The ability to effectively hire, retain, deploy, and engage talent—at all levels—is really the only true competitive advantage an organisation possesses.
Everyone knows the value of having the best talent in order to succeed in our competitive and increasingly complex economy. Companies understand the need to hire, develop, and retain talented people; organisations must manage talent as a critical resource in order to achieve the very best results.
There is a demonstrated relationship between better talent and better business performance.
- Communication—Links the talent management initiative to the business drivers, puts forward a vision the organisation can rally around, and sets expectations for what will happen in the organisation.
- Accountability—Role clarity so that each individual in the talent management initiative knows what is expected of them.
- Skill—Developing the right skills and providing coaches and mentors for support.
- Alignment—Must align talent management initiatives to the business drivers but also need the right kinds of systems to identify high potentials, to diagnose for development, to link to performance management, and to do development that really changes behaviour.
- Measurement—You can’t manage what you don’t measure. It creates the tension, and objectives become clearer to help execute a talent strategy. The most effective measurements go beyond mere statistics
Key components of a highly effective talent management process include:
- A clear understanding of the organisation’s current and future business strategies.
- Identification of the key gaps between the talent in place and the talent required to drive business success.
- A sound talent management plan designed to close the talent gaps. It should also be integrated with strategic and business plans.
- Accurate hiring and promotion decisions.
- Connection of individual and team goals to corporate goals, and providing clear expectations and feedback to manage performance.
- Development of talent to enhance performance in current positions as well as readiness for transition to the next level.
- A focus not just on the talent strategy itself, but the elements required for successful execution.
- Business impact and workforce effectiveness measurement during and after implementation.
Employee expectations are also changing. This forces organisations to place a greater emphasis on talent management strategies and practices.
Employees today are:
- Increasingly interested in having challenging and meaningful work.
- More loyal to their profession than to the organisation.
- Less accommodating of traditional structures and authority.
- More concerned about work-life balance.
- Prepared to take ownership of their careers and development.
Responding to these myriad challenges makes it difficult to capture both the “hearts” and “minds” of today’s workforce. Yet, it’s critical to do as cultures built within our organisations are crucial to attracting and retaining key talent.