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 revenue growth, profitability, customer satisfaction and retention, leadership effectiveness, and employee engagement.
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:
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.
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.
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, the chances are that you are not getting the most out of your talent. If you want your talent to differentiate you from the competition and move your business strategy forward, you ought to invest in working on your talent strategy – with no delay.
To learn more about world class talent management, download The Top 3 Ingredients to the Talent Management Recipe for Success
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