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 in terms of revenue growth, profitability, customer loyalty, leadership effectiveness, and employee engagement. 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.
The Talent Management Data
Almost twice as many of those survey respondents who reported effective talent management at their organizations said their companies were outperforming their peers. And those companies were six times more likely to deliver 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.
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.
When HR, along with the business, is actively 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.
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 Top 3 Big Corporate Culture Myths about Talent that You Must Avoid
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