Talent Management Strategy
Defining the Talent Management Strategy includes asking questions like: Where will the business be in 5-10 years? What kind of people will we need then, to take over key positions in the organization?
Defining the Talent Management Strategy includes asking questions like: Where will the business be in 5-10 years? What kind of people will we need then, to take over key positions in the organization? How will we find and develop the right people for taking over these roles (instead of hiring from outside of the company, which is often associated with very high costs)
Managers (with the support of HR) nominate those employees, that have not only shown good performance in the past, but that also demonstrate the potential and willingness to grown and develop.
During the Talent Review, several managers discuss the nominees and challenge each others’ nominations based on defined and relevant competencies, thereby ensuring a high quality of the selection of High Potentials for the talent pool.
The Development Center simulates realistic leadership challenges aligned with the business strategy, in which the candidates will be measured against the demands of one or several of the key roles in the company. There will be open communication about the goals, content and outcome of the Development Center to ensure a maximum of transparency. Senior Management and HR are involved during the design, the delivery of the Development Center (as observers) and during the follow-up process.
The participants are expected to create and implement a development plan following the Development Center. Additional development measures can be added, e.g. like personal coaching, specific training modules or working groups – all tailored to the development needs of the talents.
There are no career-guarantees, the talents know that their success to take on higher positions depends on their ability to understand and develop in line with the expectations in the key roles.
To ensure the strategy and program are accepted and supported across the organization, workshops with key stakeholders as well as ongoing communication about the why, what and how of the strategy are recommended.
As part of an elaborate talent analytics approach, data can be used to ensure continuous evaluation and potential modification of the program.