While it might seem ideal for managers to keep high-performing workers all to themselves for the benefit of their team, it’s actually bad for business, according to a study released this spring by the Institute for Corporate Responsibility,
I4cp calls the behavior “talent hoarding,” and said it’s detrimental to building a mobile and responsive workforce. When companies make a priority of identifying, developing and deploying talent to meet business needs wherever they are, they’re investing in a future of greater profitability, revenue, customer satisfaction and market share, said Lorrie Lykins, co-author of the study and i4cp’s director of research and services, on i4cp.com.
Despite that, half of the survey’s 665 global respondents, and 74 percent of low performing companies reported talent hoarding.
The study showed the importance of companies promoting a culture of mobility wherein managers are committed to developing their best people and offering them new assignments and are held accountable for it. Linking performance reviews and rewards to how well managers develop their talent is how such a culture will thrive, Lykins said.
She said developing a culture of mobility also will mean investing in onboarding for every job change, tracking turnover and engagement related to employee moves, and having external stakeholders such as customers, suppliers and distributors assist with employee rotations and new job assignments.
Bravetta Hassell is a Chief Learning Officer associate editor. Comment below or email email@example.comFiled under: StrategyTagged with: career development, engagement, retention, strategy, talent, talent management