Is Your Plan for Talent at Work Ready?

Is Your Plan for Talent at Work Ready for the Short- and Long-Term?

Is your plan for talent at work ready for what your business will face tomorrow?  As a leader, it is sometimes challenging enough to get the day-to-day work done in a way that makes sense.  But it is your job as a leader to ensure that your team will also be ready to face the challenges of tomorrow.

Recent Talent Research Research
Your plan for talent at work must support the future success of your organization.  A recent Accenture survey of 3,200 CXO’s found that 95% of executives believe addressing skill shortages and retaining talent will be top priorities for their organization in the next 12 months.

Why?  Because they know that investing in people is a significant driver of sustained growth.

The Definition of a Plan for Talent at Work
We define a plan for talent as the people strategy required to attract, develop, engage and retain the talent required to move the business strategy forward.  This includes making sure that employees have the skills that not only serve the needs of the company today but prepare them for the skills needed for tomorrow.

Why Preparing for Tomorrow Matters
We forecast that up to two-thirds of today’s workforce will, in the coming five years, experience considerable change in the ways their jobs are configured.  That’s a significant number of employees who will need to be re-skilled, up-skilled, or shifted into other roles.

The Skill Development Challenge
Based upon measuring over 800 training projects, we know that only 1-in-5 participants change their behavior and on-the-job performance from training alone.  Without consistent feedback, coaching, and accountability, behavior change is rare.

Combine that with McKinsey’s findings that only 10% of frontline training is effective in preparing managers to lead, and you begin to understand the challenges faced by today’s learning and development functions.

What Does It Take?
For leaders who are serious about keeping their talent ready for tomorrow’s challenges, you must:

• Have a Clear Picture of Your Current Talent Needs
  Establish job profiles that define the behavioral competencies necessary for your team to succeed at their current jobs. Yes, this takes time, but the effort is well worth it.

  To attract, engage and retain talent, you must be clear about what matters most by function, level and role.

• Keep a Watchful Eye on Emerging Talent Trends
  According to Mercer, half of executives predict at least one in five roles in their organization will cease to exist by 2022. Knowing that industries, competitors and jobs will continue to change, your plan for talent must focus on building your future workforce in a way that matches your strategy.

  Remember, your talent strategy must often be ahead of your business strategy to support high growth.

• Be Clear about Where Talent Gaps Exist
  Once you know your current talent situation and where you need to be, you can prioritize your talent gaps and build a plan for talent to match your strategy and to stay competitive in the future. Remember not all roles are of equal value but they are unique to your strategy and marketplace.

  For example, you may invest differently in developing and assessing high stakes leadership roles that are critical to moving your strategy forward.

• Be Willing to Proactively Invest
  Once you prioritize your short- and long-term talent gaps, it is time to ruthlessly divert resources to cover the gaps — either by training your current workers, re-assigning jobs, or searching for outside talent.
• Create a Culture of Continuous Learning
  Maintain an environment where continuous learning and staying up-to-date with skills is valued. This should be a fundamental value of your culture to keep your people at the top of their game.

The Bottom Line
Organizations with higher capabilities in leadership and talent management outperform their peers in terms of profitable revenue growth.  For companies that rely on their people to succeed, business results depend on designing and implementing the right talent management strategy. Are your workers set up to succeed both today and tomorrow?

To learn more about how to build a winning plan for talent, download The 3 Big Corporate Culture Myths about Talent