Talent management usually makes it to the top list of priorities of CEOs and CHROs. It is because it is usually the safest and easy option to choose; talent needs to be upgraded every year for the continued growth of an organization. Hence, talent management is a key priority for most company leaders. Talent management usually makes it to the top list of priorities of CEOs and CHROs. It is because it is usually the safest and easy option to choose; talent needs to be upgraded every year for the continued growth of an organization. Hence, talent management is a key priority for most company leaders.
However, this priority does not always make it to the urgent list. While talent management is important it is considered to be a strategic or long-term priority and is supposed to take place in a phased-out manner. Hence, long-term strategic management online course and other development programs are instituted to take care of this priority. If talent management is considered urgent then a lot of improvement can occur within the organization in a much shorter time span. Below are a few trends in talent management:
1. Focus on it Now: Matching pace with the millennials, talent management must be considered a priority in the now. Short term talent management strategies could be to introduce your best talent in each management team. This would increase the overall productivity of all team members even as they learn from this particular team member. Another strategy would be to give the best talent for the responsibility of developing new markets.
2. Take the Individual Approach: Each individual in your team has specific capabilities. Developing generic talent management programs might be pointless, even detrimental to their individual growth. Knowing the individual strengths of your employees and helping hone them will help the employee grow within the organization. This is a strategic advantage for the organization. The employee will be more productive after acquiring a better skill. Moreover, the employee will develop an emotional bond with the organization thus, reducing attrition rate for the organization.
3. Get Rid of the Limited Approach: Most organizations limit their talent management activities to their internal talent. However, talent is available across the board – among vendors, suppliers, consultants, and alumni of the organization. By extending talent management activities to this extended group, the organization can create a pool of local talent which may not necessarily be employed by it. However, providing access to these talent management activities would make them loyal partners and consultants readily available for the organization’s work.
4. Performance Feedback: Employees, especially the current lot of them across the globe are looking for opportunities to grow. They want to advance in their careers and have a solid career path. In order to grow, they constantly seek feedback on their performance and are often willing to learn and do better. Thus, having a performance feedback strategy will help your employees to know what they are doing well and where exactly are they lacking. This will enable them to grow within the organization, in turn improving the productivity of the company.
5. Build Teams: It’s great to have great individuals and provide them with an individual focus for their growth. However, an organization does not work in silos. It is composed of several people and requires them to function as cohesive units in order to be more efficient and productive. Thus, the leadership and strategic management team must focus on developing teams within the organization.
6. Value Experience: It is true that young and vibrant employees have more energy and zeal to do more. They go the extra mile to learn new things and are willing to adapt themselves. However, employees with experience are assets for the organization. They bring invaluable insight to the table and hence, all teams must have experienced employees also as part of a team.
7. Create Experiences: People love stories and stories are born out of experiences. If the leaders can create new and exciting experiences for their employees and also have sessions where these experiences are shared with the larger group, people would start connecting more with each other and also with the organization. This will, in turn, reduce attrition rates as people would not want to leave an organization they have an emotional connect with.
8. Adopt an Organic Approach: This is an interesting trend. Certain organizations are giving creative and innovative freedom to their employees to start their own initiatives. These initiatives are started without any corporate investment but they do receive stimulation from the corporate teams. In this way, the workers would get to learn how to initiate new propositions and also help in innovations within the organization. With the initiatives not being forced at a global level initially, they are given time to incubate and if they seem to be going in the right direction, they can be backed.
9. Talent Analytics: With big data and data analytics taking the world by storm, talent analytics is a tangible way of bringing about change in the workforce. With talent analytics, the capabilities of the talent pool can be assessed and the talent can be guided in the areas where they are lacking. Though not yet utilized by many organizations, talent analytics is an emerging trend.
10. Technically Enhanced Training: Use of VR: The use of VR in developing talent is an emerging trend. Many companies have started instituting VR apps for training purposes. Even though most companies using it still are using it for training employees for physical activities, going forward, apps will be developed to train people even in soft skills. Hence, VR is a great emerging trend for talent management.
These are a few trends we think will capture the imagination of leadership and strategy management and talent development teams across organizations in 2018.