The people in your business will make the difference between success and failure. They are the ones that add value, drive growth and create innovation. Successful companies know how to unlock this human potential – they know that identifying, nurturing and developing great people are the keys to long-term success.
Effective talent management will lead to improved employee engagement, positively impacting retention, performance, productivity, innovation and learning.
Do you know what talent your organisation will need over the coming years? How will you reward high performers? Where are your upcoming talent gaps? How will you measure the effectiveness of your performance and compensation strategies globally? Do your employees know where their careers are heading?
Research Bulletin 2010 – Measuring the Business Impact of Talent Strategies
For the last few years, business leaders have been asking HR and talent leaders to provide data that can help them make critical decisions about their most valuable and costly resources – employees.
Based on Bersin & Associates research, more than 70 percent of global organisations are still facing the same challenges with talent management measurement. More than 87 percent of these global organisations feel that the data needed to conduct any form of workforce analysis is only somewhat accessible or not accessible at all.
Today, those HR leaders who have invested in integrated talent management strategies, process improvement and integrated systems are beginning to answer business leaders’ requests.
Key talent metrics inform the organisation of important data and trends. Talent measures focus on effectiveness, alignment and productivity – and can support an organisation’s ability to make sound business decisions concerning its resources. A strategy is required to ensure a company’s most critical talent needs and highest business priorities are aligned. It also develops a clear vision of where and when your business expects to utilise data for business decisions.
A talent management measurement strategy includes:
Ã¢â‚¬Â¢ Goals for your measurement strategy;
Ã¢â‚¬Â¢ Framework for your measurement efforts;
Ã¢â‚¬Â¢ Required culture and change efforts needed to implement the strategy;
Ã¢â‚¬Â¢ Processes and tools required to execute the strategy;
Ã¢â‚¬Â¢ Critical metrics and key performance indicators;
Ã¢â‚¬Â¢ Timing, format and location of measurement outputs; and,
Ã¢â‚¬Â¢ Plans for regionalising and addressing various cultural needs.
Succession Management: Planning for a brighter future
Succession Management is a structured approach to ensure continuity in key positions including management, technical and specialists roles ensuring retention and development of intellectual capital for future organisational success. Assessing the business impact of the Career and Succession Management process in your organisation is the first step towards achieving this success.
According to Bersin & Associates more than a third of businesses lack succession management of any kind. Their research showed that 21% of companies have no process in place and 15% have a list of high potentials but no type of development process. Furthermore, many of the businesses that have some kind of succession management in place treat it only as an administrative exercise and not a collaborative process between HR and senior management.
Performance Management: Turning good talent into great talent
As businesses begin to emerge from the economic downturn that has been underway since the end of 2007, many are recognising and appreciating the benefits of effective performance management. During the recession, organisations with robust performance management processes have been able to make much-needed cuts with precision, whilst nurturing superior performance from their remaining employees. However, HR shouldn’t expect business leaders to be 100% satisfied with this. If anything, senior executives want to see an even greater business impact from performance management practices.
This vision of what could be was best articulated by HR thought leader Dr. John Sullivan earlier this year when he wrote, “Superior talent management can have a higher impact on company success than any other single business function.” And this vision isn’t wishful thinking, it’s fact.
Social Media: The next opportunity for talent-seekers
Ambitious recruiters leverage social media to deliver results.
It’s no surprise that social media has become an essential tool for employers and employees alike. For organisations it’s one of the most effective mediums for promoting their employer brand to potential recruits. It’s even how many build internal communities for their people to spread news, share expertise and celebrate success.
For candidates, social media provides a unique opportunity to gather intelligence about employers through interaction with potential peers. People they might otherwise never meet until after an exhaustive interview process are instantly available online. Crucially, social media provides opportunities to reach out to people who may not be active in the job market – but who might be tempted by the right opportunity.
Your fast-track to success
It’s not always easy to know whether your talent programmes are on the right track. Our HR insight tools are a really great way of assessing your current position and how this compares with other organisations.
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