Talent Management Matters
Our organizational alignment research found that talent accounts for 29% of the difference between high and low performing companies. But engaging and retaining top talent takes a focused effort. If you consider your employees to be part of your competitive edge, it is worth understanding the talent management factors that matter most in terms of attracting, developing, engaging and retaining the best employees for your unique strategy and workplace culture.
Five Field-Tested Talent Management Factors that Matter Most
Our talent management consulting work over the last two decades has demonstrated over and over again that there are five factors that matter most:
1. Inspire Support and Commitment for Your Vision, Mission and Values
A key component of any talent management strategy should be to include your high potentials and high performers in the creating and cascading of your overall strategic drivers of success – the corporate vision, mission and values.
2. Get On The Same Page About Strategic Priorities and Success Metrics
While it is essential to capture hearts and minds with your vision, mission and values, the rubber meets the road when your top talent is fully on-board with your strategic priorities and how success will be measured at the company, team and individual levels. You will know you are on the right path when your key employees:
And, as with any organizational change, the more you actively involve people in the upfront discussion and design of the strategic priorities and associated success metrics, the better chances you have of meeting your targets. If you meet resistance, remember that it is often substandard performers who dislike clear performance measures. Under-performers enjoy ambiguity because it allows them to hide. High performers, however, want to know where they stand and expect to get rewarded accordingly.
3. Make Sure Your Corporate Culture Is Aligned with Your Talent and Business Strategies
Your strategies must go through your people and your culture to be fully implemented. If your corporate culture is at odds with your strategic priorities for business or for your people, it will be difficult to get things done. Make sure that they way work gets done is aligned with what you are trying to achieve across the organization. If there are gaps with how customers should be treated, how decisions should be made, or how results should be accomplished, identify and address them.
Does your culture help or hinder your plans for success?
4. Provide Coaching and Support
High achievers like to be challenged – especially when they have the support system to succeed. When expectations for success are clearly articulated, proportionately rewarded, and consistently transparent, you have set the stage for higher performance. Combined with skilled coaching and the right resources, employees will learn how to perform at their peak in a way that makes sense for your unique culture.
The sink or swim approach is not sustainable for most people. Do your employees have the support that they need to lift their performance to the next level?
5. Manage High and Low Performance
Desired results and behaviors should be recognized and rewarded in a way that is meaningful to each individual employee. By the same token, poor performance cannot be ignored. Nothing discourages a high performer faster than when there are no consequences for lack of effort or substandard performance.
Is there enough accountability in your culture to engage and retain top talent?
The Bottom Line
Appreciate and value your top talent by making it clear that they are an integral part of the company’s future. Create a compelling path for their contribution, and create a culture of accountability that fairly rewards performance.
To learn more about the talent management factors that matter most, download Why Talent Is Surprisingly Only 1/3rd of the Recipe for Talent Management Success
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LSA’s Employee Engagement Consulting and Survey work has provided critical visibility into: how well our people are holding up under the general economic environment, as well as, the specific challenges that face biotechnology companies in their efforts to discover and develop new medicines; their level of alignment and commitment to XOMA’s Vision and mission critical strategies; how leadership practices and management systems support an environment that engender commitment, and the specific actions that our leaders can take to improve on areas that are important to our people. I highly recommend LSA’s employee engagement solutions.
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Our company engaged LSA to do a specialized “train the trainer” program, and the consultant’s performance outdid our exceptionally high standards for such a program. Very crucial to the success of this program was the work done upfront to discuss our needs and to interview key members of our organization so that the program specifically met our goals. Our facilitators continue to comment on the success of the program. Thanks also for the follow-up.
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Working with LSA Global has proven to be extremely valuable and worthwhile. LSA understands our business, has deep expertise in content areas, and tailors the programs to deliver great results. The facilitator was extremely knowledgeable about Working Globally with India and her energy and passion made the session interesting, fun, and enjoyable for all that attended. The participants walked away extremely pleased along with highly useful practices and tools. I would highly recommend LSA Global to any company that has partners or offices in India.
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LSA custom designed a Management Development program that is absolutely “on target” for our technical managers. Their facilitator has done a superb job delivering the material in a way that is fast paced, highly interactive, and fun. She presents practical solutions to the people situations that our managers face every day. I regard LSA as an excellent partner that understands our business needs and a virtual member of our HR department.
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In the Next Generation Management Development courses, I was trained with skills and tools that have made me and my team more productive, motivated, and successful at communicating with other departments.
Firmware Engineering Supervisor
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