Not All Talent Management Practices Apply To All Situations
If only talent management practices that worked at one company worked at all companies. While it is certainly true that some talent management practices can be broadly applied, each company has a unique strategy and culture that directly informs what talent strategies matter most.
The Talent Management Maturity Continuum
We often categorize the various levels of how companies strive to attract, develop, engage and retain talent to move their businesses forward. According to Deloitte, 90% of mid-market firms and 59% of the Global 2000 are at a Level-2 maturity on the below 4-point scale.
Most Companies Have a Long Way to Go
In other words, most companies are at the point of being aware of what they should be doing but are just beginning to implement a meaningful talent management strategy. They have a long way to go…
Why Talent Management Practices Matter
Talent practices matter because talent drives performance. Our organizational alignment research found that talent accounts for 29% of the difference between high and low performing companies. Especially for organizations that rely on their people to succeed, business results depend on designing and implementing the right talent management strategies.
The Definition of Talent Management
We define talent as the workforce that leaders build and manage to create a unique advantage their competitors cannot replicate. Talent management is about attracting, engaging, developing and retaining the people that will support and carry the organization successfully into the future.
A Smart Talent Management Goal
If people are paramount to your success, your goal should be to reach toward the highest level on the continuum where:
Mid-Market Companies Have A Longer Way to Go
Sadly, in same survey, no mid-market organizations had as yet achieved this Level 4 and only 29% of the Global 2000 were at Levels 3 or 4.
How To Go From Level 2 to Level 3
So let’s take a more realistic approach. To go from Level 2 where 90% of mid-sized companies currently “live” to the next level of maturity, here’s what you need to do:
1. Understand the business strategy and critical few priorities
2. Identify how and where talent can most move the business strategy forward
3. Analyze your workforce and identify current and future talent gaps
4. Provide development and growth opportunities that are aligned with current and future needs
5. Build a learning culture that believes in and supports career development
6. Encourage learning across functions to develop workforce flexibility
7. Demonstrate a commitment to inclusion and diversity that goes beyond mere regulatory compliance
The Bottom Line
When you take these seven steps to increase your talent management practices and maturity, you boost your chances of business success. Research has shown that organizations that can assess and select the right employees achieve a 3.2 times greater likelihood of success. Do you need to take your talent management practices to the next level?
To learn more about upgrading your talent management practices, download The 3 Key Ingredients for Talent Management Success
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