Are You Managing Your Talent Effectively?

By Arifur Rahman

The management of high-performing and high-potential employees (talent) in organisations has attracted attention in recent years because of the assumed links between the ways that talent is managed and organisational performance. Talent management aims to develop, measure and harness potential talent to achieve the best they can be, helping organisations move forward in being more competitive and effective within their marketplace.

Talent Management is more than a new language for old HR work, or just the next “hot new thing” for HR practitioners and managers to get involved in. For many organisations, it should become a strategic imperative. McKinsey and Co’s research reveals that 75 percent of corporate officers were concerned about talent shortages and Deloitte reports that retaining the best talent is a top priority for 87 percent of surveyed HR directors.

This need for talent – and, therefore, its expert management – is also driven by macro trends including:

New cycles of business growth, often requiring different kinds of talent.

Changing workforce demographics with reducing labour pools and, therefore, a talent squeeze.

More complex economic conditions which require segregated talent.

The emergence of new enterprises which bring talent from larger organisations.

A global focus on leadership which is now permeating many levels of organisations.

Much to of the early thinking about talent management was the idea that talented people were critical to organisational performance and success. However, organisations that place too much emphasis on attracting the ‘best’ may fail to think strategically about how that talent can best be deployed within their organisation. A good Talent Management is of strategic importance and can differentiate an organisation when it becomes a core competence.

“Talent is the multiplier. The more energy and attention you invest in it, the greater the yield. The time you spend with your best is, quite simply, your most productive time.”

– Marcus Buckingham

Founder, chairman and Author of Stand out

Points to consider in creating an effective talent management strategy:

1) Identify

Identifying potential talent can be a difficult challenge for many organisations searching for and recruiting the best among a wide talent pool. Our team of business psychologists here at G&A Initiative offer expert advice on the processes of using effective selection and assessment methods in recruiting and finding the best and right talent for your organisational needs in matching them against your values through methods such as psychometric testing.

2) Deploy

Effectively deploying talent will require you to manage the talented individual’s performance more frequently in tracking their progress. This will require a performance management system consisting of appraisals; this is where managers will need to have a regular systematic review of performance against past objectives and establish new goals and targets to measure future performance and also provide a personal developmental planning to enable individuals to increase their performance by focusing on their perceived strengths and areas for development. 

3) Engage

Engaging with talent forms the last and vital part of the talent management process in retaining potential talent.  There are many ways in engaging with your talented employees such as through effective communication, providing coaching and mentoring opportunities.

“It’s Important to understand what people in pivotal roles want from their work, and to find creative ways to motivate them. For some, non-financial incentives can work better than more money.”

– PWC

One way also to consider engaging with talent is through training and development programmes. This helps talented employees be more motivated and allows room for growth and development to learn and develop new skills in having a greater impact towards organisational effectiveness.  Research on a wide variety of training programmes delivered to employees within the organisation showed an overall impact on job performance, career progression and retention levels.  Training allows talented individuals to experience and gain new skills to progress onto their career, increasing the engagement, job satisfaction and retention level of the talented individual.

“All of us do not have equal talent, but all of us should have an equal opportunity to develop our talents”

– John F. Kennedy

Former President of the United States

At G&A Initiative our team offers leadership development, coaching and training in a range of areas and providing a flexible approach to performance management. All of our services are bespoke to match your specific needs.

For more information or to discuss developing and engaging with talent in your organisation please contact us on info@gainitiative.co.uk – also feel free to email comments and suggestions, and don’t forget to share!