Is Your Talent Management Strategy Set Up to Succeed?

Talent Management Strategy A businesswoman faces a long line of job candidates

Your Talent Management Strategy Matters
Your talent management strategy helps you to decide who and when to hire, develop, promote, and fire.  Done right, your people strategy can have an enormous impact on your company’s health and performance. In fact, our organizational alignment research found that talent management strategy accounts for 29% of the difference between high and low performing companies in terms of:

  • Profitable revenue growth
  • Customer loyalty
  • Leadership effectiveness
  • Employee engagement

Few dispute that without an aligned talent strategy to support and fulfill your organization’s business strategy, the best laid plans can fall apart.

The Right Talent In The Right Roles
High performance companies ensure that the right people are in the right place at the right time with the right capabilities to drive full throttle into the future. That requires a workforce that understands and agrees with their organizational strategy, is prepared to take on new challenges, and fits both the desired corporate culture and strategic goals.

Basic Talent Management Strategy Questions Leaders Should Ask
What does it take to ensure that you have a workforce prepared to succeed today and tomorrow? Here are some of the basic talent management questions leaders should ask.

  • Competencies: What critical few behavior-based competencies are needed now and in the next 3-5 years to accomplish the business goals the organization?
  • Roles: Which roles will be the most important and urgent going forward – the roles upon which strategic success will most crucially depend?
  • Gaps: Do you have the right talent on board now to fill those strategic roles and competencies? If not, what will it take to create a talent pipeline to fill those pivotal positions?

Notice that all three questions are in relation to the strategic priorities of the business.  A talent management strategy can only take you so far if it is untethered from the priorities of the business.

A Talent Plan for the Future
Once you have answers to the three basic talent management questions above, you need to map out a plan for attracting, developing, and retaining the talent you need.  Start by identifying the most critical talent gaps. Then link those talent gaps to your organizational strategy so you can prioritize talent needs. Then create a timeline that allows you to build or buy the necessary talent capabilities in order of importance and urgency.

The Bottom Line
Make sure your talent management strategy is clearly understood by all stakeholders, equal to the challenge of the overall business strategy, and in sync with your organization’s culture and mindset.  Does your talent provide you with a competitive advantage?

To learn more about how to take your talent management plans to the next level, download 3 Super Ingredients for Talent Management Success

 

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