With global talent crunch, and retaining key talent being a major challenge for many MNCs across the globe, there is a need for companies to imply effective talent management strategies to harness and hone potentials.
Earlier, talent strategy was all about protecting existing competitive advantage, but currently it is about finding continuous advantages that address business realities of tomorrow. The changes are result of a non-linear shift that helps sustain leadership and talent in the long term.
Business leaders are still recovering from their conservative ideas on talent management. There are many myths associated with the term which needs to be replaced by facts and analysis. Talent management strategies require almost constant reinvention because old assumptions are no longer valid.
The cliché that ‘people are the greatest assets’ is no longer true. The ‘right talent’ is the phrase used. Many such myths needs to be unlearned and re-understood by the respective ‘realities.’
Myth: Talent management is non-strategic.
Reality: Talent Management is business imperative, which needs to be capitalized and rewarded to expect returns (financially). It is very important to improve the quality of talent resources in order to face the competitors’ market.
Myth: People make organizations ‘smart’.
Reality: It is very necessary to work the other way around the myth. Organizations that deploy talent management as their prioritized approach, also create an environment to engage their talent and make people smart.
Myth: The size of the organization matters. Large organizations hold a mindset that says, “No one can compete with us”” and smaller organizations adopt a mindset saying, “We can’t compete with the big guys”.
Reality: Both of these varied sized companies would fail in their approach. It is not the size of the organization, but it is the ‘effort to scale’ and ‘perception of their strengths and challenges’ that matter. The main reason that the employees leave companies is because of their relationship with the manager and not with the organization.
Myth: Talent is inborn.
Reality: “One can achieve world-class performance through ‘deliberate practice’. Talent development is the key driver to success and competitiveness in a scenario where demand and supply for highly skilled professionals and adaptable talents are not in sync and out of proportion.
Leaders are Vital…
Business leaders must think differently to source and engage their right talent. It is essential to build an ‘Employer Brand’ to attract the best candidates. It helps in simple recruitment steps and an effective ‘on-board experience’.
Leaders should also replace the myth of South Pole theory of hiring candidates who have achieved a top score in their academics. Instead, leaders must understand that in reality, grades are not the only indicator of success in the real business world.
Myth: Employees (mostly managers) do what they are expected to do.
Reality: The right (adaptable) employees/ managers understand the need to tackle the lower level of work even if it is beneath their job responsibility. They understand that their success in the past has always been in performing the station work, accurately.
They should address the problem step-wise and provide clear strategic solutions that can act as a guide for people in the lower levels. Each level of work requires different and unique skills, time and value.
Myth: The future leaders are the current high-performing managers.
Reality: Currently high-performing managers are effective for the present days of an organization but may not be the potential talent for the future, unless they hone and upgrade their skills through time.
The right combination of engagement, ability and aspiration builds a high performer and successful employee. While a right employee is in the making, an organization’s responsibility is to provide him the aid to develop his skills. Investing in Learning and Development (L&D) helps rebuilding and redefining high performance.
Leaders/ high value specialists are vital part of a successful organization. While their technical and professional skills add to the organizational success, it also becomes important for this high-potential and caliber employees to be engaged with the organizational culture and practices.
This brings us to the topic of organizational ‘Culture’. What is ‘Organisational Culture’? How do you define it?
Cultural Myth: Just because your strategy demands, it doesn’t mean your culture will allow it.
Cultural Reality: Lack of culture or the wrong culture can kill business excellence. Workplace freedom and bottom line discipline can co-exist.
Workplace freedom and bottom line discipline that co-exists, determines an organizational culture. A culture gives organization an edge. Influencing culture in an organization is based on values, beliefs, decisions, behavior, and practices. An organization’s personal, social and structural culture is based at both the motivational and ability level of influence.
Cultural Myth: Shifting Organization Culture: You Do It ‘Down Up’.
Culture Reality: An organizational culture should be a ‘Top Down’ approach. We do not change an organizational culture. We only manage or shift it.
The growing industry needs to unlearn these predetermined myths and base their understanding on relevant facts and insights as their business advances. As a progressing business, one must create high levels of engagement to endure the intensifying industry prospects.
In return, what does a talent expect from the organization? How can one lead an organization better and improve efficiencies to create a better workplace? Investing in talent management is the answer to create a better workplace.
Talent Management is part of every organization’s learning needs investment. Right employees, employer brand, accurate approach, leaders, culture and values determine an organization’s success. It is important to redefine and redesign the leadership and management plans to break through the benchmark of high-performance.
To ensure financial returns, it is important to capitalize on the support system of an organization. A strong support system that consists of talent and talent-driven processes makes an organization and its culture effective.
These futuristic organizations will be able to create and develop leaders at every level of growth, possess the right skills and ability to manage talent.
Image credit: consultancy.uk