement has a high cost. Losing top performers reduces employee engagement, performance, and productivity. These activities lower job satisfaction, employee morale, and attraction and retention rates. The results include less revenue, a weaker bottom line, and limited business growth.
Conversely, proper talent management can save on recruitment costs. Hiring the right talent for the right role strengthens collaboration, career advancement, and company loyalty. These factors reduce hiring, onboarding, and training expenses.
The following examples demonstrate the high cost of talent mismanagement and what to do differently to save on recruitment costs.
Wanting Talent to Like You
The desire to be liked interferes with the ability to manage talent. The results can include over-explaining decisions, sugar-coating information, appeasing talent, and delaying information to maintain happiness.
Developing the skills to initiate difficult conversations, manage conflict, and regulate your emotions is essential for talent management. You can reach these objectives through self-guided study and private coaching.
Letting Problems Grow
You might have inherited a problem from a previous team leader or allowed a problem to grow and drive away talent. Either way, you can address the issue, set boundaries, and maintain accountability to prevent recurrence.
Gaining executive support and modifying the company’s culture can help solve problems and encourage talent to remain long-term. Clarifying your expected employee behaviors and the consequences for noncompliance shows you value and respect your team. These activities strengthen employee attraction and retention rates and save on recruitment costs.
Handling High-Performance, High-Conflict Talent
High-performing talent might regularly engage in conflicts with colleagues and coworkers and contribute to a toxic work environment. A lack of collaboration negatively impacts the organization.
Although you likely want to keep high-performing talent, you also want a positive work environment. Therefore, you should address the toxic behavior and its compounding effect on the team:
- Talk with your boss about the problem and a potential solution.
- Include documentation of the employee’s behavior to support your reasoning.
- Take notes during the conversation to clarify the topics and results.
- Take action according to what you and your boss decide.
- Document the discussion, results, and next steps.
- Follow up at the relevant time.
- Take action according to the information shared in the previous discussion.
Hire High-Performing Talent With Help From Team
Work with Element Staffing to hire high-performing, collaborative talent for your scientific or technical team. Contact us to start the process today.
