Magazine article Journal of Property Management

My Main Job Was Developing Talent

Magazine article Journal of Property Management

My Main Job Was Developing Talent

Article excerpt

I was a gardener providing water and other nourishment to our top 750 people. Of course, I had to pull out some weeds, too."

-JACK WELCH, FORMER CHAIRMAN AND CEO OF GENERAL ELECTRIC

* NO LONGER A STRAIGHT PATH

According to Deloitte's 2018 Global Human Capital Trends survey, leading organizations are shifting away from straight-line, job-based career development paths for their employees and instead moving toward a prototype that allows employees to "ACQUIRE VALUABLE EXPERIENCES, EXPLORE NEW ROLES, AND CONTINUALLY REINVENT THEMSELVES." Globally, 84.1 percent of the respondents to Deloitte's survey rated this trend "important" or "very important."

It costs an estimated 33% of an employee' annual salary to replace that employee.

SOURCE: Work Institute, 2017Retention Report

Of the more controllable reasons for leaving, employees who quit within the first year were more likely to point to reasons related to job characteristics, well-being and work-life balance than those employees who quit after the first year.

SOURCE: Work Institute, 2017 Retention Report

A MORE DIVERSE VIEW OF DIVERSITY

We tend to think of diversity more narrowly than we should, and that could impact our business and employee development. Taylor Griffin, COO of The Miles Group (TMG), which advises executives on talent management, encourages leaders to look beyond the usual diversity categories and recognize others in order to stay ahead of talent trends. Says Griffin, "Diversity must be broadened beyond identity diversity-gender and ethnic differences-to include cognitive diversity, which expresses itself through different personality types or leadership styles or the way people think about solving problems. …

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