Are you very clear on the impact talent management has on your bottom line? Or do you feel it is a bit fuzzy, and not really worth a significant investment?
Well, just in time to help take this important, but often undervalued business practice out of the dark corners, McKinsey & Company have published the results of a new global survey in an article entitled Winning with Your Talent-Management Strategy. In their words – organizations with effective talent-management programs have a better chance than other companies of outperforming competitors and, among publically owned companies, are likelier to outpace their peers’ returns to shareholders.
Through this survey, McKinsey was also able to identify three common practices that had a significant impact on the effectiveness of talent management as well as organizational performance:
- Rapid allocation of talent – this is facilitated by effectively deploying talent based on skills needed, ensuring executive team involvement in talent management, and having employees work in small, cross-functional teams.
- HR’s involvement in fostering a positive employee experience – key to this practice is having an agile HR operating model, as well as an ability to deploy talent and skills in a way that supports the organization’s overall strategy.
- A strategically minded HR team – simply put, this is an HR team with a comprehensive understanding of the organization’s strategy and business priorities.
If you haven’t done so already, it is time to really come to terms with the importance of effective talent management. This article can help.