to look after your most important assets
If you’ve put the effort and investment into finding great people, developing them and getting them to a place of engagement and top performance, then it makes huge sense to try and retain them. More than that, you’ll also want to increase their impact in the business and deploy them as a force for progress and success in the future.
In other words, you need to ensure a practical, proactive, effective and joined-up approach to managing your talent. We’ve helped clients to head off the potential risks and achieve big benefits along the way too.
Mitigating the Risks…
If you don’t put a focus on talent management? Well, maybe everything will be fine – after all, these people are highly motivated and capable. But, these are the very people who have options in the marketplace. If they are not learning, growing and being challenged, either they’ll leave (and bring all that value with them), or, worse still, will stay and slow down or become frustrated.
Here in Ireland, the IITD’s Talent Management survey (published August 2015) asked respondents about losing good people whom they would prefer to hold onto. It states: “…one in four respondents recorded that this happened frequently, with a further 40% noting that this takes place sometimes.”
And if they DO leave, do you have the right people waiting in the wings to take their place, in a reasonable timeframe and with minimum disruption?
… and reaping the benefits
But we’re not into scaremongering! Yes, there are real risks to be managed, but they are by far eclipsed by the good things that a talent management process will bring you: greater engagement, enhanced skills, better (and more sustainable) levels of performance, a stronger culture, improved strategy alignment, quicker (and safer!) growth of teams and divisions, and, ultimately, a much greater return on the investment you make in salaries and benefits.
Where do thrive fit in?
Ultimately, we help clients with everything they need to manage their succession, development and progression processes.
On a practical level, this means that we:
- Help them to define what “talent” is, for them, their culture and their strategy.
- Bring clarity to management and leadership teams on the concepts, tools and skills around effective talent management, e.g. through training events or meetings.
- Create the right talent strategy depending on current, near-term and future organisational strategies and needs.
- Craft and / or select an appropriate set of tools and processes for talent identification, selection and assessment, e.g. using a blend of psychometrics, interviews, assessment centres, or other methods.
- Conduct / facilitate talent discussion and talent review meetings, so as to generate the right solutions and approach for the people in question.
- Create appropriate development plans for the people who are identified.
- Complete a range of development activities, e.g. training, coaching, or mentoring.
There is no one-size-fits-all solution to talent management, and it doesn’t always have to be a major initiative – but we’ve learned that it does have to be done right if you want to reap the benefits. We can help you no matter what size your organisation is, or what stage you are at when it comes to getting the most out of your most valuable asset.