Whitepaper: Talent Management - Raising the Bar

3 Reasons Why it Matters

1. Skills Shortage

2. Generational Changes

3. Business Success

In the next 15 years, the demand for labour in the 35-44 age category will increase by 25% - at the same time that the supply of it will fall by 15%. The result is a significant shortfall in the labour market.

Combined with the changing workplace expectations of Generation Y and the struggle for businesses attracting and retaining the quality and quantity of human capital they require, the issue of Talent Management has been elevated to the top of strategic human resources management challenges.

The ability of organisations to take a strategic approach that puts them on the front foot will determine the winners and losers in this evolving environment.

4 Common Misconceptions

1. "It's all in the Brand"

2. "I work for the Company"

3. "Security is Everything"

4. "It's an HR Thing"

Reactive approaches to Talent Management have been acceptable in the past. Attracting talent on the strength of the corporate brand has always worked. However with numerous options available to quality talent, coupled with a fundamental change in the 'psychological contract' associated with work, both the attraction and retention of organisational talent will become critical factors.

The 'loyalty factor' has been significantly eroded; the 'leadership factor' highlights the impact of leaders and managers, and the 'happiness factor' emphasises the whole-life approach litmus test being applied to employment.

Importantly, the challenge of attracting, developing and retaining talent is no longer seen as the sole domain of the human resources function.

5 Elements of Talent Management

1. Talent Selection

2. Talent Induction & Training

3. Talent Development

4. Talent Performance

5. Talent Retention & Succession

An integrated strategic framework for Talent Management is built on a solid foundation of competency definition, supported by the five applications of talent management.

A robust competency platform, able to clearly define the technical and behavioural attributes key to success, and adaptable to the changing needs of the organisation forms the basis.

From this, talent applications can be applied including accurate and objective talent selection, rapid on-boarding and core skills training, management and leadership capability development, effective performance management, retention and succession methods can be applied.

6 Critical Success Factors

1. Business Alignment

2. Educating Business Leaders

3. Quality of the HR Team

4. The right tool kit

5. The right external partners

6. Take Action

So what are the characteristics of a best practice approach to Talent Management?

The relevance, timeliness and effectiveness of talent management firstly requires a strategic alignment to the business plan. Proactive, rather than reactive strategies are essential. The involvement and understanding of business leaders is therefore a critical success factor.

HR staff can only support the organisation's talent management needs through high levels of technical expertise combined with business savvy, and a solutions, not process focus. This, combined with the right internal processes and methods, and best practice external specialists will be key. Finally, it is time for organisations to move beyond discussion, and take action now.