Building a Game-Changing Talent Strategy
By Nimbus Search Partners | June 7, 2016 | Insights
At a time when parts of the economy are surging ahead while
others are being disrupted, talent remains a key component to
those businesses looking to maximize potential and develop
business momentum. As a result, companies now are faced with
the challenge of building game-changing talent strategies to
ensure their own success in today’s competitive world. Research
shows, that the most effective people policies, drive business
strategy, address concerns across the entire organization, and add value. In our review of the subject from a variety of sources, we found the following takeaways to consider when developing your talent strategy.
Impact of influential leadership
Like many decisions within a company, a game-changing talent strategy starts from the top. A supportive and committed executive team is key to creating and implementing an effective talent strategy. A dedicated leadership team can foster productivity and develop professional talent in a way that promotes growth and success within the company. Conversely, a lack of focus and attention by leadership cascades down the chain of command, ultimately rendering the entire system dysfunctional and unable to achieve success. In order to avoid that fate, a company must assess a few factors in their current talent strategy to determine whether or not it is ‘game-changing’.
Elements of a game-changing talent strategy
A game changing talent strategy is a dynamic machine which must constantly be revisited to ensure all parts are functioning smoothly. When examining a strategy there are a few key areas to concentrate on:
Employee Management. The issue with many companies’ current talent strategy is that it focuses more on churning out work than it does developing employees and giving them the tools they need to produce quality work. One of the most important features of a talent strategy is a focus on not only recruiting talented and capable individuals but also developing current employees through training and leadership programs which foster management skills that can be used to improve quality of work amongst employees.
Communication. Employees must be able to properly communicate and collaborate with one another. This is a necessity to a fully functioning company. This means it is important that employees are given not only the tools needed to do so but also the skills which make them capable of doing so effectively. Essentially, if leadership cannot create a collaborative network within their company, the talent within the organization will not be maximized.
Building a high-performance culture. Raising performance standards and improving the company’s approach to identifying and promoting high-potential talent is a foundational element of the strategy. Putting the “right” talent in the “right” roles at the “right” time is a key differentiator.
Prioritizing leadership behaviors that matter. As companies define their guiding principles, leadership needs to be accountable for promoting and protecting the cultural values of the firm. This includes breaking down silo behavior and driving a stronger high-performance culture.
Lasting but revisable practices. The most successful organizations develop and utilize practices amongst their employees which promote energy and productivity. These practices should be built to last but should also be revisited occasionally to better mold them to the company as it changes over time.
Some factors to consider if your company has a game-changing talent strategy
The first three statements below provide an indication of what is needed to create a game changing talent strategy. The other statements, allow you to gauge to the extent the company’s policies and practices are working to support its objectives.
My company places ‘purpose’ at the heart of its business model
My company has a high-performance culture
Leaders in my company follow well understood guiding principles
Our people policies help drive our business strategy
Our talent management practices are highly effective
Our leaders are completely committed to excellence in talent management
Our leaders are deeply engaged in and accountable for spotting, tracking, coaching, and developing the next generation of leaders.
Our talent practices are strategically oriented, but they also put a premium on operational efficiency
Our talent practices engender a strong sense of collective purpose
My company has a long-standing commitment to people development, but we are open to changing our policies when circumstances dictate.
Game changing companies are purpose-driven, performance-oriented, and principles led. Our findings indicate these companies have superior talent strategies characterized by deep commitment from the top executive team, broad-based engagement, with a “leaders developing leaders” culture.
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Article - Nimbus Search Partners
Article - Nimbus Search Partners