Why It Doesn’t Work and How to Avoid the Pitfalls
A recent Wall Street Journal article reported on the growing phenomena of talent hoarding at large companies. A 4.5% unemployment rate is making it harder to find good employees, so some keep a tight grip on their superstars. But when people eager to grow feel stifled, they leave – creating the very vacuum that hoarding employers were trying to avoid.
If you suspect talent hoarding is happening in your organization, here are ways to address it.
- Proactively assess your team members’ desire to advance. Some will be happy to stay put, while others may be eager to grow with the company.
- Incorporate a growth component in your evaluation process. Include questions about what employees see as their next move and help them map out a plan to achieve it.
- Take steps to ensure that your bench is deep. Identify the training they need and provide it.
- Create a policy for advancement that includes a timetable and expectations. Share it with new hires to communicate from the start that growth is encouraged.