Evgenia Baydikova

The University of Sydney

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How can we retain talent in large knowledge-based organisations more effectively?

The churn rate in professional services industries is around 40% per year. How can we retain the best talent in large organisations especially where knowledge and talent are the main assets? What motivates you to pursue a career in the same company year after year?

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    Aug 7 2011: Make the Bosses to understand it that as you said "Knowledge & Talent are main assets".

    Studies are out there and I also believe to a great extent that "Employees don't leave job or company , they leave their BOSSes"
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      Aug 7 2011: Hi Salim. Would you have any advice for how Bosses can facilitate a more knowledge-appreciating culture in their organisations? Perhaps a novel rewards system, or is it just good old motivation and appreciation of the individual and team contribution?
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        Aug 7 2011: Hi Evgenia
        Thanks for your response and asking for my thoughts.
        First the bosses has to evolve to become leaders as a whole for the whole organisation.
        Then when we are talking about Talents which means they are top performers of the organisation as well as for the industry they are well desired people , which needs more effort to retain them (I agree with list of Shokrullah , but talents need more)

        --Tell them upfront that they are talent for the organisation (actually they know but if organisation don't tell them that gives wrong signal not being recognised)
        --Trust them, empower them even to do experimentation to be wrong
        --Engage them beyond their job description
        --Mentor them & offer opportuinty to develop themselves
        -- Reward them in a way that gives them real feeling that they are rewarded (but "good old motivation & appreciation" may not work as they are TALENTs)

        I am not an HR specialist , but it's my feeling from working with people. Finally it's really difficult to retain talents 100% in this highly competitive business environment where talent pipeline is really scarce despite of our developed systems but definitely exodus can be minimized by doing so.
  • Aug 8 2011: Stop behaving like companies and start behaving like families. Give your talent a reason beyond economic to stay with you.
  • Aug 7 2011: Make your organization a great place to work with followings”
    1- Honest, open, two-way communication.
    2- Recognize your employees performance publicly and privately and often.
    3- Let your employees have fun.
    4- Give your employees the flexibility they need for work-life balance.
    5- Investing on employees education.
    6- Give your empoloyees a reall sense of ownership.
    7- Encourage your employees to stay healthy.
    8- Recognize your organization’s responsibility to society.
    9- Team leadership, not team dictatorship.
    10- Good office settup.
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      Aug 7 2011: Hey Shokrullah! Thanks for your reply. Do you happen to work for Google by any chance? Sounds like the sort of philosophy they follow. What about your interaction with others within the organisation, from an employee's perspective? What role does your ability to connect with others in the organisation and share knowledge and expertise play in your productivity and work satisfaction?
      • Aug 7 2011: It is great questions. It is one of the objectives of establishing the organization.

        The interaction with other employees in an organization will help me and employees to generate ideas for smart working. This means that, we are all holding small value parts, thru interaction; we combine them to make our presence meaningful for myself, rest of employees and organization.
        Referring to Google, it is a successful company; we can't be hesitant to follow their proved philosophy.

        Thank you
  • Aug 7 2011: Fire/dissolve the Human Resources (HR) department and increase the salaries of the talented employees?

    Provide a clean up-to-date work environment that allows the talented employees to remain happy and productive.

    From working in a major corporation, I have seen the negative affects a rundown environment can have on productivity and happiness.
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      Aug 7 2011: Hey Bob! That's very interesting you should say that. Should we completely eliminate the middleman? WIll their roles and responsibilities become the doman of artificial intelligence and automation one day? Who knows! All we know, is that we're moving towards developing greater informational symmetry.

      One of the other things I'm interested in is how as people we can become more efficient at what we do by focusing on our core expertise, or a few areas of specialisation, while we draw on other people's experiences to fill in the gaps in our own experience.

      Although we tend to have multiple careers these days and we're not tied to a single job for life, we're seeking increasingly more efficient ways of sharing knowledge and contextual information in real-time, but also in person where possible. But how can we overcome the experience and knowledge chasm that exists within an organisation of up to 200,000 people or more, especially where knowledge and tacit understanding are professional services' greatest assets?

      Social media is one solution. But I'm trying to think of something that will transcend or build on social media, something which more innovative, a solution of the future.