This blog is written in continuation to â€œTalent Management Strategies: The expectations gapâ€. Addressing the problems mentioned in the previous blog, here are five solutions for bridging the expectations gap:
Align and integrate talent management across the business
Apart from recruiting, retaining and developing a high-performing workforce, an efficient talent management strategy requires companies to ensure that their talent management processes is aligned with their culture, values and strategic goals, and that they integrate these programs across the entire organization.
Rethink approaches to international mobility and reintegration
With more and more companies diversifying and making a mark on the global front, executives occupying senior leadership positions must have work experience and knowledge of international markets. E&Y recommends that companies should embed mobility into their leadership and high-potential programs and create a multi-directional flow of talent between and among developed and rapid-growth markets.
Create the right blend between global and local talent management
Multinationals need to think about the right mix between globalization and localization when it comes to talent management. Doing so will enable them to compete more effectively for talent on an international scale. The Global Human Capital Trends report published by Deloitte has also mentioned the need of tailor made programs for specific regions, even though the global trends are largely similar. This finding has been attributed to the fact that the regional economic forces and cycles have an impact on human capital priorities.
Use analytics to identify talent gaps and gain a better understanding of workforce behaviour.
Workforce analytics is a very powerful tool in effective talent management as it offers companies the opportunity to gain a better understanding of where the skills gaps lie and how talent management decisions feed into broader corporate performance objectives. It starts with having accurate and complete data which needs to be aggregated into a single source. The next step is going on to detailed analysis which has companies using predictive workforce analytics to forecast potential shortages or surpluses of talent and assessing how industry cycles will affect the availability of the right human capital resources. Deloitte reports that the largest talent gaps are reported in leadership, analytics, re-skilling HR, talent acquisition and access and the overwhelmed employee by using its Human Capital Capability Gap Index. It is a good example of how analytical tools serve the companies.
Attract and retain top performers and high potential employees through proper employment deals.
To achieve business objectives, employers need to attract and retain critical talent and ensure employees are highly engaged, which, in turn, will support increased productivity. A study undertaken on the same lines by Towers Watson has shown that employers are finding it difficult to get and keep key talent, including top performers and high-potential employees. 65% of the respondents experience problems in attracting top performers while 64% experienced problems in attracting high potential employees. Another finding of the report was that more than half of the employers report difficulty in retaining high potential employees and top performers.
To help foster sustainable engagement, organizations must offer and deliver an employment deal that is formally articulated, is tailored to different workforce segments and sets an organization apart from its competitors.
Now that we have been able to bridge the gap, it is important keep certain fundamentals in mind while devising a good talent management strategy. Read â€œTalent Management: Three Strategies for Successâ€, the final blog of the series to know what these fundamentals are and why are they important.
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