Versatile Talent Strategy: Your People, Your Advantage
Submitted by: Robert Fazio, Talent Strategy and Leadership Consultant, Leadership Research Institute
Businesses are starting to gain confidence and that means they are starting to focus on growth, rather than stabilization. The best way to grow is to have motivated and capable people that can highlight your differentiators. I am fortunate to partner with a number of executives. My sense is that across industries employee morale is low, people feel overworked, and innovation is low. At the same time, I am not seeing as high of turnover rates to match the trend. The reason for this is that people have been working in fear and will do anything to keep their jobs. A challenge that many organizations will face is, as the economy recovers, high-performing executives starting to look elsewhere. Especially if they have not been provided with growth opportunities or have been treated unfairly (i.e. doing two jobs for the salary of one). Combine this with the globalization of our economy and the demographic challenges many businesses are facing (i.e. retiring baby boomers and gaps in competence), and you have a recipe for another war on talent.
In my view, the largest factor that contributes to lack of talent retention is denial. Some organizations believe they are immune to the changing times. They are wrong and will soon learn that the organizational attributes that made them successful (i.e. staying the course, commitment to a historical talent management philosophy, and hiring people like themselves) will actually not only derail their organizational growth, it will put them in jeopardy of losing market share.
So what can you do?
Solutions that Work (The 5 S’s of Talent Strategy):
The good news is that if organizations are willing to make talent management a priority, a lot can be done to set up future success.
The keys are: to know the world inside and outside your company; to be proactive; to align your talent management strategy with your organizational culture and strategic direction; and to have executive sponsorship that is visible.
There are essential ingredients to an effective Talent Management process that drives employee engagement, development, and retention.
1) Strategy (create a Versatile Talent Strategy):
An organization needs to have a company wide strategy that is reinforced by the culture and executives. The strategy should include consideration of how to tailor talent management processes throughout the organization (i.e. government affairs, sales, marketing, and etc.).
2) Selling (communicate brand to attract talent):
Adapting your strategy to meet the changing desires of a workforce is essential. Today, attracting top talent internally and externally takes more than a strong compensation and benefits plan. It comes down to identifying pools of talent that are likely to be successful at your organization.
3) Selection (assess talent internally and externally):
Garbage in, garbage out. It’s quite simple. If you don’t know what you are looking for, you don’t know what you are going to get. Just as important - if you don’t select people that are a match for the desired organizational culture and role, don’t expect them to be successful. The way to go about selection is to create a series of evaluation techniques for the role and person depending on the level in the organization.
These evaluation processes might include the development of a competency model to assess against, a behavioral interview, a personality inventory, a talent profile, a critical thinking instrument, a culture fit survey, or a case study. The more predictive factors an organization assesses, the more likely they are to bring in someone that will fit the culture, be productive, and grow with the organization.
4) Support (development):
A tremendous tool for retention is development. People often take jobs and leave jobs because of their growth opportunities. Allowing for individualized growth opportunities can greatly increase an organization’s probability of retaining a high performer. This often includes developing high potential initiatives, executive coaching, onboarding, and coaching during transitions.
5) Succession:
One you know who your key people are, you need to have key roles for them to move into. Typically, the challenge is having mission critical roles and not knowing if you have the right person to fit these roles. By having succession as a priority, people know they have a place to go as they grow and organizations can become a talent factory, ensuring their growth. The cycle circles back to the overall talent strategy to ensure alignment and deliberate development.
Key Ingredients to Drive Talent Development
Versatile Talent Strategy
What’s the Point?
It is no secret that many successful organizations struggle with development gaps with their people. Attracting talent and retaining talent are two different functions. Retention and succession require a unique set of strategies, skills, and cultural enhancements.
Organizations can ensure development, retention, and shrink any potential gaps in leadership. This can be accomplished through a strategic approach to talent management that includes making employee engagement and leadership development as big a priority as business development and client retention. It’s about attracting, selecting, and developing the right people for the right positions, with the right skills, at the right time. Your people need to know you are dedicated to their growth and your growth needs to include a comprehensive and versatile talent strategy aligned with your future business objectives. The more you dedicate to talent, the more your talent will dedicate to you.
Dr. Fazio is a Talent Strategy and Leadership Consultant with Leadership Research Institute where he specializes in Executive Coaching and Tough Transitions. He designs high-potential processes and initiatives that enhance executive emotional intelligence. Rob is the President and Co-Founder of Hold The Door For Others, a nonprofit organization dedicated to empowering people to grow through loss and adversity and achieve their dreams. (Rob.Fazio@LRI.com or 215-514-5113.)
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