Via HR Exchange Network : The 6 Step TALENT Management Strategy
HR is in a very different situation. The United States has low unemployment and an abundance of open jobs. Translation: labor shortage. And every company is looking for ways to overcome this very real and very unique situation.
The answer could be in the talent already employed. And that’s quite literal. Below is the 6 step TALENT management strategy to dealing with the current labor shortage.
Via Solutions Review : 7 Ways to Improve Talent Management
Talent management is pivotal to the success of any organization. You may have the most talented workforce on earth, but if you can’t manage it successfully, then your business may suffer. There a number of tools that you can help you manage talent within your organization, but you also need to know the basics. Here are a few tips that we have compiled to improve talent management, bringing it to new heights and making your workforce thrive.
Identify what talent means to your organization
Depending on your organization’s, mission, vision and culture, talent can mean very different things. Talent may not necessarily refer to explicit knowledge, but tacit skills such as compassion, emotional intelligence or the ability to speak multiple languages. What talents does your organization value? Does this line up with that of your candidates and employees?
Consider career development offerings
What training and development programs does your organization offer? What options are there for career development? Humans naturally are curious creatures and usually possess strong desires to improve themselves. Lack of career development opportunities can lead to higher turnover rates as well. This is reinforced by the career coaches at Open For Life, who have found that “employees who feel that they are not growing within their role, or feel that there is no opportunity for promotion or advancement are more likely to consider leaving their job for a more lucrative position. It is important for organisations to cater to their employees ambitions in order to increase job satisfaction.”
One of the keys to success in talent management is ensuring that you are providing sufficient opportunities for your employees to learn and grow within your organization. This will allow you to retain talent and will lead to a highly skilled and satisfied team. If new talents are needed within the organization, it may be beneficial to work on training existing staff rather than hiring a new staff member.
Identify goals and what talent is required
Before hiring new talent, it is important to identify your organization’s short and long term goals. From there, you will be able to more easily identify the talent that you require. Say your company has seen significant growth and you are considering expanding globally. This means that you may need someone whom has experience and talent in global expansion, with deep cultural awareness.
Everyone has an experience of being micromanaged at some point and will know how frustrating it can be. Focus on your employees’ results, rather than their processes and the way that they get to those results. Giving staff flexibility and autonomy in their work will make them feel valued, respected and improve their job satisfaction. The greater their job satisfaction, the higher your organisation’s productivity will be.
Give thought to talent vs. hard work
When hiring new staff, make sure to not only consider a candidate’s talent, but also their proven history of perseverance and commitment to constant improvement. NBA superstar Kevin Durant once said, “Hard work beats talent when talent fails to work hard.” This is vital to remember when you are hiring new talent. If they aren’t willing to work hard, then someone with less talent but will put in the effort may be better suited to the role as their talent can be developed through training and time.
Have zero tolerance for negative work behavior
A problem that can arise from exceptional talent is arrogance. This can lead to a number of antisocial behaviour traits that should not be welcome within your organization. Negative behaviour from coworkers can develop unnecessary stress for the victims, and should not be tolerated.
The hypnosis extraordinaires at Mindset Mastery NLP often find that they treat patients who have “experienced emotional distress at the hands of workplace bullies and are experiencing negative mental health repercussions as a result. Prevention is key in these instances as it can be challenging for our patients to recover from such experiences.”
No matter how talented a candidate or employee is, it is worth nothing if they are negatively impacting those around them. Don’t overlook red flags of a potential candidate’s personality just because they are incredibly talented.
Create a healthy work environment
Ensuring your staff have a healthy, positive and safe work environment is the most important aspect of talent management. Working to maintain such an environment will ensure that your talent remain engaged, happy, more productive and loyal to your organization. Providing a healthy environment not only will benefit your staff, but your business success as well.
According to expert life coach, Renee McDonald, “Having a healthy work environment will benefit both individuals and the organisations they work for. We spend so much of our life at work and if it is somewhere we feel safe and happy, then that will make us want to work harder and do well. Businesses that create healthy working environments are more likely to be successful than those who don’t.”
Successful talent management needs to be dependant on the structure, culture and goals of your organization. By changing the way you think about and approach managing talent, you will achieve a workforce that is unstoppable. Perhaps it may even involve introducing the use of talent management software. So what are you going to do today to improve your talent management tomorrow?
Via Solutions Review : New Survey Confirms Managers Feel Talent Management Needs Improvement
Betterworks, the leading enterprise HR software for Continuous Performance Management, has released their findings of an industry-wide survey of 1,000+ people managers currently working in enterprises with over 500 employees. The report summarizes the troubling state of talent management in their organizations. Available here, survey participants expressed that nearly every aspect of talent management within their own organizations has significant room for improvement.
“Becoming a manager and transitioning from ‘doing the job’ to ‘leading and helping others to do the job’ is a big change,” said Josh Bersin, global industry analyst and member of the Betterworks board of directors, who penned the forward of the report. “Key to this journey is a company’s performance and talent management process, and this research found that many managers feel that their performance management practices get in the way rather than help them.”
The report found that people managers play an outsized role in improving workforce performance through day to day actions that motivate, engage and develop their teams. The managers Betterworks surveyed overwhelmingly expressed that nearly every aspect of talent management within their own organizations has significant room for improvement.
Managers lack a sense of purpose: Independent research from DDI shows that companies with clear objectives outperform the market by 42%. However, most managers in the Betterworks survey reported experiencing a significant lack of purpose in their organization and serious challenges around organizational alignment.
Managers perceive an alarming lack of alignment:
- 62% admitted their organization did not communicate goals and priorities clearly enough so everyone knew what they were accountable for
- A similar percentage did not have a clear understanding of top company priorities for the next 12 months.
Managers find little value in current performance management processes: Performance programs are supposed to help managers coach their employees, communicate key objectives, and set and manage goals. However, the Betterworks survey found that many managers view their current performance processes as outdated and more of a hindrance than a help.
- Only 43% of managers are held accountable for developing their people
- 63% fail to have regular development conversations with their teams
- 59% of managers and employees “do not perceive their performance management process as valuable.
Development opportunities for managers are scarce: The research found that management coaching is not expected or encouraged in most organizations.
Your people managers make or break your organization’s performance; they are where the rubber hits the road,” said Doug Dennerline, chief executive officer at Betterworks. “They need to feel confident that the organization’s talent management processes support their team’s development and supports them as managers. It’s critical that HR gives managers needed training and equip them with the tools they need to be effective at such essential processes as setting and aligning team and individual goals, giving and receiving feedback, and recognizing and developing everyone on their team.”
Via HR Dive : Are leaders overconfident in their talent management?
- While company leaders appeared confident in their recruiting, employee engagement, talent development and team efficiency practices in a McKinsey & Company survey, non-manager respondents said CEOs and managers are actually the reason talent practices are unsuccessful. When asked to evaluate 21 talent practices, 56% of the 500 U.K. managers polled said that they adopted at least 16 good practices, and more than 25% said they adopted all 21 practices. But according to McKinsey, non-CEO respondents admitted that their organizations had trouble carrying out many talent practices and cited CEOs and managers as the problem with implementation.
- Fifty-two percent of the non-CEO respondents said that leadership didn’t value using “clear structures, roles, and responsibilities to streamline work.” Another 46% said company leadership saw no value in performance evaluations that assessed senior leaders and managers on their people-management skills, compared to only business performance. Survey results also showed that the same percentage of non-CEO respondents said leadership didn’t value helping and rewarding people whose performance showed continuous improvement.
- When asked what prevents their companies from identifying the top talent in their organization and assigning them to work on the most important projects, 37% of respondents said the practice didn’t suit their culture and one-third said “we have more important things to worry about.” Respondents expressed these views despite evidence showing that companies that regularly align talent with strategic priorities are more than twice as likely to outperform the competition, McKinsey noted.
Talent management can be in jeopardy when leadership isn’t supportive. As the McKinsey study points out, when leaders don’t value identifying outstanding performers and putting them on key projects, it can frustrate workers — and that could spur turnover. Lauren Mason, principal and strategic lead for Mercer’s Global Rewards Practice, previously told HR Dive the three reasons that top performers leave: their organization has not given them an experience that motivates them, engages them or aligns with their personal and professional goals. A frustration with the organization’s long term goals might also drive talent to jump ship. Tension between leadership and workers can lead to a negative culture, as well.
HR must urge the C-Suite to adopt a people-centric approach, reminding senior leadership of the consequences of not investing in workers in this current talented labor shortage. Providing career development opportunities could be one way to retain ambitious employees who want to establish themselves within their organizations. As past research has shown, when workers don’t see a future for themselves in their companies, they leave.
Via People Matters : Executive coaching and talent management in the millennial era
Understanding the role of executive coaching in improving retention, developing leadership, and increasing workplace productivity.
Every year, organizations invest massive amounts of capital in training programs to ensure that their workforce stays abreast with the latest trends in driving innovation and building leadership skills. Organizations have usually turned to workforce training sessions, and many are still under the notion these sessions provide immense benefit. However, with the rising number of millennials in the workforce, traditional ‘PowerPoint sessions,’ consisting of theoretical concepts, have become obsolete as they entail endless dictation, don’t engage managers, and do not result in any behavioral change.
Talent management in the millennial era – fighting for top talent
The candidature of millennials is no longer done via conventional interviews but through methods such as career open houses, which aid network building. Studies have also shown that millennials yearn for a healthy culture and sustainable vision in potential employers rather than just having the right skill set or being a good fit.
A quick look at some stats on millennial-employee loyalty and engagement show that almost half the professionals between the ages of 18 and 25 years are most likely to leave their jobs within the first year. Furthermore, 70 percent of the millennials believe that a company’s sustainability would impact their decision to stay long-term, and 64 percent say that benefits are extremely important to employer loyalty. What’s more, only 29 percent of the millennials are engaged at work, 55 percent are not engaged, and another 16 percent are actively disengaged.
If the above numbers are anything to go by, millennials are changing the conventional way in which organizations engage their talent and are forcing them to offer a healthy work-life balance and meaningful work opportunities. In the millennial era, the old-school approach of training using presentation slides has given way to life-long experiential learning and coaching. Coaching millennials through role play, gamification, behavioral therapy, and social learning not only improves engagement and knowledge retention but also bolsters creativity and innovation.
The diversity in today’s businesses, markets, customers, and talent has vastly changed the erstwhile perception of what skills a leader should possess lead effectively. While nurturing the millennial workforce, leaders need to adopt a coaching style of leadership since millennials are driven by their inner voice. This coaching must be interspersed with experiential learning, as it facilitates progressive learning through introspection and collaboration. But what exactly is ‘coaching’? The International Coaching Federation (ICF) defines coaching as, “partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential, which is particularly important in today’s uncertain and complex environment.”
Five ways in which coaching improves retention
There are several benefits of using executive coaching for workforce training, the foremost being enhanced retention and engagement levels. Here is how coaching improves employee retention and engagement:
- Clarity: executive coaching helps eliminate ambiguity in roles and improves the communication process to create a platform of shared understanding amongst employees
- Commitment: individualized coaching indicates that the organization is committed to helping the employee succeed, which deepens the trust and nurtures the relationship that employees have with their management
- Courage: coaching instills the courage to deal with interpersonal and organizational challenges by being open, communicative and collaborative; it also helps facilitate skillful confrontation and allows leaders to face challenges head-on
- Challenge: coaches enable leaders to challenge themselves and step outside their comfort zones; thereby, nurturing their potential and skills to build a positive and resilient attitude
Collaboration and Compassion: executive coaching can help leaders nurture a candid and transparent workplace environment, thus, making them approachable and cultivating a culture of honesty, trust, collaboration, and compassion wherein employees learn from each other
Choosing the right coach
While there are many self-proclaimed coaches in the market today, it is crucial that companies engage only with qualified and certified coaches. The following things must be kept in mind while choosing the right coach for your workforce:
- Qualifications: there are regulatory bodies in place, like ICF, to ensure registered practitioners and coaches are certified; make sure that the qualifications of the coach are aligned with the learning needs of your leaders and procure testimonials from former clients
- Style: the coach should be able to build a rapport and showcase empathy to engaging leaders and demonstrate respect, passion, and help you learn new approaches and techniques
- Tools: the coach must use the right tools to capture relevant data and metrics to find the root cause of the challenge and enable employees to find the best solution
Measuring the success of an executive coach
To determine if executive coaching has successfully improved retention and engagement, try to gather data-driven insights that go beyond measuring the ROI. For instance, consider the following:
- Ideation to Initiation: measure the time taken in nurturing an idea to the product reaching the end-user
- Surveys: use feedback tools for surveys from all stakeholders to collect real and qualitative insights on the coaching
- Productivity: measure productivity levels before and after coaching. If there are no formal productivity measures, determine the time taken to achieve closures or solutions before and after the coaching activity
To wrap it up, executive coaching is increasingly emerging as a comprehensive and robust approach to ensure executives are adequately groomed to transform their millennial staff and boost productivity in the workplace. As the learning and development function becomes increasingly personalized, one can expect organizations to bring in scientifically-trained external coaches to help employees chart their learning journeys and objectively provide sensitive feedback. The future of talent development and management is highly digitized, data-driven, and personalized and specialized executive coaches are likely to be a prominent part of the same.