Jul 27, 2017 Chris Doxey
According to Forbes Insights, companies of all sizes and across all industries are facing challenges with managing talent. Many high-growth companies are so focused on acquiring talent that they do not develop the skills to nurture one’s organizational performance. But a talent lapse is damaging to a company’s performance, competitive advantage, and market impact.
What tools are needed?
The shift from an ad hoc to a strategic talent management program can help in the achievement of its business objectives and in the quest to acquire and retain the right talent.
- Move from an “ad hoc” process to a defined strategic talent management program.
- Establish measurable performance metrics that link to detailed job descriptions.
- Ensure that performance metrics are will aligned with company business plans.
- Implement targeted training and development initiatives for all functions across your company.
- Implement a quarterly performance planning schedule rather than an annual schedule. This process will help to identify performers that should be on a fast track as well as those needing additional training and support.
What about mentoring programs?
A mentoring program assigns a senior, experienced executive to meet regularly with one or more promising individuals in the company. Some even put rotational assignments in the mix. Here, high-potential employees see a range of functions in the organization.
Digital Equipment Corporation (DEC) combined a formal mentoring program with their Financial Development Program (FDP). The FDP was a three-year rotational program in which the participants attended weekly training sessions, and were required to enroll in an MBA program. The participants rotated jobs on an annual basis and were required to submit an independent study project as a requirement for graduating from the program. Throughout the program, managers, peers, and mentors reviewed the FDP participants. This highly competitive program allowed the participants to have exposure to many finance and accounting roles and processes within DEC. The participants also had visibility to executive level positions at DEC since they were often asked to present a case study in a classroom setting and were required to present their final independent study project to a senior finance and accounting team.
Key talent identification and retention
- Talent Identification and Retention: Identify key talent and develop retention plans.
- Career Pathing: Develop plans for career development for those that are high performers with high potential.
- Talent mapping is a formalized process of that identifies the talent on hand and maps the skills needed in fast growing companies.
Ten talent management tips
- Quantify the value of human capital.
- Raise the importance of talent management to the C-Suite.
- Align talent strategy with the overall business strategy.
- Focus on better hiring practices.
- Communicate well-defined career paths.
- Get executives involved.
- Create individual development plans.
- Ensure that training aligns with business objectives.
- Establish appropriate reward structures.
- Measure talent management performance. Use a scorecard to check if you're on track to meet the needs of your organization.