The authors reference a survey that they conducted with human resource executives from approximately 40 companies. A statistic that surprised me is that 97 % of those that responded indicated that they had formal processes and procedures in place to identify and develop their talent. Presumably, the size of the companies surveyed would best be described as very big businesses. It has been my experience that small to medium size companies would not typically report the same level of commitment to formal development systems.
Before you panic about the fact that you do not currently have a formal talent identification and development process in your organization, all is not lost! Almost all of the respondents to the referenced survey stated that they did not have the required number of identified high-potential employees to fill their strategic management roles. So, they are currently not stewarding their procedures and processes in a fashion that allows them to mine the talent that they require. You still have time to take the tips and strategies from Ready and Conger and apply them to your organization.
Though the authors highlight two very large companies to make their point (HSBC Group and Procter & Gamble) the main thrust of developing a talent pool is still very relevant to much smaller organizations. Regardless of whether it is a company of 10 or 10,000, the most critical ingredient of a sound identification and development plan starts at the top. The passion to succeed in the talent war must come from top management and quickly become part of a sustained culture within your organization. Unfortunately, many executive teams get side tracked by competing priorities. If the commitment to obtaining and keeping the best people is not a major priority with the key decision makers in your organization then you are in trouble.
Ready and Conger suggest that to be successful an organization must do more than simply manage their talent. Their message is that they need to create a ‘talent factory’ that combines the process that support their objectives and foster the passion and emotion by management to demonstrate the commitment to development through their daily actions. The authors share that the victors in the talent war will marry functionality (processes and strategy that support objectives) and vitality (commitment by management).
Functionality
The following components are seen as key measurements in assessing an organizations ability to meet their talent needs: assimilation, development, deployment, performance management, rewards, engagement, retention and sourcing. In the case of HSBC, they implement a system of talent pools that identify and track high potential employees. They are often given new assignments (rewards/engagement/retention) and involved in regular dialogue, with an emphasis on their specific needs for meeting the challenges they are facing (performance management/development).
With P&G, high potential employees will move through a series of senior positions that challenge them to acquire new skills and knowledge in managing strategy, size and complexity in different market places (deployment/retention/development).
Both organizations place an emphasis on ensuring that high potential employees are given opportunities to work and live within different cultures (assimilation/deployment).
Functionality, as it is described by the authors, will be a challenge for many smaller organizations. The opportunity to deploy an employee to another division/department or a foreign posting may not readily exist within your group. The important things to keep in mind, while also demonstrating to your team, are:
- An easily recognizable process and related procedures for identifying high potential employees
- Meaningful opportunities for these employees to advance their knowledge and skill sets
- New and meaningful challenges and assignments
- Regular reviews (involving high potential employees and management team) to assess progress
- Appropriate rewards and recognition that reflect the needs of the individual
It is critical to show high potential employees that there will always be new and challenging opportunities associated with your organization. You may not have the opportunities to offer that the HSBC Group has at their disposal but you must maximize your resources in this area if you intend on retaining your talent.
Vitality
The authors describe vitality as the attitudes and mind-sets of the team members that are responsible for functionality (processes). Simply stated, vitality can be defined as developing a culture that enthusiastically supports the identification and development of high potential employees. This passion must transcend human resources personnel and be visibly embraced by the senior management team. Ready and Conger suggest that the vitality of a company’s talent management process is demonstrated through their collective level of commitment, engagement and accountability.
Regardless of size or available resources, every organization can and should make a visible commitment to their talent management process. Senior leaders or key decision makers must be assessed on their ability to demonstrate that they are actively engaged (hands on and not delegated) in developing the talent that their organization requires. Accountability starts at the top and nothing can be more important than senior management ‘owning’ the talent development process.
In the perfect world, the connection between functionality and vitality would be seamless. The talent management process takes a great deal of commitment at all levels, but it is worth it! Organizations that are capable of putting the right people in the right places have a competitive advantage in their market. Will that be your organization?
In August, we will discuss the issue of leadership as a brand, stay tuned………
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