Talent management has become a hot topic for organisations around the world. Now, employers are increasingly competing with one another to attract and retain staff with the skill sets needed to grow their organisation. In this environment, talent management has become central to an organisation’s ongoing success.
For many CEOs though, talent management is a difficult strategy to implement. In fact, research from Tower Watson found that only 32 per cent of employers have a clearly formulated employment deal, despite these companies being three times more likely to have engaged employees.
To help, we’ve assembled three strategies that organisations can pursue in order to make talent management a core part of their growth strategy.
1) Understand why talent management is relevant in your firm
Talent management is an umbrella term that can mean different things depending on the organisation.
For some enterprises , it may be a question of simply reducing employee churn in key departments where a certain skill set is hard to come by. On the other hand, talent management may mean developing junior staff as part of a succession plan, in order to move them into senior roles in the future.
Regardless of why talent management is an issue, senior leaders will still need to know what the purpose is behind their efforts in order to achieve an outcome that meets the needs of the organisation.
2) Develop a talent map
Once you know what the purpose is behind a talent management, the next step is to translate this into a meaningful plan. In a large organisation, this might fall to the Human Resources department, while SMEs may instead see this task delegated to the leadership team.
A talent map is an important part of this equation – requiring an organisation to map where their talent currently exists and where there are gaps. This can be combined with an overview of the ideal future situation, where skill gaps don’t exist and there is a succession plan in place for important roles.
Once a map of existing talent has been developed, along with an ideal future situation, organisations can begin to develop specific pilot programs and initiatives to move towards this future goal.
3) Monitor the results
Like any initiative undertaken in a business, a talent management program is only going to be effective if it has a measurable positive impact on organisational performance. Again, this will depend on what the purpose of this effort is, measures like employee churn are far easier to gauge than a long-term development programme.
Any monitoring effort will also need to be structured so that the variables being measured are those that will have internal credibility. Even if a business owner or CEO is driving a talent management effort, it is equally important that the results are communicated and understood across the leadership team, the board of directors and the company as a whole.