One of the most daunting challenges in today’s global economy is the “Talent crunch” and challenges in scouting, recruiting, and growing talented people in your firm. Ageing societies are struggling to find qualified people to run complex and high technology processes.
Attracting and retaining talent can mean the difference between success and failure in today’s fast-paced global economy. Significant trends are impacting HR management functions including the rise of Artificial Intelligence, Data Science, Automation and Algorithms.
The Importance of Talent Management
Talent Management is significant for the following reasons:
- The HR function is considered strategic by more and more companies.
- HR professionals still believe their workforces are not adequately prepared to meet their companies’ future plans.
- HR management has embraced software and management tools but many companies use manual tools and processes.
- Technology-enabled automation of discrete talent functions is providing significant opportunities for cost containment.
- Cross-functional HR metrics leveraging workforce analytics can provide advantage.
- Millennials are more likely to switch jobs, making talent acquisition and HR retention critical
- Measurement and management of metrics, key performance indicators, and workforce analysis are increasingly important.
A robust Talent Management function within a company hires beyond the traditional model of looking only at skills; instead, they hire by “talent.” Focusing on defining the talent needed to reach organizational goals, and building a plan to make certain you have the talent available are the crucial first step in a robust TM function.
Their approach goes beyond an external approach. Managers need to be able to know their own talents, requiring a great deal of introspection. A secure leader has no problem in hiring people better than themselves.
As part of a company’s longterm Talent Management procedures, much of the scouting process involves getting both managers and members of Generation Y on board. Generation Y has fundamentally different objectives in their behavior, outlook and interaction in the workplace. Generation Y, as a baby boom generation, is widely considered one of the most important generations in advancing a rapidly ageing workforce.
Integrating Generation Y into the Workplace
SIS has built a model that proactively integrates very talented members Generation Y in creative development, strategic planning and research. Essentially, the goal is to harness both the strengths of older and younger generations, while minimizing the intergenerational tensions that often arise in corporate settings.
Embracing Generation Y is one possible method. For example at SIS, managers fully embrace the youth. We provide them with an uncommon opportunity for experience and confidence to allow them the opportunity to thrive. And through their perspectives, we have considered many new initiatives that have continued to our success, our commitment to innovation and ability to provide high degrees of client value. But, what works in our company may not work in others. It is a matter of striking the right balance between strategy and culture.
Making your HR Function More Strategic
The Talent Management function certainly considers necessary skills and the candidates’ ability to grow their skills, applying them to core business processes and leading change. Talent Managers analyze the candidate’s ability to fit within the corporate culture, viewing corporate culture as a valuable competitive advantage. For certain companies, integrity, responsibility and character are important in ensuring that the company’s longterm interests will be fulfilled. For example, many financial services firms look to ensure that their new talent are group-oriented to minimize self-serving behavior that could potentially endanger their firms.
Aligning talent with corporate culture is not fluffy marketing jargon. A strong corporate culture with employees on board contributes to strong competitive advantages in companies like Southwest and Apple.
In corporations with rigid organizational structures, there can often be significant numbers of talented people. But, when talented professionals do not feel valued, respected or do not feel a sufficient amount of freedom to conceive and implement creative ideas.
Measuring Value in Talent Management
Many companies push to build environments that cultivate robust relationships with talent acquisitions. This is because of the sheer value of the talent in the company’s operations and the competition that could arise if the talent acquisition is unsatisfied. Also, companies want to ensure that their talent will thrive, even if the corporate culture is rigid. Many companies consider the best way to do so is by creating for their talented staff a network of robust relationships based on truth, reliability and trust.
Companies can now use integrated complex knowledge sharing intranets to get their employees in contact with talented experts throughout the corporation to immediately disseminate high level technical knowledge. The take-away here is in implementing processes allowing the company to immediately harness and make use of their talent.
A longterm perspective
Talent Management is a long term process, with three potential ways to continually cultivate their talent:
- Retrain – have to retrain people and ensure that they have the right resources to execute
- Reposition – do not discard antiquated talent, but help reposition them periodically according to their strengths to the company
- Retire – plan with your staff their retirements and futures to build goodwill and loyalty
About Talent Management Market Research
Talent Management Market Research provides data, insights and strategies to drive performance with your company’s most valueable resources — your team. We conduct Qualitative Research, Quantitative Research and Strategy Research. In Qualitative Research, we conduct Focus Groups, In-Depth Interviews, Workplace Ethnography and Online Communities. In Quantitative Research, we conduct employee surveys and surveys with prospective candidates. In Strategy Research, we conduct research into the competitive landscape, competitive analysis, Market Opportunity Research and Market Sizing.