It Pays (Literally) to Hire and Retain Top Talent
Are high-potential employees the key to organizational success? Without a doubt!
Especially at senior leadership levels, for at least the next ten years “companies in industrialized markets will face labor shortages and brain drain of dramatic proportions (Watkins, 2007)”. Business experts including Jay Conger (2009), confess that even with decades of experience in talent management and leadership development, “this war for talent is like nothing we’ve ever seen before.”
Talent is the driving force of any organization’s success. It pays (literally) to have top talent people onboard. The evidence is overwhelming:
- Investing in high-potential employees can contribute to as much as a 15.4% advantage in total shareholder return. (Corporate Leadership Council (2006).
- Relative to executives with average performance, high performers provide an additional $25 million in value to their organizations during their tenure. (Barrick, Day, Lord, & Alexander, 1991).
Furthermore, top talent employees:
- produce as much as 10 times more than the average worker.
- generate most of the innovation and new ideas.
- help others improve their performance and strive for excellence because they serve as mentors, trainers, and role models (Sullivan, 2007).
