Talent management has been a human resources management priority for several years already. There are, however, still at least ten strategically important areas of talent management with a high potential to improve the overall economic performance of companies for which most companies has no broader strategy, plan or team. That is at least claimed by John Sullivan, world-renowned consultant in the field of HR and current professor of management at San Francisco State University. In his article on ere.net, he described the areas as follows:
1. Measuring and rewarding good performance in people management
Although performance appraisals or 360-degree feedback include some areas of people management, there are usually no special rewards releted to these areas. The lack of metrics and rewards reduces managers' interest in talent management.
2. Formal sharing of best practices in talent management
Don't assume that the best practices will spread themselves. You should identify the most effective practices across the company and find ways to share them with managers to understand the principle of their functioning and their economic impact on the company.
3. Team responsible for increasing employee productivity
Many managers responsible for talent management in companies are trying to measure employee engagement. At the same time, they are neglecting productivity measurement and an active search for ways to improve it. Productivity is directly related to measuring cost-effectiveness.
4. Process of identification and correction of bad managers
Being able to detect bad managers is as important as rewarding good managers for good management practices. Given how crucial the impact of a manager on employee productivity is, you need a formal program for a continuous identification of weak managers and direction of their personal development.
5. Converting talent management success metrics into money
Your talent management efforts will not catch the interest of your superiors if you cannot express it in numbers. In the words of Jara Cimrman: "You can discuss it, you can dispute about it, you can even disagree with it, but that's all you can do about it."
The second part of the article can be read here.
-kk-