Critical Components to Your Talent Attraction and Retention Strategy, Part 2
In many cases, when one thinks of talent management, the focus is usually on leadership talent to ensure that the ‘right’ people are in place to ‘replace’ key leadership roles, which is also a component of your organization’s employee succession planning process. Talks of succession planning can also prompt owners of organizations to think about their legacy and the continuation of a business started many years before and grown out of hard work and many painstaking hours. Succession planning is also relevant to your workforce, in particular, where there are roles that are crucial to the organizations core business and unique processes. Your talent management systems and practices ensures successors are ready to step into key roles at all levels of the organization, when needed.
Talent management is the process of identifying and preparing your highly skilled and talented leaders and workers to meet the organization’s business objectives. It is the process that ensures that the organization has the right talent acquisition plan and development approach to prepare its new and incumbent workers to fill each key role within your company as the need arises. It is also a critical consideration for jobs that require a unique set of skills that may or may not be readily available in the talent marketplace, but also takes many years to develop.
Your approach to talent management is driven by the organization’s strategic goals and strategic workforce plan. A strategic workforce plan is all about aligning the right people, in the right jobs, at the right time to achieve business results. Your talent management process ensures the continuity of key roles within the organization and that the people in these roles have the knowledge, skills, ability, and potential to meet the organization’s talent needs and business objectives. It is a strategic component of your organization’s workforce plan, which incorporates training and development experiences to prepare leaders and workers for future, expanded roles.
What makes talent management an effective component of your strategy? It is the vehicle, along with your workforce plan, that allows your organization to maximize productivity and performance. Your workforce plan give you access to analytics that help you make “better evidence-based” decisions. These analytics enable you to determine what the organization needs from your workforce to achieve its business goals.
The analytics drive decisions about the following aspects of managing your talent:
Critical skills that support your core business competencies and how best to apply those skills.
A plan for closing skill gaps identified through your workforce planning and analysis process.
Comprehensive training, support, and systems needed to help managers achieve higher employee productivity and better performance.
Learning and development experiences for talent at all levels that drives your organizations KPIs.
Recruitment and retention of ‘quality’ talent that drives a results-oriented culture.
A collaborative workforce that embraces the sharing of innovative ideas and new learnings that supports the organization’s business objectives.
Talent Management, when done well, is an effective talent attraction and retention tool. It is the best way to ensure that your organization has an internal pipeline of available talent when needed.
In Part 3 of this article, we will explain where to begin, and give next steps recommendations towards a solid talent and succession management strategy.
MAGNET specializes in assisting manufacturers with developing a talent management system and process that supports your organization’s employee development and succession planning objectives. Please contact us for more information.
HEADLINE The survey definitively shows that product innovation leads to more growth, while “grow your own workforce” strategies will be needed to fill the major labor shortages hampering small manufacturer growth. Emerging technologies like the Internet of Things (IoT), 3D printing, and digital manufacturing are beginning to enhance innovation and productivity, but still have significant room for adoption amongst Ohio’s small manufacturing businesses. ABOUT THE SURVEY Under the direction of the Ohio Manufacturing Extension Partnership (Ohio MEP), MAGNET: The Manufacturing Advocacy and Growth Network conducted a thorough survey of Ohio’s manufacturing base. Contributing approximately 20% of Ohio’s jobs (and driving in some regions up to 50% of Ohio’s economy), and generating a disproportionate amount of export revenues and Gross Regional Product, manufacturing is critical to Ohio. Greater than 95% of Ohio’s manufacturers are small (under 500 employees), and these manufacturers need to remain competitive both nationally and internationally to ensure our economy’s health. Ohio’s Development Services Agency and the National Institute of Standards and Technology, which runs the MEP, recognizes the importance of this sector and fuels MAGNET and the Ohio MEP program to directly serve and support innovation, efficiency, and growth in small and medium manufacturers. What manufacturers need
How Virtual Reality and Augmented Reality Can Help Keep Our Engineers Safe and Our Manufacturing Strong Recall how difficult it was to put together complex LEGO creations when you were a child or helping a child. Now, picture assembling a fighter plane from a room full of parts. Even highly trained engineers can benefit from technology to help improve consistency and quality. Virtual reality (VR) and augmented reality (AR) are making near-perfect assembly a possibility in the manufacturing space. By wearing AR glasses that use cameras, depth sensors and motion sensors to overlay images onto the real working environment, engineers and factory workers can visualize the exact bolts, parts, part numbers and instructions on how to assemble a particular component correctly. Lockheed Martin began using AR goggles and improved F-35 assembly time by 30 percent, in addition to increasing accuracy to 96 percent. In order to remain competitive, businesses should consider the ways VR and AR can improve efficiency and supply chain productivity. According to a recent BofA Merrill Lynch Global Research report, AR platforms can provide companies up to 25 percent in cost savings on installation of equipment. Here are four ways VR/AR is disrupting the mid-market manufacturing space:
Why should you consider TechLink? To date: More than 1,270 technology transfer partnerships brokered between companies and 110 DoD labs or centers, including all 65 DoD labs that generate patented inventions More than 600 license agreements facilitated between DoD and companies nationwide, transferring over 1,000 DoD inventions to industry Facilitated 60% of total DoD licensing agreements over the past 10 years What does TechLink Specialize in? TechLink specializes in 10 technology areas: Energy, BioTech, Materials, Sensors, Photonics, Software/Info Technology, Military Technology, Electronics and Environmental Technologies. 4 Ways TechLink can help you: Actively market DoD inventions to industry nationwide Help companies evaluate these inventions and submit license applications Facilitate communications between DoD labs and companies leading to “win-win” license agreements for both parties Maintain the nation’s only comprehensive database of DoD-patented inventions, fully searchable through techlinkcenter.org Why should you believe in TechLink? Check out the TechLink technology database and the Technology Spotlight for regular updates on available technologies and contact information for the related Technology Manager. The Manager will help you assess the technology for your company needs, facilitate your connection with DoD, and walk you through the licensing process. Most DoD inventions have civilian and commercial applications. DoD technologies licensed by TechLink have generated