When it comes to Talent Management, companies tend to be reactive in their approach to getting the right skills into the right jobs at the right time. Attracting and retaining top performers remains top of mind for business leaders but the approach to workforce and succession planning, employee development, career management and anticipation of future recruitment needs tends to remains ad hoc, which impacts the company’s bottom-line and overall employee engagement.
A survey conducted by the Corporate Executive Board shows that 85% of Fortune 500 companies feel they do not have sufficient supply of global leaders and skilled talents critical to gain the advantage in the global marketplace.
Further studies show that key issues consistently remain the same:
• Companies still manage hiring processes in an ad hoc manner using outdated tactics
• There is growing demand for top performers who will stay with the company
• Status quo approaches don’t yield the expected results for the new workforce
A comprehensive and strategic approach to talent management – one that considers market and socio-economic dynamics, changes in globalization, advances in technology and generational differences- can have a profound impact on an organization’s success. Developing a solid framework for an effective talent management strategy should include end-to-end solutions to:
- Attract - selection and recruitment
- Onboard - learning and development, training, performance management
- Optimize - career development and succession planning
In addition, we recommend a competency-based model designed with organization’s vision and values in mind to effectively attract, onboard and optimize employee performance. Combining a competency-based approach to talent management with comprehensive behavioral reward systems can yield great results for an organization.
What are you doing in the areas of Talent Management?
About the AuthorMore Content by Deb Broderson