#talent#talent retention

Effective Talent Management is Critical for Success

|Aug 5|magazine12 min read

Filling the talent pipeline and retaining strong performers is now absolutely essential for organisations looking to grow, expand or simply remain competitive. PageUp People believe that fundamental changes are occurring in the workplace that will radically alter the way companies relate to their employees. 

These changes include the fierce competition for qualified workers results from a number of workplace trends, including >>>

  • A shift in how people view their careers
  • A new generation of workers with new expectations
  • Baby boomers going out on their own after hitting corporate ceilings
  • Changes in social behaviours and the need for work/life balance.

Talent management, once seen as the domain of the HR department, is a critical business issue, particularly if a company wants to attract and retain top performers. CEO’s should be directly contributing to a talent management strategy to make sure it aligns with the business strategy.

Deborah Mason, SVP Global Talent of leading talent management firm PageUp People said, “Companies need to think about a talent pipeline in the same way they think about a product pipeline, sales pipeline or production pipeline.

“A pipeline deficit in product means competitors beat you to market, in sales it means missed revenue targets and in production means the supply can’t meet demand. A talent pipeline deficit means companies simply don’t have the skills and capabilities on the ground when they need them and the strain is felt across the entire organisation.

“It is hard to forecast five to ten years ahead, but whatever the line of sight is, use it to consider the skills and characteristics needed to get the organisation there. Whether that is hiring new people or nurturing talent.”

PageUp People suggests some best practices for strategic talent retention >>>

1.  Succession planning

CEOs should provide clear direction to HR teams when it comes to succession planning. Succession planning is a premeditated activity conducted with one purpose: to have the adequate bench-strength of talent that is ready, willing and able to step in to management roles, to mitigate business risk and maximise available opportunities. With strong supporting technologies now available to facilitate succession planning, there is no excuse for being reactive in this area.

2. Mentoring

Mentoring is a proven way to fast-track knowledge transfer, build competencies and enhance internal relationships. There are no hard and fast rules for effective mentoring. Some companies have ad hoc mentoring arrangements while others adopt formal 'mentoring contracts'. Some organisations focus their mentoring efforts on high-potential individuals, whereas others create a career plan for everyone from the moment they start. What’s important is that ongoing individual development occurs. Clearly the CEO cannot (and should not) be a mentor to all, but this is a critical organisational activity that should engage senior managers and executives.

3. Analytics to drive business performance

The ‘big data’ revolution has changed the quality, quantity and timeliness of information available to organisations. Advanced analytics are capable of turning complex and dis-integrated people data into real business intelligence. CEOs should demand this from their HR teams. With a combination of hindsight and foresight sourced from system data now available, CEOs can ask critical questions about workforce performance and capabilities and use the answers to effectively deploy, redeploy, grow or retract their workforce to align to the business plan. The capabilities emanating from advanced analytics heralds a new era for managing talent resources around the world. This is true particularly for multinational organisations with large and globally dispersed workforces.

Deborah Mason said, “Successful talent management depends on decisive leadership and clear direction. The CEO plays a pivotal role in setting the talent agenda, securing support and commitment across the organisation and ensuring that talent management initiatives remain aligned with business objectives.”

 

About PageUp People

PageUp People helps multinational employers strategically align their talent resources to execute corporate strategy across borders, business units, cultures and languages — maximizing employee value and business results. The PageUp People SaaS-delivered solution unifies Recruiting, Performance Management, Compensation, Training & Development, Career Planning, Succession Management and Advanced Workforce Analytics to help global employers overcome the talent management challenges that are inherent to operating across multiple geographies.

PageUp People solutions support large multinational organizations, including several Global 500 employers and more than 90,000 HR practitioners operating across more than 180 countries from a broad range of industries, including financial services, retail, mining and refining, transportation and telecommunications. PageUp People is headquartered in Melbourne, Australia with additional office locations in Sydney, London, Shanghai and Atlanta.