Team sports and talent management have a lot in common. For both to be successful, you need to get to know the people and the skills they bring to the team so you know when and how to let them shine with their contribution.
In organizations, the leadership and HR are the coaches and the talent management strategy is the playbook they use to make decisions. The talent management strategy outlines how the interconnected programs work together to keep people engaged and productive.
People aren't assets - they're the core of your business
Progressive organizations know this and it's why they're looking for ways to align their business strategy with how they manage people. That's where a solid talent strategy can help.
In fact, your talent strategy could be a key factor in your success in light of recent research findings:
- 77% of CEOs say the biggest threat to their business is the availability of key skills (PwC)
- Employee engagement is at just 13% globally (Gallup)
- Highly engaged business units are 21% more productive and 22% more profitable (Gallup)
- 28% of employees would take a better boss over a $5,000 raise (Randstad)
- 44% of employees cited lack of growth and advancement as a top source of work stress, after low salaries, 51% (APA)
A strategic foundation for better business results
Comprehensive talent management strategies can include programs for recruiting, onboarding, learning and development, performance management, leadership development, succession planning and more. The practices in these programs put the primary focus on meeting people's needs. And the interlocking nature creates a strategic foundation that leads to better business results.
With a comprehensive talent strategy that's aligned to the business strategy, the talent management programs you implement act as the offensive line to bring in the right people at the right time. It also becomes your defensive line to ensure people stay engaged in their work so they don't leave.
In today's ever-changing workplace, organizations need to make it a priority to meet the needs of the people that keep their business going strong.
Our Talent Strategy Playbook outlines the steps you can take to build a comprehensive and effective talent management strategy. We've also included an editable template you can use as a framework for building your strategy.
Download the playbook now to get started in building a talent management strategy that aligns the needs of your people with the success of your business.