Talent management is vital for the future success of the organisation... but what are the essential elements?
Effective Talent Management features several key elements. The process is essentially forward looking, and starts with analysis of corporate vision, future direction and changing role demands. It requires Competency Profiling, notably against leadership roles, and should be backed by Competency Validation- to ensure that competency models are reliable and clearly-focused.
The initial analysis is set in the context of the organisation's changing demographic profile and capability to face uncertain and challenging scenarios. Techniques that help support objective competency assessment include 360 degree feedback, Assessment Centres and tailored 'day-in-the-life' Development Centres. When based on a properly validated design, these 'tools' can be used to assess and benchmark Current Performance and index Future Potential.
Talent Management 'policy' is always anchored in an operational context. It should, therefore, be backed by steps to create alignment through clarity of purpose, support for personal development, and appropriate feedback, at all levels of the organisation.
Talent Management works best when positioned in the context of an "enabling environment" backed by the "purposeful conversations" that help unlock discretionary effort and build commitment. Many organisations use feedback gained with survey tools to take account of employees' perceptions of leadership capability and commitment, using this to inform future design / implemenetation of the Talent Management process.
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Companies who scored highly on their ability to manage talent earned, on average, a 22% higher return to shareholders than their industry peersWatson Wyatt Study