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Article -> Talent Management = Giving Much, Entrusting More

Date Added: June 2018

Recruiting and retaining the right talent is one of the most difficult items facing organizations today. Yet, a recent study found less than half of medium-sized businesses are implementing talent management planning processes such as succession planning, development, and performance management.

If deemed a priority, why are not more CEOs involved and why is this not an organizational strategic priority? And why aren’t organizations adequately planning for talent management?

Evidently, 61 percent of executives indicated it is a strategic priority; although 41 percent graded themselves a C or lower, and less than one-third said their organizations were fully committed to talent planning. There is clearly misalignment on this topic as leaders want to do it, but simply are not executing it well.

Interestingly, companies with revenue growth of 10 percent or more are more likely than others to value talent planning and are doing better at implementation. These organizations understand the value of talent management relative to identifying key positions for developing people, regularly assessing employee performance and potential, and identifying top performers and retaining critical employees.

While more than 70 percent of companies state the aforementioned talent management items are vital to planning, approximately 40 percent actually implement. There are some steps to take for effective talent management planning.

First, make talent management a strategic priority. More than two-thirds believe this is important; however, just 29 percent do so versus 40 percent of top-performing companies.

Second, successfully implement talent management by developing good processes. Dedicate resources, people and money, to talent management. If you do not have the internal resources and knowledge, seek external assistance to do it right.

Third, lead by example. Senior leaders, including the CEO, need to be engaged and involved. This is not a HR-only item. Senior leaders of high-performing organizations are more likely to be engaged vs. those of lower-performing firms.

Fourth, engage the organization. Help employees understand their career path and value of talent planning. Nearly 75 percent of organizations with engaged employees report implementing talent management well or extremely well, while only 33 percent of companies with compliant employees do so.

The data is resounding as to the value of talent management planning. It is seen as valuable, needs to be a strategic priority, must be successfully implemented by people who know how to relentlessly execute, essentially include senior leaders (not just HR), and align with other employee engagement methods.

Another way to consider the value of talent management is the saying that reads: from everyone who has been given much, much will be demanded; and from the ones who have been entrusted with much, much more will be asked. This is the essence of developing people.

Organizations must give and provide employees with the right processes and opportunities to develop. In return, more will be asked of the top performing employees. And the employees who do even better, with continued talent management, much more will be asked (and given).

This is a combination of both organizations and employees saying yes. Organizations must say yes to talent management and employees must say yes to new opportunities to expand and grow their skills.

This is how we develop future top performers, future leaders, future CEOs. Like any other strategy, there needs to be a plan which is executed well. For organizations who do this for employees, the employees will not only develop personally; they will also develop into better individuals at home with their families, as well as community leaders.

David Yeghiaian is committed to inspiring others through faith and leadership. Reach him at david@unique-solutionsinc.com.
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