How Mature are Your Talent Management Practices?

A business man points his finger at just one figure of many he believes has the talent

We often ask talent management leaders “How Mature are Your Talent Management Practices?” and “Where do you fit on the talent management maturity continuum?”

After they ask what the heck we are talking about, we discuss the various levels of how companies strive to attract, develop, engage and retain talent to move their businesses forward.  According to Bersin by Deloitte, 90% of mid-market firms and 59% of the Global 2000 are at a Level-2 maturity on a 4-point scale.  Here’s the talent management maturity scale:

  • Level-1: Little to no talent management strategy and inconsistent talent practices
  • Level-2: Emerging talent integration strategies and some targeted learning for critical roles
  • Level-3: Clear talent management strategy, strong learning culture and the beginnings of systemic approach to talent
  • Level-4: Clear and well communicated strategy to build and sustain top talent in a systemic, strategic and inclusive manner across the entire organization

In other words, most companies are at the point of being aware of what they should be doing but are just beginning to implement a meaningful talent management strategy. They have a long way to go…

Why should you bother? Because talent drives performance.  Our organizational alignment research found that talent accounts for 29% of the difference between high and low performing companies. Especially for organizations that rely on their people to succeed, business results depend on designing and implementing the right talent management strategy.

We define talent as the workforce that leaders build and manage to create a unique advantage their competitors cannot replicate. Talent management is about attracting, engaging, developing and retaining the people that will support and carry the organization successfully into the future.

If people are paramount to your success, your goal should be to reach toward the highest level on the continuum where:

  • The talent strategy is designed and clearly communicated across the company
  • Talent activities are aligned with key strategic outcomes
  • Talent management programs are customized and integrated into critical business systems
  • The workforce is diverse and inclusive

Sadly, in their recent survey, no mid-market organizations had as yet achieved this Level 4 and only 29% of the Global 2000 were at Levels 3 or 4.

So let’s take a more realistic approach. To go from Level 2 where 90% of mid-sized companies currently “live” to the next level of maturity, here’s what you need to do:

  1. Understand the business strategy and critical few priorities
  2. Identify how and where talent can most move the business strategy forward
  3. Analyze your workforce and identify current and future talent gaps
  4. Provide development and growth opportunities that are aligned with current and future needs
  5. Build a learning culture that believes in and supports career development
  6. Encourage learning across functions to develop workforce flexibility
  7. Demonstrate a commitment to inclusion and diversity that goes beyond mere regulatory compliance

When you take these seven steps to increase your talent management maturity, you boost your chances of business success. Research has shown that organizations that can assess and select the right employees achieve a 3.2 times greater likelihood of success.

Do you need to take your talent management to the next level?

To learn more, download Talent: 1/3rd of the Talent Management Recipe for Success

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