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Talent Management: From Competencies to Organizational Performance
American Productivity & Quality Center (APQC), Aug 2004, Pages: 157
Dickens opens his classic A Tale of Two Cities, “It was the best of times, it was the worst of times.” Companies in today’s market face a similar paradox with regard to talent. In uncertain economic times characterized by layoffs, salary freezes, bonus losses, and 401K implosions, while also at the height of a boom when talent can name their price, talent management is absolutely critical to help an organization perform at its peak. As stated by David Stum, president of AON Consulting Loyalty Group, “Whether we have a recession or the economy is booming, talent management is going to be at the top of every CEO’s list of priorities. If you can’t keep your talent, you’re not going to weather the storm, or in good times you’re not going to be able to take advantage of the advantage you’ve got.”
Many organizations indicate that their attempts to integrate recruiting, hiring, staffing, development, and retention into a holistic, systematic process have failed to adequately prepare for the impending brain drain. “Although the size of the work force is projected to grow by 12 percent between 1998 and 2008, the number of 25 to 44 year-olds—the demographic segment that will supply companies with their future leaders—will decline by 6 percent during the same period.” Creating a culture where senior leaders focus on finding, developing, and retaining the right talent to drive performance becomes even more critical in times of shortage. Talent management (i.e., competency development, recruitment, staffing, development, retention, and evaluation of talent) has moved to the pinnacle of many organizations’ objectives, along with generating revenue and managing costs, because they need the best talent to produce more, with higher quality, at greater profitability.
The best organizations link together the critical owners of talent—senior leadership, HR, and line management—to drive that improved performance. Failure to connect the various owners and activities of the talent management and development chain in either the best or worst of times can lead an organization to inconsistent and haphazard performance. This benchmarking report examines how best-practice organizations design competencies, tap into the talent pool, engage senior leadership to shepherd the talent, use technology, and tie the critical aspects of talent management together to show consistent business performance improvement.
The study focused on four scope areas.
1. Senior Leadership’s Role in Talent Management
- Structures and processes to take responsibility for and manage talent
- HR’s role and ability to engage senior leadership
- Coaching and mentoring
2. Finding Talent
- Developing effective competencies
- Assessing capabilities
- Recruiting/Staffi ng the right talent/Leadership
- Utilizing technology systems
3. Driving Talent to Per formance
- Developing/Engaging talent
- Evaluating the success and performance of talent
- Retaining talent
- Linking talent management to business needs
4. Gauging the Results of Talent Management
- Measures to evaluate talent management’s effects on performance
- Development tools that lead to the best results
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