The 2017 Regional Talent Management & Succession Planning conference is over but the lesson learned and take away from it can be implemented straight away. First of all, one must understand the key components of effective talent management process
- A clear understanding of the organisation’s current and future business strategies.
- The position of Human Resource in aligning between the organisation’s need and business’s need
- The understanding in identifying the gaps between the current talent and the talent required to drive business success.
- A comprehensive talent management plan designed to close the talent gaps that are integrated with strategic and business plans.
- Accurate, systematic hiring and firm promotion decisions.
- Communicating corporate goals, and providing clear expectations and feedback to manage performance.
- Strategic development of talent to enhance current performance as well as to ensure their readiness for transition to the next level.
- Focuses on not just on the talent strategy itself, but also the consistency in execution
- Business impact and workforce effectiveness performance measurement before, during and after implementation.
BRIDGING THE GAP
Best Practices of Effective Talent Management – How successful companies do several things better in building and sustaining a strong leadership pipeline
1) Leadership brand start with the end in mind – They build a strong and identifiable leadership brand that will set clear expectations, attract talent to join the company, and excite them to aspire to lead
2) Focus on the importance of continuous talent assessment, customised development opportunities and promoting diversity of thought among the top leadership team
3) Talent selections – discussing thoroughly decision in developing talent career growth to groom own people or to cast the net far and wide to source talent outside. Considering the vast knowledge, experience from the talent versus culture adaptability, retention strategy and the complexity of talent career plan, some of the basis for succession management in hiring external or inside promotions are:-
- Competencies: related behaviors that is associated with success or failure in a job.
- Personal Attributes: personal dispositions and motivations that relate to satisfaction, success, or failure in a job.
- Knowledge: technical and/or professional information associated with successful performance of job activities.
- Experience: educational and work achievements associated with successful performance of job activities.
4) Technological advancement that is effecting talent management is changing the way people work. These impacts range from subtle changes such as automated record-keeping to more dramatic changes such as self-driving cars. These technological trends also give impact particularly on young talent with their demand and expectation of digitization and being technology savvy.
5) Considering the changes in employee expectation in wide range of generations. Employees today are
- Demanding a challenging and meaningful work, the company’s goal and direction is compulsory
- More loyal to their profession than to the organization.
- Flexibility in decision making, physical appearance in the office – less accommodating of traditional structures and authority.
- More concerned about work-life balance because of the social life that they need to keep-up.
- Empowerment are demanded because they are prepared to take ownership of their careers and development.
6) The sound execution of the talent management strategy must comprise of these basic progressions:
- Communicate.. Communicate… Communicate – link the talent management plan and initiative to business drivers, focus on vision of the organisation and sets expectation with consistent feedback.
- Ownership and Accountability – give a clear role to each individual in talent management initiative so that they know what is expected of them.
- Skills improvement – developing the right skills that align with the business strategy and providing learning structure with coaches and mentors for support.
- Align with Business strategy – talent management initiatives must align with the business drivers but also need the right kind of systems, technology savvy individuals to identify high potentials, to diagnose areas for development, to link to performance management, and to implement development that really changes behavior.
- Performance Measurement – “You can’t manage what you don’t measure”. The last thing we want is to create a talent management strategy that creates more tension and disharmonious organisation culture. Find the most effective measurements to go beyond mere statistics to quantify what’s working in talent management, why those initiatives are effective, and what impact they have on the organisation.
Talent management has never been more of an immediate concern than it is right now. The organisations must be careful not to rush into implementing initiatives or programs that are more about taking action than about implementing a well-crafted solution. The traditional way of managing potential talents need to be changed to fit into current talent and the business we are in.
Planning diligently, culminating in a sound talent strategy that is tightly connected to the organisation’s overall business strategies and business needs, is required for talent management to become embedded in an organisation’s culture and practices. Only when this happens is it possible for talent management to be effective, productive and sustainable.
Do get in touch with Q3 Management Solutions for the management & governance support, and this could be the beginning of a successful long-term business relationship.