Smart Talent Management
Smart talent management is all about deploying your workforce where they need to be, doing what they’re good at, when they need to be there. Smart talent management is doing it right, individual by individual, job by job, role by role. And it matters.
Our organizational alignment research found that talent accounts for 29% of the difference between high and low performing companies. Companies that get talent management right have a competitive edge. Not only are they better equipped to outperform the competition, but they are also better positioned to attract and retain top talent.
Almost twice as many of those survey respondents who reported effective talent management at their organizations said their companies were outperforming their peers and were six times more likely to describe better shareholder returns than the competition.
How to Ensure Smart Talent Management
There are three factors that have a significant impact on managing talent right.
1. An HR Team with Business Savvy
HR has for some time now been trying to expand its area of expertise. Once known mainly for managing training and handling compliance and employee relations issues, now HR is being asked to help move the business strategy forward.
HR teams that understand the company’s strategy and business priorities are far more ready to recruit and allocate talent where it’s needed – not just in the present but also for the future. And those HR teams that have had experience in other roles in the organization are better prepared to work effectively on identifying and distributing talent that is aligned with strategic priorities.
2. An HR Team with High Employee Engagement Involvement
HR is typically the first and the last to interact with employees during their tenure with the organization. HR has a critical role in ensuring that employees have a positive experience – they set the tone, measure and improve employee engagement, and help with a smooth exit. When HR is involved in creating employee engagement, their companies benefit from almost three times more effective talent management which, in turn, increases overall performance and higher shareholder returns.
3. Flexible and Rapid Talent Deployment
The speed with which companies can re-direct talent to meet emerging needs also has a huge impact on being able to outperform competitors. Research tells us that almost two-thirds of organizations that can respond quickly to shifting priorities by altering talent deployment plans report improved overall performance.
The Bottom Line
Are you allocating your human capital in the most effective way? Can you say that your HR team is business savvy, plays a critical role in employee engagement and can act with speed as talent needs change? If not, you risk falling behind companies that can answer “yes” to those questions.
To learn more about how to ensure smart talent management, download The 3 Big Corporate Culture Myths about Talent
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