In a vastly competitive and increasingly intricate international economy, organizations must understand that owning and managing the best talents, develop and retain talented individuals is critical to achieve head-speared business performance. Consequently, one of the biggest needs in an organization today is talent development and management.
In order to boost the business performance, it is cardinal to engage and develop the talent within the organization. Focusing on the core business and strengths is the basic strategy for eroding any economic downturn, cutting down the unnecessary costs, thus doing more in less. The ability to effectively hire, retain, organize, and engage exceptional talent from top-level executives to front line employees is really the only true competitive lead an organization can have. The organization will end up with highly involved workforce, and high quality work essence: this simply cannot be easily duplicated and copied by competitors. The talent development and management indeed play a vital role in in the success of the company.
Time management is of essence while tackling talent development programs. Attention should be geared towards focusing on salient skills and developing a culture that helps in the enhancement of an individual’s competences within the company. Executives should align their time management strategies with their organization’s priorities, thus evading any forecasted crisis in deadlines. A sound talent management plan should be aimed at closing the talent gaps within time frame. Thus, it is of pivotal significance that this approach be integrated within a strategic organizational business plan.
Talent management should be effective and sustainable. To do so an organization should develop a leadership pipeline. In fact, leaders are responsible for developing talent management in their institutions. Noticeable skillsets such as strategic thinking, strong business acumen, and effective talent management are the mainstream of effective leadership. It inspires co-workers to develop their own talent and management skills. The leaders within the organization need to develop a positive, efficiency-geared environment where they help in developing and managing the talents within the organization.
However, in order to attain such culture, the organization needs to run the talent development and management programs effectively. The training program needs to be designed keeping in mind the needs of not only the organization but also the employees. The training programs should be informative, explicit and brittle. Thriving leaders know their employees by sitting with them as partners, guides, and trusted advisors so as to discover the area of assistance. Leaders should be able to comprehend and discern between employees’ blockage areas affecting their performance, and discover employees’ skills that need to be honed. In fact, leaders are advised to Create groups according to the functional area, department, age group and work experience. Then, prepare the content of the training program by keeping it pertinent and authentic. It can also be done in informal ways to make it informative and interesting at the same time.
Presenting the prepared information in an effective manner is critical. Leaders should be vigilant in delivering a plan that is catered for individual understanding and needs. While the trainers should make sure that it’s not a one way communication, the trainees should be able to grasp as many as possible.
The organization leaders themselves need to enhance and refine their management skills by attending different management programs.
Research shows that companies investing in their talent management programs consistently outperform their competitors. “A study from the Hackett Group3 found companies that excel at managing talent post earnings that are 15 percent higher than peers. For an average Fortune 500 company, such an improvement in performance means hundreds of millions of dollars”.