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Is a Paradigm Shift in Talent Management Needed?

What can we learn from the winners?

“The high performers in our survey invest more in talent, focus on closing skills gaps, have more customized training and development programs, identify future leaders earlier in their careers, and have robust succession plans in place. They also focus more on “soft” leadership skills such as the ability to embody the organization’s culture and values and to lead effectively in a complex global business environment.”

According to a report by Ernst & Young, “Time and again, research has shown that organizations are not identifying or investing enough in the critical talent they need to drive their businesses forward. While they recognize the need to obtain — and retain — people with the best skills and competencies, they struggle to implement effective strategies to do so.”

The five talent management challenges identified are:

  1. Talent management is not keeping pace with global workforces
  2. Companies struggle to invest strategically in talent management
  3. Measuring the effectiveness of talent management remains a challenge
  4. The skills and competencies required by future business leaders are changing
  5. Companies lack robust succession plans to identify the next generation of leaders
Ernst & Young’s research and client work indicate that leading companies adhere to the following principles:
• Talent management (how an organization manages and develops its people consistent with its business strategies) must be an integral part of the business strategy to be effective.
• Alignment and integration are the keys to the success and effectiveness of global talent management and are proven to correlate strongly with superior business performance, both financial and non-financial.
This may sound simple, but executing it properly can be a challenge. Managing talent means trying to harness the full potential of your human or people capital – that intangible resource that brings the complexities and connections to human behavior.
 
Bottom line is that you need to develop a systematic and strategic approach to your talent development so that you have the right talent with the right skills at the right time. Think of it as “Just-in-Time Talent Development”.
 
We believe this can be accomplished with our Six C’s approach:
 
  1. Career Path (ladder and/or lattice)
  2. Competency-based learning
  3. Curriculum (build a curriculum with blended learning approaches and integrated wit the work)
  4. Compliance (table stakes for CPAs)
  5. Content (world-class instruction and materials)
  6. Context (learning aligned to the strategic priorities of your organization)
We have put that together into a model we call the Bounce.

 

How to Profit from Innovation – The Agile Learning Organization from Tom Hood

See our latest announcement: BLI announces a new era in talent development and learning

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