It has been the traditional role of the human resources department to manage administrative tasks like compensation, scheduling, and retirement. While these are certainly very important tasks, they are increasingly done outside the organization by contractors who charge less for their services. What can human resources professionals do to prevent their own extinction?
The answer seems to lie with what is popularly known as intellectual capital. In a knowledge economy, the collective talent of an organization has become its most important asset. Without the right talent, an organization cannot hope to compete in a fierce economic environment, no matter the quality of their tools or ambition of the business plan.
To some businesses, intellectual capital trumps all other factors when it comes to success or failure. Discovery and retention of talented employees has become such a fierce competition that is commmonly called the “war for talent” in some circles. This war for talent has made finding skilled labor more than a simple matter of posting a job availability. Maintaining the best talent has become crucial to retaining that competitive edge.
This is where human resource professionals have an opportunity to step in and make a contribution. What many companies fail to realize is that effective recruiting is not the only requirement of a great intellectual capital strategy. Retaining talented individuals already at the company is very important as well. A dedicated human resources professional has many tools at their disposal.
Developing a personal relationship with critical talent is absolutely essential. Truly talented employees are highly sought after, and if such personnel feel neglected at an organization, they may seek rewarding employment elsewhere. A human resources professional should strive to ensure that key personnel feel in touch with the management. Opportunity for change and advancement are also very important when it comes to retaining talent.
Any true human resources professional should seek to establish a rapport with important company talent. Checking in often to see how the job is going and to offer support is essential. An employee unhappy in their position will seek a change elsewhere if they feel they have no opportunity for a change within the organization. Checking up regularly with these employees and keeping opportunity on the table is a great way to retain essential talent in the organization.
