A talent management strategy is no longer a “nice to have” – it is an essential component of an organisation’s competitive advantage.
What is happening in business today is going to deliver “profits today”. What is going on in the talent arena in the business is going to deliver – or not – “profits tomorrow”.
But developing and executing successful talent management initiatives is not easy.
In fact, to ensure that the talent management initiative is the right fit for the organisation, is aligned to strategy, has the right stakeholders bought in, is sustainable, and fundamentally delivers the desired outcomes; is a great deal of hard work. Usually, it is the result of hundreds upon hundreds of really informed conversations.
In pursuit of getting it right every time, HFL has over the past few years gathered all of our varied experiences up, pooled our knowledge, and developed a simple yet comprehensive framework that drives our internal processes, and increasingly, is being adopted by our clients as the way to make success in talent management happen.
More haste, less speed
The competitive advantage of a strategically aligned talent management initiative, well executed, is no longer debated. Numerous studies have found that a good supply of ready and capable leaders in either the people, business, or technical domain – or better still, all three – lead to greater shareholder returns in the medium and long term.
The best talent management initiatives have some common attributes:
• They are extremely well thought out and thought through, prior to launch;
• They are owned by the business, and facilitated and coordinated by People and Culture;
• They have a long term focus; and
• Everyone in the business is involved, engaged, and committed to the initiatives success
(because they know how important it is to the business, to themselves, and to those on the programs).
Those involved in making these initiatives happen face a complicated and pitfall strewn path, but by following a comprehensive framework, and taking time early on getting the settings and commitment right, they will save a great deal of time, anguish and money later on.
Establishing the right process
We recommend HFL’s 6 Step Talent Management Strategy process:
• Identify strategic objectives
• Develop principles and policies
• Engage stakeholders
• Construct tools and programs
• Build talent pools
• Execute the initiative
HFL has a team of eight experienced subject matter experts in the talent management field who can help with everything from consulting advice to design and execution.