Is Your Talent Management Strategy Set Up to Succeed?

A businesswoman faces a long line of job candidates

Deciding who to hire and who to fire can have an enormous impact on your company’s current performance and future health. In fact, without an aligned talent strategy that is designed to support and fulfill your organization’s business strategy, the best laid plans can fall apart.

High performance companies need the right people in the right place at the right time with the right capabilities to drive full throttle into the future. High performance companies need a workforce that understands and agrees with their organizational strategy, a workforce that is prepared to take on the job challenges of the future, and a corporate culture that supports both talent and strategic goals.

What does it take to ensure you have looked into the future needs of the company and have built a high performance workforce prepared to succeed? Here are some of the basic questions leaders should ask:

  1. What critical few behavior-based competencies are needed now and will be needed in the next 3-5 years to accomplish the business goals the organization?
  2. Which roles will be the most important and urgent going forward…the roles upon which success will most crucially depend?
  3. Do you have the right talent on board now to fill those roles? If so, what will it take to develop, engage and retain your current talent to fill those pivotal positions? If not, where can you go to attract and onboard the necessary talent for the future?

Once you have answers to the three basic talent management questions above, you need to map out a plan for building and developing the talent for the future. Start by identify 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 the necessary talent capabilities in order of importance and urgency.

With the plan as your guide, your work has just begun. For your talent management plan to make a true difference, it must be properly implemented. To be properly implemented, it must be understood, believable and implementable enough to gain the proper commitment from all key stakeholders. This is not easy. In fact, IBM found that less than 10% of even well-planned strategies are effectively executed. Harvard Business Review says that only 12% of companies successfully execute their strategy. Our organizational alignment research found that strategic clarity accounts for 31% of the difference between high and low performing companies.

To be effective, make sure your talent strategy is:

  • Clearly understood by all stakeholders
  • Adopted in principle by key constituents who agree to the resources needed and timing required for success
  • Equal to the challenge of the overall organizational strategy
  • Implementable in a consistent way across the organization
  • In sync with the organization’s culture and mindset

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