Keeping hold of talent

Over the last few weeks the papers have been full of horror stories of jobs being axed in the city and of a full-scale recession looming ever closer. Last week the London Metro reported that two major investment banks, Merrill Lynch and UBS, had made significant cuts to headcount. Merrill Lynch said it was cutting 4,000 jobs in an attempt to save hundreds of millions of dollars a year. There were reports of 900 jobs going at UBS and up to 40,000 City job losses have been forecast overall due to the financial turmoil. So, it looks as though the next few months are going to be pretty hard going for lots of people, not least for those who find themselves in the position of having to look for another job.

Redundancies always have a negative impact on workplace morale and motivation and it’s extremely important that companies handle these matters in a sensitive and professional manner. It’s also important however to focus on the people who you want to stay. In uncertain times, it’s often the ‘top talent’ who will jump ship first if they do not feel that they, or their career, are going to be looked after. Losing these people at the same time as redundancies are being made can cause severe disruption to a business.

Having a talent management strategy in place is essential for any company and this shouldn’t come into play only in times of crisis. Whilst managers are one of the greatest influencers when it comes to retaining top talent, mentoring, coaching, training people and involving them in the direction and future of the company all have a positive impact too.