Attracting, developing and keeping a hold on talent has become a major issue for companies who want to steal a march on competitors. Little wonder then, that employers are battling ‘the war for talent’ to secure resources that can make the big difference in their market. However, without the right guidance, firms may soon find the realm of talent management throwing up more questions than answers.
What is it?
There is no set definition for ‘talent management’ and no global approach to the process of acquiring it exists. Rather one canfind a rich and sometimes confusing variety of techniques across sectors , cultures, jobs and recruiters.
Most firms have trouble defining what talent is. True, they can talk about leadership, potential and performance, but these basic criteria vary widely between activities and profiles. While one can measure core professional skills that get a certain job done it is very tough to define and quantify talent.
The problem is that despite these complications, companies cannot afford not to tackle talent management. In the past, it was enough simply to have employees who matched the needs of the company. Today, with volatile business situations and environments, firms have a real need to differentiate themselves and therefore innovate. This is where talent comes in.
What companies need to understand is that talent management is tied very closely to their own future strategy. In essence, the flow of talent is like any other supply chain that provides what is needed at the right time in the right place for the company to be competitive.
Therefore, employers must first be able to define their long-term targets and how they can achieve them. Once a strategy is in place one can see what talents have to be sourced to reach the goals. To move from planning stage to execution, executive education comes into the picture.
First, top management needs to be trained so the executives see the link between a clearly-defined long-term strategy and talent management. They also must be trained to spot talent and create a system to manage those skills.
Second, the executives need to learn the tools used to evaluate the chosen talent and keep them happy to boost loyalty. Third, executive education can play a role in company universities. A regular educational input that will keep them evolving can make individuals feel they have a rewarding future at a firm.
It is important to understand it is a talented employee rather than the employer who holds the best cards. Employees are changing jobs much faster than they have in the past for career flexibility. Consequently, employers will have to put in more efforts to find and retain talented workers. The trick is to give the talented personnel what they crave while still respecting the company’s overall strategy.
(Mickaël Naulleau is professor of Management, Organisation and Law, Audencia Nantes School of Management, France.)