Create a talent management plan that engages leaders in the business. This video helps you build a plan that leaders will be committed to and will execute with your support.
- Studies show that companies who have effective talent management have greater financial performance than others. Better talent at all levels allows companies to outperform their competitors. But despite their best efforts, companies still struggle to do talent management well. In a recent Harvard study, only 19% of leaders said their company brings in talented people, only 3% said their company develops people effectively, and 8% said they retain high performers.
Imagine if these scores referred to customer service or quality. No company would accept these scores. So if talent management can have such a great impact on businesses, why is it so hard to get right? Because business leaders, not HR, need to drive talent management. After all, business leaders make the hiring and firing decisions, promote employees, provide career opportunities, and evaluate performance. All too often, talent management is seen as an HR responsibility and business leaders check out.
Why? Well, leaders are busy running their business. They often see talent management as a distraction to managing the business. They don't want to put the time and effort into something they don't believe will help their teams be more successful. They won't make it a priority if they don't see that talent management benefits the business directly. In fact, only 18% of leaders agree that they view talent management as an important part of their job. You need to make sure the business is committed to the talent management plan.
Here's how you can do it. Begin by helping business leaders identify their talent needs when business priorities are being set. Review with them how you'll address top business priorities through talent management. Give leaders the chance to challenge the talent management plan, and then update it to reflect their needs. Highlight the role they play in executing the plan and ask for their commitment. Next, make sure their portion of the talent management process is simple and practical.
The business won't execute overly time-consuming or complicated processes. Be clear about the timing of talent activities and ensure they don't come at a time that won't work well for the business. Put metrics in place to demonstrate the impact of talent management. Business leaders use metrics to measure their own teams' progress. They expect to see the same when it comes to talent management. The best way to show the value of talent activities is to share compelling data.
Share internal promotion rates, hiring and recruiting costs, turnover rates, and employee engagement scores. Demonstrate how your talent management plan will improve these rates and save the company money, improve productivity, and increase employee engagement. Finally, equip leaders to be effective at talent management. It's a learnable skill. Every leader can and should learn how to manage talent effectively, just as they learned how to manage strategic planning or new product development.
Make talent management a core part of your organization. Gain the buy-in of business leaders up front. Ask for their input and feedback, and support them as they use talent management to drive business results.
- Building a successful talent management strategy
- Identifying talent needs and assessing existing talent
- Recruiting and hiring the right people
- Developing employees to meet talent needs
- Implementing a succession planning process
- Focusing on engagement and retention
- Increasing talent visibility
- Creating a strong HR and business partnership
- Designing a high-performance culture