Some 75% of all companies are in desperate need of highly qualified employees. With baby boomers starting to retire this is an ever increasing challenge for business owners. Losing the talent—to competitors or retirement—can become a question of survival, especially for smaller companies.

In addition too often talent isn’t used properly: The strong negotiator whose income is based more on their negotiating skills than their working skills. (You do understand that those people are in the wrong position at that company, right?)

Your way out of this dilemma?

Manage your talent

While most companies understand the value of mentoring, there is rarely one with a standardized process for it. And talent management is rarely existent.

1. Plan ahead!
   Do you have a plan B when one of your top performers heads off? Most companies don’t!
   
   • Is your top performer already mentoring someone?
   • Do you have at least two candidates that can replace a leaving star?
   
   
2. Focus, Focus, Focus!
   Reduce the number of key positions; create clear job descriptions. Too often nobody has a clue what the top performer really does and when she is gone chaos sets it.
   
   • Do you really want to be in a position that your business’ success depends on the goodwill of a former - maybe even fired - employee?
   • How can you choose the right person for the job, if you can’t even tell what the job is?
   
   
3. Develop a talent pool
   Most companies neither have one nor have considered one. Is it a surprise that they fall behind?
   
   • Remember your plan B?
   • How do you know who to mentor when you do not have a talent pool?
   
   
4. Transparent and disciplined hiring process
   
   • Is it clear who does the hiring and who has a saying?
   • Does your talent pool help to decide if the job can be filled internally?
   
   
5. Review it!
   It is good to be prepared for a loss. It’s better to have measurements to predict one!

Tags: baby boomers business owners business success chaos clue desperate need dilemma goodwill hiring process job descriptions measurements mentor mentoring negotiating skills negotiator plan b retirement smaller companies survival talent management talent pool top performer top performers