As we close out this year and begin the next, the economy has left us wondering what the future will hold for our business, leaders, & strategies. Despite the perception that the global economy woes would increase the talent supply, it still remains a leading challenge facing all corporations globally. As a matter of fact, attracting, developing, & maintaining top talent is the number one issue facing companies of all sizes globally.
Talent is no doubt critical to business success. Every organization aims to grow its talent in addition to widening the knowledge base of its employees. However, with increased competition and every organization racing to secure the best talent, management of this talent is likely to become even more challenging this year.
Top talent management challenges / trends include:
· Development And Retention Of Talents
· Stakeholder Involvement
· Regular Communication
· Creating A Robust Leadership Pipeline
· Strategies & Human Resources
1. Outsourcing - With the continued rise of online job platforms and market place, no doubt outsourcing is likely to take another step. More companies are likely to employ via an online platform which brings together talents and opportunities. This will reduce the costs that organizations incur in attempting to attract and retain talents. Outsourcing offers a platform upon which, organizations can access the best talent, exactly when they need them.
2. Development and retention of talents - Organizations will also focus on developing and retaining talent. Technology plays a vital role in ensuring that talents are developed and retained. Technology is likely to cover all aspects including assessing, identifying strengths & weaknesses, and training. Keep each person engaged and on a goal directed path to ensure success.
3. Stakeholder involvement - Organizations are likely to bring all stakeholders on board. Involving organization stakeholders and employees in decisions making processes, can help employees gain confidence and exercise their talents for the betterment of the company. This is crucial as it helps the organization positively gain from its employee talent pool and puts them to use within the organization. It ensures that the talent within the organization is nurtured before going out to seek new talent.
4. Regular communication - Communication is fundamental to solving challenges emerging in talent management. Technology will most likely play a bigger part in this communication. Utilize every aspect in order to keep everyone updated on the company goals, progress, changes, etc. Open communication helps employees freely communicate their progress and contribute in the talent management plans. It ensures that the best of the employee is brought out and that company success is everyone's job.
5. Creating a robust pipeline of leadership - Technology is likely to help in the creation of a pool of robust future leadership by enabling identification of leaders as they grow. Keeping track of employee training, skills, traits, competencies, motivators, behaviors, & values will help identify potential within your company. This will allow smooth leadership transitions, ensuring that the best talents within the organization are considered before searching for leadership externally.
6. Strategies & Human Resources - Human Resources Departments have become increasingly vital to success. HR must understand the overall strategy & goals of the company and be able to communicate the staffing / talent needs, skills, knowledge, & performance to all levels of the company. By doing so, managing talent to align their goals & progress with this strategy will help the company keep employees engaged, focused, and productive.
There is no doubt that other challenges will arise as we embark on the New Year. Keeping these ideas in mind and putting together a goal oriented action plan will help you stay ahead of the top talent management challenges. t
~ Written for us by our associate Gary Sorrell, Sorrell Associates, LLC. Copyright protected worldwide. All rights reserved