Do you have a talent management strategy that supports your organization's high-level strategic plan and goals? If you don't, you've got lots of company.
In fact, the Hay Group recently reported that only 22% of companies see their performance management practices as being synergistic with their corporate strategy.
And a recent survey by Right Management revealed that only 12% of surveyed companies in the U.S. have a fully implement talent management strategy.
44% percent of respondents said they have a series of separate HR processes, but these are not integrated as a true talent management strategy.
But think about it... If your people are your most important, and only true strategic asset, doesn't it make sense to manage your workforce proactively and ensure they're primed to achieve your organization's goals and strategy.
As Owen J. Sullivan, Right Management CEO and President of ManpowerGroup Specialty Brands, stated:
"There is a need for companies to commit to a systemic effort to assess and align their talent management strategies in the context of their business strategies and build a pipeline of necessary talent required to succeed. The findings suggest that organizations of all types are struggling with how to address the critical challenge of attracting, developing, and retaining the necessary talent required to meet and execute their business strategy."
And in Next Generation HR, the Hay Group says:
"[effective HR management] is about making sure that the organization is fit to execute its business strategy, that the jobs that are needed to make the organization function are in place, that the right people are in these jobs, and that they are motivated to deliver the required performance."
So how do you go about creating talent management strategies that link up with and support organizational strategies?
Here's a process that works:
If you'd like more details on this process, and help in following it, we've developed a handy strategic talent management plan template you can use. It explains each step, gives you examples and sets out "fill in the blank" tables for you to complete as you establish your own strategy.
There are no shortcuts here. This is hard work. But creating a talent management strategy to support your organization's strategy, then executing it to the best of your ability is the best way to deliver huge value to your organization and make HR the strategic business contributor it should be.