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.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
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