Design your talent management strategy and don’t lose top talent: Part 1
One of the most urgent issues for organisations in their 2014 talent management strategy will be how leaders can effectively target, nurture and advance top talent in their organisations. Recent research by the global Centre for Talent Innovation (CTI) has shown that an inherently diverse workforce can be a powerful source of innovation because different individuals seem to be better attuned to the unmet needs of consumers or clients. So how can leaders leverage and develop diverse talent, in their talent management strategies, in 2014?
It's important first to qualify the meaning of talent
Talent is what makes an organisation succeed yet there's often confusion about how it's defined. 'Talent' is not necessarily an individual with a list of all the right qualifications but rather people who bring a unique blend of:
- 10 000 hours of experience,
- Dedication to the company culture, and
- An ability to add value to the organisation.
Winning organisations in 2014 will be those who structure their talent management strategy to embrace the following two principles to attract and retain this diverse top talent:
1. Understand a diverse workforce is key to a successful business
However, diversity only works if it's managed by leaders who embrace diversity. The CTI research says that to drive growth and innovation continually, one needs a diverse workforce managed by leaders who:
- Cherish difference,
- Embrace disruption, and
- Foster a speak-up culture.
A culture of inclusivity means being inclusive across the board. It shouldn't be limited to a particular group that's asking to be included. In fact, an organisation should include everyone who has a vested interest in the organisation. These group members include:
- Your shareholders and customers,
- The broader community,
- The public,
- Employees, and
- Leaders.
Different groups of people, including multi-generational as well as multi-cultural groups, like to engage in dialogue and be included in different ways so leaders need to figure out ways to embrace this inclusively.
2. Sponsorship is the basis of developing and keeping top talent
'Sponsorship' refers to a strategic workplace partnership between those with power and those with the potential to become powerful.
Sponsors are essentially people in positions of power who work on behalf of their protégés to:
- Clear obstacles for them,
- Foster connections,
- Assign them higher-profile work to ease their move up the ranks, and
- Provide support in case of stumbles.
Some people may not need mentoring but sponsorship, on the other hand, can help to fast-track them through the ranks of an organisation. The reality is that talented people who aren't sponsored will get frustrated with all the obstacles experienced in organisations today and ultimately leave. We also believe internal training has a ceiling, while sponsorship takes a talent management strategy to the next level.
The CTI research also shows that by building a dedicated team of talent, sponsors see a measurable benefit to their own careers too and show much higher levels of satisfaction than those who haven't built the base of support.
It's important to realise that the rewards of the sponsor-protégé relationship don't end with a big promotion - they last throughout a career.
