Developing a winning talent management framework

The success of an exceptional firm is almost always a result of extraordinary talent. The employees will make or break any company, and it pays to prioritize talent management as the heart of a firm’s operational body.

The employees are the single most essential element in a successful business. They are the ones who drive innovation, build a relationship with prospects and customers, and deliver excellent customer experience. If the employees are disengaged, uncertain about their role, and/or confused about the business values, it’s definitely going to impact hard and fast on your bottom line.

All of this means that the leaders must be given a lot of importance. To be fair, most companies recognize this. Employee bonding days, wellness programs, and relaxation rooms are becoming normal for large workplaces.

While there are many strategies for enhancing talent management, employee training is front and center. Here are a few of the latest ways that talent management professionals, employee experience officers, and talent managers in multiple enterprises are applying employee training to develop better the business that leads to growth.

Effective talent management involves several challenges that professionals usually encounter. For instance:

• The workforce demographic changes every year, so talent management professionals must map out a strategy for each age group.
• Many conversations are happening on social media channels that mean that it’s hard for employers to keep up with the latest trends.
• There’s a shortage of qualified leaders who are quite talented in some industries, making it difficult for employers to find the right people.

Build better transparency internally

In the current world, transparency has been given a major priority in the industry. An individual person’s decision to join an organization is dependent on several different aspects, which include compensation and benefits, growth and development opportunities. The inceptions of platforms such as Glassdoor, Ambition Box, Payscale, which offers the insights as well as information about the employee reviews prove the requirement for transparency.

A few firms like Salesforce are leading transparency initiatives. At Salesforce, professionals can easily have a look at the employee feedback about their leaders, human resources team and gain the inputs about the views of employees, even think before joining the firm. In the mere future, the transparency will be extremely necessary to attract top talent.

Transform the focus to human needs

In the past, employee training was all about on boarding, recertification, and training workers to use the tech stack and to be familiar with the firm’s workflows. While these all continue to be crucial use cases for talent management, several firms are shifting focus. They’re developing a better range of on-demand training programs that allow more choice so that individuals can select the skills and capabilities, which they’re interested in developing.

Organizations are taking this approach to find that they can still close their skills gaps, while also paying attention to their employees’ personal talents, interests, and curiosity. Employee training emphasizes the human employee, rather than the labor resource.

Identify the core objectives of a firm

It completely depends on the setting of the priorities. Here a business manager will establish the firm’s main goals. This initial step is extremely crucial as they will be using these important goals to evaluate the current situation, to visualize what needs to be changed to accomplish the goals, to evaluate the employees, as well as to implement the new roles. It is impossible that the talent management framework will have the deep knowledge of each department to make the decisions without consulting with the managers and the other team members. As a general rule of thumb, one is required to:

• Assess the headcount and business functions that are required to fill to achieve each goal of the firm
• Convert the objectives into a measure of human assets
• Decide who is required to hire, train, or promote and what new job opportunities are yet to be created
• Understand the ways it can be developed for already existing employees

Top talent management frameworks

Talent management frameworks are helpful tools, which are used to analyze business problems and structure of thinking. Several strategy consultants and business analysts usually use these frameworks in order to clearly communicate their recommendations to their clients. There have been numerous scientific articles trying to come up with innovative and helpful frameworks in business, management and strategy.

Porter’s Five Forces Model

Michael Porter’s Five Forces model is probably the best-known talent management framework. It is mainly used when analyzing industries. The Five Forces model is useful for determining how competitive an industry is depending on five different factors: the rivalry among existing competitors, the threat of new entrants (potential competitors), and the threat of substitute products (alternatives), the bargaining power of suppliers, and the bargaining power of buyers. If these forces are strong, competition will be considered high. A firm might want to think twice before entering that specific industry.

Hambrick and Fredrickson’s Strategy Diamond

Hambrick and Fredrickson’s Strategy Diamond is an attempt to explain the concept of strategy truly means and is a best framework to distinguish the different components, which make up a good strategy. According to this talent management framework, a strategy consists of five crucial categories that together can form a unified whole: Arenas, Vehicles, Differentiators, Staging & Pacing and Economic Logic. For each component concrete and deliberate choices have to be made on what to do and more essentially what NOT to do. In addition, choices made within one component must reinforce and match choices made in the other four components. Only that way firms can achieve a sound and sustainable strategy.

Source: Develop a winning talent management framework (linkedin.com)