In today’s world, inflation and the high cost of goods and services pose a significant challenge that pushes employees to seek higher salaries. Adding to the challenge, the business world has changed radically, making it difficult to attract and retain talent, as skills change rapidly and digital technologies profoundly impact the nature of work. In addition, talent management professionals have many opportunities to invest in employees who are the organization’s most important resource. These challenges can no longer be denied in these circumstances. And it is clear that there is a need for a revolution in how organizations view employees. So, business leaders must acknowledge the need for a broad strategic shift. And commit to bold changes in talent management practices.
Necessary and proactive talent management practices
1. Match talent with the needs and strategies of the organization
Effective talent management requires the organization’s goals and strategies to drive the quality and quantity of talent it needs. Knowing that the best organizations link succession management strategies with organizational strategies. As they have the power to match talent with the needs and strategies of the organization and proactively address its talent needs.
2. Work of human resources management and senior leadership as partners
Talent managers need to own parts of the process and act as trusted partners, mentors, and advisors when it comes time to talk about talent. As long as talent management is essential to any organization by linking it to the fabric and operations of core functions, HR and senior leadership must work together. The HR department leads the most successful initiatives with the active and enthusiastic support of the CEO and other senior leaders who provide the resources, budget, communication, and support needed to succeed.
3. Apply appropriate competency models
Numerous studies show that organizations with better financial performance have clearly defined competency models and are more likely to use competencies as a basis for succession management, external recruitment, and internal promotions. In addition, its competency models are consistently applied throughout the organization, and its competencies are highly aligned with overall business strategies.
4. More holistic approach to talent management
Many organizations equate talent management with senior leadership succession management. While succession planning is essential, talent management must involve a more significant part of the employee community, as value creation does not come from senior leadership alone. Noting that the organization’s ability to compete depends on the performance of all its key talents and its ability to develop and enhance them. Thus a more holistic approach to talent management is essential to proactively managing career transitions. In addition, effective talent management requires developing people for their current roles and preparing them for the next transition.
5. Distribution of development resources according to needs
Many organizations make the mistake of trying to distribute limited development resources evenly among employees. It yields the best returns when promising individuals receive a different focus on learning and development spending. Thus, high-potential leaders and individuals who create value for their organizations benefit.
6. Taking into account the differences between capabilities, performance, and readiness
Many organizations understand the idea of high-potential teams who receive more development and attention. But sometimes, they fail to consider the differences between performance, readiness, and potential. The early career path is an excellent identification to consider when examining the differences between readiness and potential.
7. Proper recruitment rather than post development
“If you only have $1 to spend on improving how we develop people or improving the selection and hiring process, choose the latter.” Douglas Bray. The organization should prioritize selection rather than development. As recruiting for the right skills is more efficient than developing those skills. Because it is likely to cost less to assess these skills at the time of employment than to develop them later.
8. Focus on the “how” more than the “what.”
Organizations have many “things” about talent management, including executive resource boards, software platforms, nine-box grids that compare potential against performance, development plans, education, and more training. These “things” promise nothing on their own. Where the safeguards come from is the “how” instead, which is captured in our five perception factors of proper implementation:
- Communication – connects the talent management initiative to the business drivers, sets a vision around which the organization can rally, and sets expectations for what will happen.
- Accountability – Clarity of the role so everyone knows their responsibility in the talent management initiative and what is expected of them.
- Skill – Developing the relevant skills and providing coaches and mentors for support.
- Alignment – Talent management initiatives must be aligned with the business drivers.
- Measurement – The most effective metrics go beyond statistics to determine what works in talent management, why these initiatives are effective, and their impact on the organization.
9. Potent combination of experience and technology to manage talent
There is no specific software that can provide a complete talent management system. Knowing that these technologies and programs are valuable in supporting a plan or initiative. The right ones pave the way for smoother implementation of talent management processes and may improve the end product. But software and technologies mean nothing without the right expertise and components behind them. Thus successful and effective talent management involves a powerful combination of content, expertise, and technology.
There are many talent management practices, but they need a precise model. Proactive talent management practices help managers prioritize employee development and retention to use their human capital effectively and sustainably.
