Have you noticed lately, even in times of times of economic meltdowns and high inflation that more people are leaving employment voluntarily? It’s like people are sure of their Plan B and Plan C as far as making a living is concerned. This trend drove us to research far and wide. In our research, we discovered that in the business world, as far as top-notch employees are concerned, it’s not all about salary and benefits anymore.
TALENT is the big word that has set off HRM functions in many companies. It is quickly becoming apparent that identifying, managing and rewarding talented staff is the only way to survive. It is talent that sustains and keeps fresh the innovative spirit within an organization. Recruitment firms, having realized this, have gone a notch higher in headhunting for their clients and they are as many as those who they are hunting. Companies are therefore employing every means possible to attract and retain good people. In summation, one HR manager put it across that creating an environment and culture that supports and encourages talent exploration is what makes their company a career destination of choice.
Why Manage Talent?
Simple answer: We need to come to grips with and take advantage of the continually changing nature of employment relationships. We must continuously improve business [processes] while maintaining top-level efficiency and effectiveness. Additionally, we must maintain profitable growth to stay ahead of the competition. From the top of the career ladder to the lowest rung; from entry level to retirement and in every corner of the business, talent must be well managed through:
- Leadership development
- Succession planning
- Workforce planning
- Compensation and
Admittedly, competitive advantage has become increasingly more difficult to achieve with consumers being more informed and selective and globalization taking the face of an eliminator of traditional competition barriers. It is with this scope of information that the challenge of strategic talent management has become more complicated. The best companies are coming to the realization that managing talent is the most important element of their business strategy and they are taking action.
How to manage talent – effectively?
It just might be that talent is the last great hope for competitive advantage and business development. The open and public secret about talent is that it cannot be copied. That means if you manage the talent within your organization, competition will not have leverage over you. Unfortunately, mismanagement or non-management of talent is fresh ground for an attack from your competitors.
Recruit, Manage and Reward talent
This needs to be developed and worked through the company culture for the current and foreseeable future of the company. In other words, see it, nurture it, provide for it and reap from it.
Treat EVERYONE as a career employee
Talent doesn’t just jump out to you. You need to ensure that ALL staff in the organization know that they are appreciated and treat them like you want them to stay on at the organization. Even though you know that some will leave, we should provide everyone with realistic internal career development options and support. It would make succession management easier anyway.
This means linking the training and development for staff to overall company goals. Every organization needs employees that contribute their own skills and abilities to organizational competencies. We need staff to possess and demonstrate the competencies that will lead us to achieve our business goals. To this end, we need to link position competencies and performance assessments directly to learning initiatives. We must direct human capital improvement projects to have the most impact on our business.
In order to stimulate innovation and intrapreneurship, you need to involve high potential people directly in the (re)design of their own job functions. Enrich the jobs of your team members by engaging and challenging them to think about how everything can be done in a better way-including the design of their own work.
Talent Management System
This affects all business processes as it is the meeting point of all the internals (HR, Finance, Marketing, Line management, etc.) and externals (customers, labor, government etc.). The challenge is to mold the talent in your people into a competitive advantage.
If we say that people are the most important asset in an organization, why then would we not manage talent with the same care and attention that we would manage any other part of the business a.k.a. the shareholders?