Talent Management provides Strategic Tools for Success
Do we have what it takes to be successful in the future? How do we secure that our business knowledge and competence form a competitive advantage with winning success formula? In today’s dynamic and constantly changing business environment a high performing culture is a must for the future business success.
It is getting very hard for the companies to succeed without proper talent management approach. Great talents are subject to strong competition, to-retire managing directors need successors, and the high potentials (hipo) need to step in the big shoes quicker and quicker. This has driven many companies to ask whether we have what it takes to be successful in the future and how do we secure that we will have the right people with the right skill sets in key positions. Organisations that invest in developing talents, leadership excellence and high level employee engagement are most likely to perform best and understand the change that drives future business to compete.
Building blocks for future business
Even though it is very hard to predict how the business will be successful in the future, we can only make advanced guesses, build scenarios and redefine our plans regularly. Business environment and competitor field is constantly changing which forces us to be open to signs for refinement needs and to be ready to quickly make adjustments to our operations to be sustainably successful.
An effective talent management system secures the business continuity from an intellectual capital point of view and as its best, is a valuable strategic tool.
An effective talent management system secures the business continuity from an intellectual capital point of view and as its best, is a valuable strategic tool. A successful talent management approach includes several processes. Management audit, for example, makes sure we have the right people performing in the key seats, successor planning defines the key positions and anticipates who might have what it takes to reach a key position in 3-5 years’ time, and HIPO programmes are making sure we have young talents growing to take wider responsibilities in our business.
Excellent people strategy for future success
Clear strategic choices, knowing your business, and your people is the key, when building your tomorrow’s business. As important as it is to review the business strategy, it is to link the strategicskill requirementsto the strategy. Absolutely crucial is to realise those strategic competence areas that are needed in the future to be successful, so that the right skills are acquired and developed. A strategic development plan is to tackle the competence deficiencies that might, if not realised, prevent us from reaching the vision.
360 degree evaluations are a well-known and widely used way to support the talent management process to improve leadership excellence.
360 degree evaluations are a well-known and widely used way to support the talent management process to improve leadership excellence. If carried out in the whole company, the overall results also give a good insight of the characteristics of the company’s leadership culture – what we are good at and what needs focusing on, and the input can also be used for designing leadership development programmes.
360 Expert evaluations focusing on hipos instead, are a way too little utilised opportunity. It can be a crucial tool supporting the selection of high potentials and assist in hipo programme design. In addition to developing talents, the evaluations might motivate and retain the hipos and invite them to give their very best to the company. Or if too little hipos are identified, that should lead to drastic changes in talent acquisition strategy and in learning and development approaches.