By: Maurice Gilbert
Global management consulting firm Hay Group is predicting a huge increase worldwide in employee turnover, up to as much as 23.4 percent by 2018. As economies improve and opportunities increase, talent will go where it’s treated best.
Meaning: it’s time for companies to step up their talent management game. Recruiting is certainly a key part of that strategy, but retention is equally important. There’s no sense in watching your best employees leave for greener pastures if something can be done to prevent it. Herein lies the case for a “Chief Re-Hiring Officer,” (CRHO) a leader responsible for proactively sourcing internal talent, reinvigorating them, and redeploying them in more fitting roles given their strengths and passions.
This is not altogether unlike succession management, but rather than focus exclusively on high-potential professionals, the star performers, the CRHO would also source prospective “re-hires” from all corners of the organization. The majority of staff – those not ranked among the top 10 percent – and even the poorest performers are ripe for the repacking. Portions of these groups may, in fact, be working in roles misaligned with their experiences, natural talents and preferences.
Retraining and redeploying these staff into more appropriate functions can allow companies to reduce turnover while maximizing existing human capital. An interesting strategy for a problem that’s been identified as a key threat in to businesses in the years to come.
Maurice Gilbert is Managing Partner of Conselium Executive Search which specializes in placing Compliance Officers and Regulatory Counsel for clients in the U.S., Europe, Latin America and Asia Pacific. Maurice can be reached at www.conselium.com or firstname.lastname@example.org.Published by Conselium Executive Search, the global leader in compliance search.