Earlier this week an article on Human Resources Executive caught my eye. The article focuses on the results of a recent KPMG report that speaks to the need for a more holistic approach to talent management if organizations want to build a solid talent pipeline.
Essentially, KPMG is stating that organizations need to stop taking a narrow, one-size-fits-all methodology to talent management, and instead move towards “a talent strategy that is much more finely tuned to supporting the delivery of their unique business strategy.”
This makes sense since no two businesses are exactly alike, which means the talent needs of one business differ from those of another.
But what I especially liked is this insight from Rick Guzzo, a Washington-based partner with Mercer and co-founder of Mercer's Workforce Sciences Institute:
Companies often espouse the growing of talent from within the organization as a value, but find that it is hard to manage the development of talent internally. Among his suggestions for ways to grow talent from within: formal training programs, short-term courses designed to help people acquire a particular competency, and offering people a chance to learn from experience.
No consensus on how to deal with the talent crunch
Now take the results the ManpowerGroup eighth annual Talent Shortage Survey conducted in 2013. The survey reveals that 39 percent of US employers and 35 percent of global employers are having difficulty filling jobs. The top three reasons survey respondents cited for this challenge? Lack of technical competencies (hard skills), lack of workplace competencies (soft skills), and lack of available applicants.
It seems that while there is wide recognition of a global talent crunch nobody knows what to do about it. Applying a gum and paste approach to talent management isn’t going to fix it either.
Yes, it’s difficult to develop talent internally when you don’t have a plan to do so. And not just any plan, but one that ties back to the key needs of your business.
Strategic succession planning supports organizational growth
Best practice succession planning can help address the talent shortage so your organization can respond effectively to change, recruit and retain the best talent, and support organizational growth.
Here are some articles to help you rethink how you manage the development of your talent:
- Proven Tools for Identifying and Developing Your Organization's Talent Pipeline — It's imperative for companies to have an organization-wide succession plan to build a crucial pipeline of key talent across all departments, functions and locations. This article shares how to accurately identify leaders, top performers, and loyal staffers — and establish developmental opportunities that will drive benefits for the individual and for your organization
- Talent Pool or Talent Puddle? Building Bench Strength for Succession — Lining up potential successors with no real idea of how right they are for the position, let alone how ready, does not constitute a succession plan. And the consequences of not having the right kind of succession plan in place can have a huge impact on retention.
- Is Your Succession Planning Strategy a Bit Too Much Like the Hunger Games? — A fun infographic on the benefits of a talent pool approach to succession planning.
- HR the 90s Called; They Want Their Succession Planning Templates back! — When it comes to planning for succession, succession planning templates are a pretty dated way of thinking about or preparing for the process. There’s a better way…read on to learn about the 12 steps to a better succession plan.
The talent crunch is affecting employers globally. Fundamentally, succession planning is about the development of your people and strengthening of your organization to deliver a competitive advantage.
For this reason the development of your talent is crucial but it can’t be done in isolation. It needs to be part of a holistic talent management strategy. It should link to the needs of your organization and align to your strategic plan.
What’s in it for you? Deeper bench-strength. Higher employee engagement. Lower turnover. How can you not love that?
Your turn: Did you read the Human Resources Executive article? What’s your take on how organizations can improve the way they develop their talent?