The 3 Essentials of World Class Talent Management
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
- 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:
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:
- Too low or too high employee attrition vis-à-vis your talent management and business strategies
- No explicit workforce strategy to attract, develop, engage and retain top talent
- Lack of a strong link between business success and talent management
- Minimal difference in treatment between high and low performers or job types
- Comparing yourself to external talent metrics (i.e. industry benchmarks) instead of measuring how your talent is moving your unique strategy forward
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
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