Blog 5: Does anyone have the answer for talent retention?

After reading, "Twelve Forces That Radically Change How Organizations Work" by the Boston Consulting Group, I really took away that at the end of the day a it is centered around a company's talent or employees.  As a previous Talent Acquisition Specialist or Recruiter for various companies, finding top talent for the organization was always a fun and challenging task.  However, part of that work is also retaining that top talent as well.  The twelve forces are broken down into two separate categories, one for the supply of talent and the other for the demand of talent.  In focusing on the talent that is a major part of the future of an organization, how do companies retain their top talent and stay competitive in their market?

 According to inc.com, Bayer Corporation is a top eleven Fortune 500 company that knows how to retain their top talent.  One measure that is highlight is "matching employees' personal strengths and goals with the organization's leadership requirements".  As the market shifts and the desires for more automation as well as an increase of employees with skills in data mining and analytics, Bayer is staying ahead of the curve.  They are utilizing their current talent pool and redistributing to areas of need within the business.  I think it is a smart model and a way to retain talent and save the company money. In their 2016 annual report they have an entire page dedicated to their talent and how they attract and retain them.  Not many companies are transparent with their employee development progress, but Bayer decides to put their hard work on display.

Previously, I had the pleasure of working for Bayer and it was apparent that they valued their employees.  If someone had the desire to work in a different area or learn a new skill, the company encouraged it.  I think this keeps employees engaged and excited about the work that they are doing.  Additionally, they found ways to celebrate the hard work of their employees.

Many times in class we have discussed how it is important for each employee to understand their role and how it contributes to the strategy and mission of the company.  From the COO down to the janitor, it is essential that everyone works like a well-oiled machine to achieve the needs of the company.

I think a lot of articles and companies try to do what is right to retain their talent and create a creative work environment that they can thrive in.  I do not believe that there is a one stop shop for employee retention for any company.  I think there is a combination of variables that need to be consistent for the company to thrive.  As an organization has to redefine their strategy due to internal or external factors, this will impact the employees and how they now contribute to the mission.  Overall, it is important that you not only cater to the needs of the business, but to the ones who are running the business as well.

"Bayer's Annual Report 2016." Attracting, Developing & Retaining Employees | Bayer Annual Report 2016. Accessed May 01, 2019. https://www.annualreport2016.bayer.com/management-report-annexes/about-the-group/employees-and-society/attracting-developing-and-retaining.html.

Carmody, Bill. "How 11 Fortune 500 Global Companies Retain Their Top Talent." Inc.com. December 04, 2017. Accessed May 01, 2019. https://www.inc.com/bill-carmody/how-11-fortune-500-global-companies-retain-their-top-talent.html.

"Bayer's Annual Report 2016." Attracting, Developing & Retaining Employees | Bayer Annual Report 2016. Accessed May 01, 2019. https://www.annualreport2016.bayer.com/management-report-annexes/about-the-group/employees-and-society/attracting-developing-and-retaining.html.

"Bayer's Annual Report 2016." Attracting, Developing & Retaining Employees | Bayer Annual Report 2016. Accessed May 01, 2019. https://www.annualreport2016.bayer.com/management-report-annexes/about-the-group/employees-and-society/attracting-developing-and-retaining.html.

Carmody, Bill. "How 11 Fortune 500 Global Companies Retain Their Top Talent." Inc.com. December 04, 2017. Accessed May 01, 2019. https://www.inc.com/bill-carmody/how-11-fortune-

"Twelve Forces That Will Radically Change How Organizations Work: The New New Way of Working." Https://www.bcg.com. March 27, 2017. Accessed May 01, 2019. https://www.bcg.com/en-us/publications/2017/people-organization-strategy-twelve-forces-radically-change-organizations-work.aspx.

Carmody, Bill. "How 11 Fortune 500 Global Companies Retain Their Top Talent." Inc.com. December 04, 2017. Accessed May 01, 2019. https://www.inc.com/bill-carmody/how-11-fortune-500-global-companies-retain-their-top-talent.html.

"Twelve Forces That Will Radically Change How Organizations Work: The New New Way of Working." Https://www.bcg.com. March 27, 2017. Accessed May 01, 2019. https://www.bcg.com/en-us/publications/2017/people-organization-strategy-twelve-forces-radically-change-organizations-work.aspx.

"Twelve Forces That Will Radically Change How Organizations Work: The New New Way of Working." Https://www.bcg.com. March 27, 2017. Accessed May 01, 2019. https://www.bcg.com/en-us/publications/2017/people-organization-strategy-twelve-forces-radically-change-organizations-work.aspx.

"Bayer's Annual Report 2016." Attracting, Developing & Retaining Employees | Bayer Annual Report 2016. Accessed May 01, 2019. https://www.annualreport2016.bayer.com/management-report-annexes/about-the-group/employees-and-society/attracting-developing-and-retaining.html.

Carmody, Bill. "How 11 Fortune 500 Global Companies Retain Their Top Talent." Inc.com. December 04, 2017. Accessed May 01, 2019. https://www.inc.com/bill-carmody/how-11-fortune-500-global-companies-retain-their-top-talent.html.

"Twelve Forces That Will Radically Change How Organizations Work: The New New Way of Working." Https://www.bcg.com. March 27, 2017. Accessed May 01, 2019. https://www.bcg.com/en-us/publications/2017/people-organization-strategy-twelve-forces-radically-change-organizations-work.aspx.