The fastest growing businesses around the world have one thing in common - a strong focus on talent. They know that the most important part of talent management is to select the right people into the roles of managers at all levels. Key elements of high-performance talent management systems include:
1. Functional succession management plan
Succession management plan must be a part of an united vision shared by the entire senior management. It should be based on scientific, mathematical and systematic procedures and made out in writing. Furthermore, it must be regularly reviewed. Then it will show you the strengths and weaknesses of your corporate leadership.
2. Audit of corporate talent pool
Without auditing and improving your corporate talelent pool, you can hardly expect meeting your talent management objectives. Only after receiving a clear picture of the talent in your organization, you can appoint the right people to the managers' roles. You can see which units are the most talented and, conversely, where talents are missing. Your goal should be to achieve the situation when you will have at least three candidates to take a vacant position.
3. Improving recruitment
You have a succession management plan and you have performed the talent audit at all levels of the organization, but it is not enough. Another wheel in the talent management machine is recruitment. Structured interviews show more effective results than sceening CVs and ad hoc meetings with individual candidates. Recruiters should devote less time to the process and more time to get to know the candidates. Apart from qualifications, the most successful companies are hiring the people who fulfill two other main criteria - fit into corporate culture and engagement.
4. Developing high-potential managers and leaders
How many high-potential managers and leaders to choose? Gallup, leading global organization in the field of consulting services and statistical surveys, advises to count the number of people in the top three layers of management and multiply it by three. Once you identify these talents, focus on their development to let them grow.
5. Continued development, engagement and performance management
Recruiting talents without further development makes no sense. Start by ensuring that everyone knows what his company and his team expects. Provide your talents with good managers. Review your performance management system to fit into the overall concept of talent development. Each individual should know how to connect his strengths with the needs of customers.
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