Speaking at the Bett Workplace Learning Summit in London yesterday, Thompson said HR and business leaders needed to take “a slightly longer-term view” towards talent.
He advocated the use of under-graduate training programmes and higher apprenticeships. “If you’re investing in someone’s degree, which costs around £20,000, that generates loyalty,” he said.
He said that at Barclays only 20% of employees who join through graduate schemes stay with the company. In comparison, around 80% of those joining via under-graduate programmes and apprenticeships are retained long-term.
“That’s because you’re investing a lot of time and effort over three years in somebody, versus buying-in someone at the equivalent level of capability,” Thompson said.
Gillian Dore, learning and development consultant at Cisco, also highlighted the importance of looking beyond the obvious when it comes to finding talent.
“What we need are leaders who have got that diversity and inclusion mind-set,” she said. “That means they are not all looking for high potentials that look just like them.”
