“For Talent’s Sake!”
Why Talent Management is more important now than ever before
Integrated talent management drives measurable results by aligning employee development to your business goals. If you are as confused about what this means and stuck scratching your head like we all are, just let me explain!
Gone are the days when employees would sign on with a company and spend the bulk of their careers in one organisation. Today’s highest performing employees are hungry for opportunities with companies and employers that recognize and actively grow their talents.
“If you aren’t helping me develop my career, I’m looking elsewhere!” – says every employee right now.
Truer words have never been spoken. An employer that doesn’t deliver on this agenda won’t employ great talent for long. The loss of a single star performer can be more damaging to a business than losing several middle-of-the-pack employees.
Consider a few simple indicators of your ability to nurture employees who drive growth:
- Do you document metrics that tie individual performance to business objectives?
- Are there learning opportunities to enhance employees’ skills for the benefit of the company and the individual?
- Do you manage people through continuous dialogue, as opposed to a one-time annual performance review?
- Do you have data that clearly identifies top performers and helps you build a strategy to retain and grow them?
- Do you have the strategy and tools necessary to drive collaboration from a rapidly changing, multigenerational workforce?
If you answered no to even one of these questions, it’s vital that you come up to speed quickly on the idea of talent management (TM) and why it is more important than ever before.
Aligning Individual Goals and Company Success
Your company is only as good as the employees you keep! Harsh but true. Managing and developing employees isn’t the job of one person or a single department, and it’s not something you do once a year (as most large-tier companies do). To effectively implement a talent management strategy, employees must clearly understand and be aligned with the organisation’s key performance indicators (KPIs):
- Are you striving to seize market share leadership in the year to come?
- Grow revenue beyond 20%?
- Preparing to enter into new, higher-growth markets?
Linking all this together in one centralised system provides this ‘connective tissue’ your business requires. Without it, you’d be falling over!
Having a centralised IT system to help manage, coach, and nurture the talent of all employees lets an organisation formally capture corporate KPIs and transform them into performance plans for departments and individuals. A robust IT system will be able to identify whether your human capital has the skills to meet larger corporate objectives, and help you select the right people and put them in the right roles at the right time. If there are gaps between what the company needs and how well equipped employees are to facilitate those objectives, a great system will identify learning opportunities to close those gaps. The question is; are you prepared to invest large sums into an IT system to help you achieve this? Well, in this economy you probably wouldn’t! But what if this investment wasn’t large, and amounted to merely a fraction of the overall cost for an FTE? Now you’re talking!
Maximising Your Return on Execution (ROE)
There are a variety of cloud-based talent management solutions that deliver on the proven benefits of the cloud:
- Lower cost of entry
- Greater flexibility
- The ability to offload the burden of maintaining your own IT infrastructure.
These solutions give management the flexibility (and not to mention confidence!) to focus on managing people, not systems. But important differences among systems are a big factor in determining how quickly your company is able to achieve a Return on Execution (ROE). ROE is a critical consideration when evaluating systems, since it will determine both your return on investment (ROI) and your payback period. These metrics are at least as important as the up-front cost of any system.
There is plenty more to discuss on this topic, but let’s face it, there is only so much you want to read. Instead, click here to contact me at Globe 24-7 and we can discuss Talent Management further – and I can introduce you and your company to Ode Talent Suite, a fully integrated cloud based HRIS solution that is being rolled out across the globe at a fraction of the cost that other well known cloud based HR systems are not able to do.
And before we go;
- YES, Ode Talent Suite is developed specifically for the Mining and Oil & Gas industry.
- YES, Ode Talent Suite is developed by resource industry leaders in HR.
- YES, Ode Talent Suite is the lowest cost cloud based HR system in the market.
- YES, Ode Talent Suite is superior to its competitors on usability and functionality.
Further Info and reading:
P: 08 9328 3100