Talent Management I: What is Talent Management?
In simplest terms, it is the recruitment, development, promotion, and retention of people, planned and executed in line with your organisation’s current and future business goals.
An effective talent management system builds a winning organisation by:
- Connecting corporate strategy with the leadership required to execute it
- Defining what great talent looks like
- Putting the best talent in every job
- Developing the right skills at every level
- Identifying and developing high potentials as part of a proactive succession planning process
- Managing the performance of all employees- at all levels- to drive bottom-line performance.
Smart companies are getting wise to talent as a differentiator. Research bears this out: a whopping 96 percent of chairmen in a recent survey ranked talent management as highly important to the success of their organisation
Talent Management II: Leadership and Strategy
Your leadership needs are informed by your business strategy, including measures of success. Yet, most companies’ strategic business plans don’t incorporate an aligned strategic talent plan. This amounts to not thinking through how the business will be executed. To ensure your business and talent strategy complement each other, start with the end in mind. Based on your business strategy, what future challenges will leaders likely need to address? What kind of leaders do you need? And how many?
Can you articulate your talent strategy and how it ties to and supports your business strategy? If not there’s a good chance your business and talent strategy are out of alignment.
Conducting a Talent Audit
Talent Audits typically involve assessment of significant groups or whole strata within the organisation (e.g., the top two senior leadership levels), to give a robust evaluation of an organisation’s capability to execute desired strategy, as well as individual readiness to step up to various leader imperatives.
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