Executives, regardless of scope of enterprise or industry, frequently make critical decisions to invest money and resources for the primary purpose of increasing revenue, promoting efficiency and reducing operational costs.
The cost of managing, training and developing personnel is unquestionably the largest and most significant one.
This makes workforce management more economically significant than any other responsibility.
Talent management responsibilities include forecasting, hiring, training, developing and managing the entire personnel system. It is a crucial responsibility.
MORE JOB-JUMPING ON THE WAY
Employment hiring practices are rapidly changing.
Historically, a new employee would be predicted to spend a professional lifetime at the same company and sometimes the same job. Workers would master their job duties with training and experience and hopefully progress up the leadership chain, then retire.
Today, the likelihood of anyone spending an entire career with one company is rare. In fact, it is predicted a young person beginning employment now will have at least five jobs before retirement, and it is further predicted those jobs likely will be in unrelated fields.
For a company that has invested in and developed workers only to lose them, often unexpectedly, it is expensive and consequential.
RETENTION IS VITAL
Therefore, it is in the interest of employers and employees to retain skilled and productive people.
Organizations should consider a talent management program in today’s highly mobile hiring environment.
A talent management program brings a higher level of competency to selecting and retaining personnel.
The program’s primary purpose is to create an environment where personnel have an opportunity to thrive, be productive, advance and experience success and security as part of a self-fulfilling team.
A talent management program keeps employees engaged, starting with a comprehensive evaluation of workforce productivity to determine if it is consistent with your strategic plan and best expectations.
Current results and leadership proficiencies are the keys to fulfilling objectives. This should be a relatively uncomplicated assessment, assuming your strategic plan is relevant and up-to-date.
More difficult will be assessing long-term objectives which cannot be data-certain when using analytics. These circumstances are the most thought-provoking but not insurmountable.
These projections require precision in strategic planning to avoid miscalculations and destabilizing and costly errors.
The fundamentals of any talent management program begin with creating a leadership team responsible for its implementation. When possible, a human resources professional leads the team.
This team’s principle role is to provide guidance and oversight, which must be supported with updated and detailed strategic insights.
These include an assessment of financial resources, followed by the precise outcomes to be achieved and an assessment of finances required and, when necessary, a plan to obtain additional finances.
Vitally important are measurements to determine timely and accurate accomplishments.
A talent management program is the genesis for identifying and mentoring future leaders. It’s an opportunity to ensure qualified candidates fill the pipelines for skilled positions.
It assures all qualified personnel have an opportunity for advancement, and it provides a general system for skills upgrades across the company.
Optimally, a successful talent management program provides unlimited means of communication throughout the organization and sets up networking programs such as company updates, employee development sessions and employee benefit information, including educational opportunities and health care.
Finally, a talent management program is a communication channel through which everyone can be connected, recognized and appreciated – a company more than simply a place to work but a place to belong, too.
Jon Craighead, president of Craighead Associates LLC (www.craigheadassociates.com) of Pocono Pines, has more than 20 years of experience as a consultant, working with senior executives in Fortune 100 corporations to sole proprietorships. Serving the Poconos and northeastern Pennsylvania, he can be reached at firstname.lastname@example.org.