Managing Talent – Build, Buy, or Rotate Workplace Talent?
Talent management is all about attracting, developing, engaging, and retaining top talent in a way that makes sense to the business AND the people. And the research proves that better talent management matters. According to studies by Bersin, organizations that excel at managing top talent:
And our organizational alignment research found that talent accounts for 29% of the difference between high and low performing companies in terms of revenue, profits, customer loyalty, leadership effectiveness, and employee engagement. It’s all about having the right people in the right roles at the right time with the right skills and attitudes.
As a leader, you need to ensure that your talent is positioned to achieve your current and future business goals in a way that aligns with your workplace culture. The question is how?
We see three possible strategies: build, buy, or rotate workplace talent. Which makes the most sense for your organization? Only you can answer that question, but we suggest being open to a combination of all three approaches.
Build, Buy, or Rotate Workplace Talent
Here are definitions of each of these terms and when each strategy is most appropriate:
The Bottom Line
According to the World Economic Forum, in the next five years up to half of all employees will need some level of skill building to perform effectively while almost 100 million new roles are likely to emerge. Use the three levers above to manage your organizational talent in a way that makes sense for your specific business strategy and unique organizational culture.
To learn more about developing top talent, download How Organizations and Managers Must Reassess Career Development
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