Talent Management—or Else!
In the Reset Economy, a common re-frame is that this is the new normal. The old has passed and organizations must rethink virtually their entire business model. Most agree that innovation will be the key driver of success going forward. A few such as IBM, Google, GE, P&G, and (predictably) Apple are getting most of the ink in the big business weeklies. The message is “Stop pining and get on with it.” This is it—reset!
In a survey commissioned by SAP, over 250 executives were queried as to their greatest challenge in talent management and staff development. The top three results were quite striking.
1. 71% agreed having the right talent to move forward strategically
2. 68% cited retaining talent was crucial, and
3. 62% listed having the right talent in the right place and time
The survey added that only 14% of firms polled felt their talent management process was advanced. 86% admitted their current process was only average to non-existent. Sounds like a losing strategy.
A just released survey suggested big trouble on the horizon for many firms. Though 83% of employers thought their employees felt lucky to have a job, employees were much less sanguine. 53% said they would be looking as soon as the hiring begins to spike. Your best leave first and are always volunteers. In any field, the best out-produce the rest by anywhere from 2X to 7X. Do you even know what characteristics are common to your best performers and how to measure for it in new hires? Can you specifically define your culture? Do you have a retention plan identifying key performers?
Any Talent Management process worth it’s salt must have:
1. A Robust Hiring Process
A. Multiple behavioral interviews
B. Serious referencing
C. Psychometric Testing
D. Active Listening Skills, and where appropriate
E. Live presentations by the interviewee
2. Talent Development
A. Needs Assessment
B. Gap Analysis
C. Planned training and assignments for closure
D. A culling process for those who choose not to advance their skills
Let’s face it— what got you here won’t get you there.
artwork: Curtis Parker
