Organisations with effective 'continuity of talent' efforts have many common characteristics. One of those characteristics is the use of a variety of strategies that help build the culture needed for future success.
In 2007 these strategies will pay big dividends. According to the 'ORC Worldwide HR Priorities Survey', which annually polls a group of global HR executives from a cross-section of industries, finding, developing and keeping talent are among the top concerns for human resource (HR) executives this year.
Every six out of ten respondents (61.7 percent) said the most pressing strategic HR issues companies will face in 2007 fall into the realm of "talent management"
Accordingly, talent management, which encompasses acquisition, assessment, development and retention of key talent, is the top category that will consume senior HR executives' time in 2007 (as stated by 33 percent of the respondents).
The ORC Worldwide President Robert Freedman said, "The real driver for this focus on talent management is that companies have not only recognized the value of talent as a competitive advantage, but they are developing the tools and processes that help optimise organisation capacity and performance".
Given record levels of unemployment in Australia at this time, no company irrespective of size can afford to be flippant with the matter of managing their key employees.
Finding good Australian talent and keeping it onshore is a growing issue highlighted in a current Human Resources magazine article titled Curtailing the skills shortage in accounting. David Jones, managing director, Robert Half International said “Both SME and large companies within Australia are grappling with a host of issues ranging from a lack of technical skills available on the market to overseas competition, staff loyalty and retention and generational change.”
“I believe staffing issues have been present
in Australia for a long time and am unsure as to whether it is a trend
or a fundamental shift in the employment market,” added Peter Roberts,
CFO, Colonial First State Property. “Therefore I am very interested in
looking at what motivates the new generations, and how culture and
nationality impact a person’s loyalty to an organisation.”
Similarly, attracting talent is a more
prominent issue within small to medium sized organisations which lack
both brand recognition and resources. ”We have a small finance function
with numerous positions to fill but a shortage of suitable candidates,”
said Victor Cuthell, CFO, Burger King. This can be difficult with a
limited number of senior positions to progress into, he added.
Following are details on talent management strategies which companies of all sizes can implement in one form or another. These strategies fit into four categories, including:
Development and Learning
- Feedback
- Retention Strategies
- Recruitment Strategies
1. Development and Learning: strategies that promote the development of competencies, the exposure to more complex and challenging experiences, and the broadening of horizons outside of the immediate organisation.
Development and learning strategies that promote effective talent management include:
Change in scope of job
- Job that requires 'a fix it'
- Build from scratch assignment
- Projects and task forces that require new skill or learning
- Placement in 'high stakes' situation
- Placement in ambiguous situation
- Dealing with significant change event
- Action learning with significant change event
- Action learning team projects
- Rotational, temporary assignments managed by senior leaders
- Full-time job rotations managed by senior leaders
- Formal leadership training
- Formal education courses and programs
- Internal training courses
2. Feedback: strategies that facilitate self-examination and assessment and promote continuous growth through ongoing feedback and exposure to role models.
Feedback strategies that promote effective talent management include:
360 degree (multi-rated) assessments
- Senior coaches
- Mentors outside the persons organisations unit
- A performance management system that provides ongoing feedback and appraisal for growth.
3. Retention Strategies: strategies that enhance workforce motivation, commitment and performance around mission accomplishment.
Retention strategies that promote effective talent management include:
Quality of work/life programs
- Telecommuting
- Alternative work schedules
- Child and elder care
- Fitness and Wellness Programs
Recruitment bonuses
- Retention incentives
- Recognition systems
- Creating 'best place of work' strategies
4. Recruitment Strategies: strategies that strengthen the ability of the organisation to acquire the best-qualified leadership talent.
Recruitment strategies that promote effective talent management include:
Recruitment bonuses
- Recruitment incentives
- Relocation bonuses
- Branding
- Special hiring programs like the Management Fellows Program in the USA
