With the spectre of an ageing population, increasing skills shortages and
decreasing unemployment, one of the most business-critical issues for
organisations today is the engagement and retention of a highly skilled and
motivated workforce – in other words, the management of their
“talent”.
An organisation’s depth and breadth of talent means a
significant source of competitive advantage so organisations need to ensure that
they have a strategy and process in place to harness the potential - and keep
hold of - this most lucrative asset.
Effective Talent Management
reduces the risk to your business’s “people portfolio”, ensures that your
organisation has defined what is required to fill vacancies, minimises the
threat presented by transition and helps your people be ready for change and
career progression.
This involves:
- A clear set of competencies defined for all roles, with particular
emphasis on current and future leaders.
- Assessment methodologies that ensure the right talent for each role is
selected based on the required competencies and job composition of that
role.
- A performance management framework that provides individuals with timely
and constructive feedback on performance and areas for development, and clear
development plans.
- A succession plan that assesses both leadership ability and potential and
ensures that the right talent is in place to meet future needs: education,
training, and development opportunities for all employees.
- Organisational development strategies that align the structures, systems, competencies, and culture with the Mission, Business Objectives, Vision and Values of the organisation.
Talent Management is not a moment in time or a one-off event. It is a process
and system that is linked to the growth and success of the
organisation.
