In a recent article on ere.net, John Sullivan, world-renowned consultant in the field of HR and current professor of management at San Francisco State University, described ten strategically important areas of talent management for which most companies still have no broader strategy, plan or team. In this article, we summarize the second half of the areas, the first part of the article can be read here.
6. Plan to manage the ongoing uncertainty
Many managers responsible for talent management in their companies have not accepted that the world around us is in a state of a constant uncertainty and variability so far. They will, nevertheless, be forced to restructure their programs so that they can increase the competencies of the workforce in certain sectors and simultaneously reduce costs in other sectors.
7. Quantifying the consequences of unplanned reductions in talent management investments
Talent management is being forced to reduce costs but responsible managers often fail to quantify the long-term monetary value of limiting training, recruitment, employee retention programs and leadership development to their top management. It is, therefore, necessary to work more closely with finance to develop a process for predicting the impact of cost cutting in talent management on the area of customer service, error rate, innovation, sales and brand damage.
8. Moving away from historical to predictive benchmarks
The vast majority of talent management metrics in companies relates to the past, mostly to what happened last year. The importance of these historical metrics in today's fast-paced world is, however, rapidly decreasing. You should begin to work more closely with business statistics on the process of predicting what you managers should count with.
9. Competitiveness analysis of talents
Only a small part of the managers responsible for talent management in their companies performs a repeated analysis of competitiveness in order to ascertain that its key processes for talent management can actually compete with other companies. This deprives the companies of strengthening recruitment at a time when the competition does not hire or releases or of their own talents when the competition starts to hire unexpectedly.
10. CRM model for improving individual management and employee motivation
Professionals in the field of customer relationship management already know very well how vital it is to understand each individual customer - what he/she likes and dislikes and how to get them to purchase. A similar CRM model for individual employees is, however, missing among the talent managers. Managers responsible for talent management should provide individual managers with tools for motivating employees based on nothing else but their individual profiles. Information on how to manage individual employee the best may be collected during onboarding, performance evaluation or in the process of transfer or promotion.
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