The 4 Secrets of a "Talent Magnet"

by Cherryll Sevy

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Every successful team, organization and company recognizes that top talent is essential to achieve high levels of success and desired results. Unwanted turnover is very costly and estimates range from a year’s salary for each lost employee up to several times the annual salary for key employees. How does a company become a "Talent Magnet" to attract and retain the highest quality employees to succeed in an ever-competitive market? How can a work environment be created where a company continually attracts highly qualified applicants, and high achievers stay and perform at high levels year after year? Such "Talent Magnets" exist because they know these four "C" secrets to ensure success - Culture, Communication, Compensation and Commitment.

1. Create a culture to energize, empower and engage employees.
   Such a culture has defined values that are understood, guide and define behavior throughout the organization. Each member of the team clearly understands the key business objectives, and recognizes their role and responsibilities to achieve them. Employees are valued for their contributions and are given guidance, resources, freedom and support to do what needs to be done.
   
2. Communication is frequent, open, and honest.
   Team members and management share information with one another, listen to ideas, and offer constructive feedback, honestly and kindly. Expectations, goals and standards are established and discussed throughout the year in an effective performance management process. Email, voicemail, and other technology tools support communication, and do not create barriers to honest communication.
   
3. Compensation is so much more than money.
   Employees are paid fairly and understand the company’s pay-for-performance program. Top performance is rewarded financially, as well as with other forms of recognition. Incentive plans are fairly administered, effectively communicated, and well designed to drive desired performance. Recognition, benefits programs, and non-cash rewards round out a total compensation strategy.
   
4. Commitment is key.
   The organization and the employee are equally committed to ongoing professional development, enhancing the value of the company and creating a mutually rewarding relationship. There is a commitment to quality, not only in the product or service to the customer, but to the employee relationship. Policies, programs, and behaviors support this commitment.

For more information on how you can attract and retain top talent, please contact Cherryll Sevy at 408.358.7794 or by email.

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