Are People Really Your Greatest Asset?
Many executives talk a good game around world class talent management. They know what to say on the subject…the right words to use to show their understanding and support. But few go much further.
It takes a lot more than mere words to implement a world class talent management strategy. It takes a boat-load of energy, commitment and consistency. Are you up to the challenge?
Why Talent Management Matters
First you should understand why world class talent management matters. Our organizational alignment research found that talent management (how you attract, develop, engage and retain employees) accounts for 29% of the difference between high and low performing companies in terms of:
For companies that rely on their people to succeed, business results depend on designing and implementing the right talent management strategies. You need to be able to ensure your next generation of leaders. You need to build an environment where high performers flourish. This is the way to create your unique advantage…one that competitors cannot replicate.
The 3 Essentials of World Class Talent Management
Here are the three essentials of world class talent management to ensure your people can become your greatest asset:
1. Create Clarity around the Organization’s Fundamental Purpose
When you can state your company’s vision, mission, values and strategy in a clear and compelling way, it can be a powerful draw for top talent to both join your effort and to provide the discretionary effort required to make it happen. Clarity and meaning enable employees to subscribe to and enthusiastically buy into the reason you are in business.
This allows the work force as a whole to operate in sync and pull in the same direction toward the common goal.
2. Focus on High Performance
Make sure every employee understands what is expected of them in their roles and that they can articulate what constitutes high performance. Then create a fair, achievable, aligned and transparent process to regularly measure progress against agreed-upon standards of success. Provide development and coaching opportunities for substandard performers to improve and ensure meaningful rewards for high performers.
Make sure everyone knows where they stand and that they have the necessary support and resources to perform at their peak.
3. Consistently Model and Measure Corporate Values
To create a foundation of organizational health, leaders must consistently abide by the guiding principles and values of the company. There must be passionate commitment in the C-Suite to adhere to clear, ethical principles of behavior. And there should be no tolerance of wayward behaviors or practices at any level in the company.
Talent Management Warning Signs
To help determine if your talent management strategy is lacking, watch out for the following:
The Bottom Line
If you detect any of these talent management warning signs, you ought to invest in working on your talent strategy…with no delay.
To learn more about world class talent management, download Why Talent is Surprisingly Only 1/3rd of the Recipe for Success
Why Employees Change Their Mind
3 Signs of Good and Bad Strategies
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Barry L. Byrd, SPHR
Human Resources Manager
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Vice President of Human Resources
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Director of Human Resources
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Vice President Human Resources
On behalf of Roche and my staff I would like to sincerely thank you for your help with this. The English as a Second Language (ESL) assessment and coaching that you provided for our team was a great success.
LSA exceeded all my expectations. We interviewed 7 potential training and consulting partners and selected LSA due to their expertise, flexibility, and breadth and depth of solutions. We were able to construct a management training course from the modules most appropriate to our needs, and are able to provide additional training from their well developed portfolio of experts. Our managers galvanized as a team throughout the session and are better prepared for the rigors of a competitive market.
For our go to training outsourcing partner, LSA provides exactly what we want. As always, they deliver outstanding work!
Director, Organizational Excellence & Development
I had been working with LSA for many years with my prior company. Currently, I’m with a company who hadn’t done much basic management skills training. After identifying and presenting a program recently, our managers are excited and talking in the halls about the great experience. LSA saves us time in delivering the right training for our needs.
We value our relationship with LSA Global. We came to LSA because we wanted to improve overall behavioral based interviewing capabilities of our managers to increase the probability of both hiring top talent and future leaders. LSA designed a highly customized solution for our business and culture. We are currently rolling out this solution to our leaders. I would highly recommend LSA Global as a top quality resource.
HR Project Manager - Training & Development, PHR
I’ve partnered with LSA Global at two companies now, and I consider them a valuable and trusted training and consulting resource. They recommended just the right solution to address our management development needs and have wonderful facilitators that match YuMe’s culture and style of our management team. I would highly recommend LSA Global to any company wanting to deliver quality learning solutions with a valuable learning and development partner.
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Director, Software Engineering, EPG
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HR Manager, BU Radiology Informatics
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