2015 is already well under way with its own set of trials and errors, but it’s never too late to reexamine what your organization needs to improve. Talent management is a constantly evolving company matter. It has to remain fluid in congruence with the changing organizational workforce. The way the company develops leadership and its employees as well as the alignment to company goals to create a robust succession plan all play a major role in talent management. So the question is, what do you really need to improve your talent management in 2015?
1. Cultivate Leadership
Leadership, like any other person on the payroll, needs training. Unfortunately, 80% of managers say their organizations expect them to lead without any formal training. That is something that needs to change in your talent management system. Providing your leadership team with the tools they need to develop this intangible skill makes them better leaders so your staff can be better employees.
80% of managers say their organizations expect them to lead without formal training.
2. Nurture Employees
This has become a prominent topic in HR and leadership circles in recent years, but it’s always a good idea to see how your development programs par up to your talent competitors. These career and development opportunities are key to reducing attrition; so take notice to reasons why you lose high potential talent and where you lose them. Training and development rose 15% in 2014 alone, setting the foundation for a year of high development standards in 2015.
3. Tech Check
Do you have the tools and processes in place to make your talent management run smoothly? Many companies are currently in the process of - or at least plan to - change their software for talent management. Katherine Jones (@Katherine_Jones), Vice President of Human Capital Management Technology Research at Bersin By Deloitte, said:
“We learned that of companies purchasing new talent management software this year, 67% were planning to purchase performance management software, either for the first time or as a replacement for existing solutions.”
4. Succession Plan
Critical to the growth of the organization beyond the current generational leadership, is the succession plan. More to the point, a concrete succession plan. One-third of organizations don’t have a succession plan; that means they don’t know who will take the reigns upon leadership resignation. Although 70% of companies participate in some sort of succession planning, the problem is that some of these plans are piecemealed. The succession strategy has to be comprehensive in order to be truly effective.
The succession strategy has to be comprehensive in order to be truly effective.
5. Goal Alignment
At ClearCompany, we promote transparency throughout the organization. It’s the company leadership’s responsibility to ensure employees know the goals and values of the organization. By fostering a greater sense of transparency in your organization, you empower innovative thinkers to create within the framework of your company goals and values. In fact, 91% of employees will work towards the success of the organization if they understand their overall role in the business. When they don’t however, that figure drops to a mere 23%.
6. Executive Presence
Senior leadership personnel are busy; they have meetings to go to, business strategies to tend, and projects of their own to manage. However, while they already have a load of responsibilities on their to-dos, their presence can’t be discounted. In fact, it’s critical to workforce inspiration, team alignment, and goal accomplishment. Suzanne Bates (@CEOCoachBates) and David Casullo (@DavidCasullo), CEO & Founder and President of Bates respectively, said:
“Part of hiring the right CEO is finding someone with that leadership ‘X Factor,’ a quality that is hard to define, but essential to success… this X Factor is ‘executive presence.'”
It’s never a bad time to reassess your talent management. Are you developing your leadership or giving employees enough opportunities for growth? It’s not a stagnant business entity, and these are just some of the changes you should be prepared for. Setting your team up for a motionless career sets up your organization for increased turnover. Through technology developments, leadership interaction, and planning for the future, organizations can help their employees develop and align their team to company goals for an effective talent management system.