Managing the Millennials A Look into Modern Talent Management
proach to engagement and talent development. Others
develop a more exclusive focus segmenting talent according to need, i.e the talent management process
specifically relates to key or high-potential individuals.
3. Involving the right people
Careful consideration needs to be paid to involving the
right stakeholders in developing the talent management strategy and associated activities.
4. Participants
A key initial consideration for employers is how to select participants for formal talent schemes. Our Research shows that the existence of structured selection
processes serves to increase the perceived value of
talent programs and the motivation of participants to
perform. For those not selected, by contrast, the negative effects of being ‘passed over’ are not as detrimental as might be feared, particularly if individuals
are provided with sensitive and practical feedback.
Managers
Visible senior-level support is a must, and a ‘talent
panel’ is a useful means of ensuring the involvement of directors and senior management, especially when it has representation across the organization. Line managers must take responsibility for
managing performance, for identifying, developing
talent in their own areas, and to be encouraged to
see talent as a corporate rather than a local resource – see our factsheet on the HR role of line
managers.
tion of an attractive employer brand is an important
factor in recruiting external talent. More information
can be found in our factsheet on this topic.
6. Developing talent
Talent development should be linked to other learning and development initiatives including both informal as well as formal learning interventions. Participants on talent management programs tend to value
coaching, mentoring and networking particularly
highly, especially according to our research, the opportunity to meet senior people in the organization.
7. Managing talent
Investment in management and leadership development will positively impact on talent retention. The
process of succession planning in particular helps
many organizations in identifying and preparing future
potential leaders to fill key positions, while secondments may also play a useful role. For more information, see our factsheets on those topics.
People Equity, by growing ACE – Alignment, Capabilities
& Engagement, gives the most optimal performance in
organizations. When organizations have high ACE, they
not only have high performance in the current but also a
high potential for the future. A famous quote from IBM,
‘Almost all of our assets walk out of our door every
day, only to come back to work the next day’, sums up
how important Talent Management is to any organization in today’s competitive and dynamic business environment.
HR function
HR specialists have an important role to play in
providing support and guidance in the design and
development of approaches to tale nt management
that will fit the needs of the organization. Our research shows that HR is perceived as playing a critical role in facilitating talent pools and programs and
in maintaining the momentum of such exercises.
5. Attracting talent
The ability to attract external talent depends upon
how potential applicants view the organization, the
industry or sector in which it operates and whether
they share the values of that organization. The crea-
27
October 2014 |CONSILIUM