Could lack of a Talent Management Strategy be a threat to your organisation?

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06/10/2015

Could lack of a Talent Management Strategy be a threat to your organisation?

The rapid growth within the healthcare industries globally will present Talent Management challenges that will need to be addressed. With genuine talent, especially within healthcare, being in short supply and high demand, it is critical that all ‘forward thinking’ companies both large and small deploy a Talent Management Strategy. This article references the concept of Talent Management – it also looks into defining a roadmap for effective Talent that can be used by key professionals throughout all types of organisations.

What is Talent Management?

What framework of Talent Management could be best applied for the key decision makers within an organisation?

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“Talent consists of those individuals who can make a difference to organisational performance either through their immediate contribution, or, in the longer-term, by demonstrating the highest levels of potential”
(Chartered Institute of Personnel and Development, 2015).

‘Talent’ - the word has many varied definitions – each one unique - there is no universal, prescribed concrete definition (CIPD, 2015[1]). Our theory (although anecdotal) is that the very crux of the word, belongs to individuals - Individuals “who can make a difference to organisational performance” (1) those who would actively seek to deploy ‘Talent’ through their “immediate contribution or, in the longer-term, by demonstrating the highest levels of potential” (1).

In the same instance ‘Talent Management’ like ‘Talent’ is in search for definition and meaning. For some individuals it is the “systematic attraction, identification, development, engagement, retention and deployment of those individuals who are of particular value to an organisation” (1), for others it is to “integrate all components of an organisation’s human resources system in order to successfully plan and manage ‘Talented’ individuals” (Rothwell, p.1, 2008[2]). It is the combination of ‘Talent’ and ‘Talent Management’ that helps a business to strategically organise human resource planning and improve organisational value in order to reach a long term goal or objective.

The best call for action in implementing ‘Talent Management’ within an organisation, derives from Krueger, Rothwell and Kazanas (2003) whom state that you must assess the business’s needs and work backwards in identifying how ‘Talent’ can be strategically resourced and manipulated.

This leads onto the next section, where we will discuss how a model for ‘Talent Management’ can show the essential components of ‘Talent’ and how it can particularly apply to the key decision makers within an organisation.  

Rothwell’s (2005) roadmap to effective Talent Management

Zula (2006) explains that any “good Talent Management program will be guided by a roadmap that integrates all its components” (Rothwell, 2005[3]) [Refer to Figure 1/Appendix 1].

How can this apply to the key decision makers within an organisation?

To understand how this roadmap could be applied to key personnel, Figure 2 illustrates potential steps and processes that might occur before Talent Management is executed.

Figure 2:

Commitment
  • The CEO must communicate and clarify the need for a Talent Management program
  • Question the Business  motives and ask what results could be measured by deploying this program?
  • Clarification of the roles needs to be made clear to HR, Senior Management and other Workers in the talent program
  • Methods of holding people accountable to meet measurable Talent Management objectives needs to be formed.
Analyze the work and people now 
  • Systematic work analysis → Job descriptions are prepared and are used to summarize work requirements
  • CEO's and other Leaders in the medical device industry would ideally perform a competency based model  → This would outline the  interpersonal requirements of different jobs  or people at different levels of responsibility
  • Grooming in the medical device industry may occur for High potentials (HiPos), High Performers (HiPers) and individuals who are the most knowledgable about a specfic area  of the  industry → Also known as High Professionals (HiPros). 
Recruit and select talent 
  • A CEO may develop talent within an organisation or recruit/select talent from outside the organisation
  • Key methods of recruiting in the medical device industry now focus on e-recruitment → Relying on websites to attract applicants and ease the workload of HR → Although this can be considered good in theory, it would be interesting to see  this process in practice
  • The organisation's brand must be considered in the Talent Management process  - If branding is strong potential candidates will be able to answer this question fluently.
Evaluate performance 
 
  • Reference to: → Performance management, the process of planning, managing and appraising worker performance over time
  • Workers must be evaluated based on the results they achieve and on the talent behaviours that they demonstrate
  • Organisations may consider performing a Talent Gap analysis at this point → They may look at future employment requirements by identifying the competencies their vision requires and comparing hem to those available from current employees.
 Analyze the work and People Needed in the Future
  •  CEO's and Senior Leaders in the medical device industry will need to take the time to forecast work requirement/competencies that will be needed in the future
  • A medical device organisation should align the business's objectives with Key Performance Indicators (KPIs) and the personal characteristics/competencies essential to success. 
 Evaluate potential 
  • To evaluate Talent potentials  individuals may wish to: →  Assess individual s through supervisory nominations, assess competencies for higher level positions using 360 degree assesments, perform pyschological tests, work assignments and rotation experiences.
 
Develop potential 
  •  This step requires those within this industry to close performance and developmental gaps  →  Requires the use of a talent inventory as a profiling method for key competencies of workers
  • It essentially shows what makes an individual unique experiences.  
 
Retain the best people 
  • It is vital managers  interact with people to know about HiPos, HiPers and HiPros, which would suggest reasons and understand their thought processes.  
 
Evaluate program results 
  •  Those within the medical device industry could measure ROI of the Talent Management program against how many people are available, ready to perform, when vacancies occur, how quickly qualified people can be identified, selected and orietnated and what kind of people are available and ready to perfrom when a vacany occurs. 

 

A brief summary

‘Talent’ and ‘Talent Management’ are complex concepts that govern the strategic processes and success of an organisation. It is important to recognise, in our own opinion, that it is not simply enough to attract individuals with high potential, but to develop, manage and retain those individuals as part of a planned strategy for talent (1).

Organisations in today’s modern society look at broadening these two definitions by “looking at the ‘talents’ of all of their staff and working on ways to develop their strengths” (1). ‘Talent’ and ‘Talent Management’ should now be a focus of all businesses, in any industry, and certainly must encompass the entire workforce of an organisation.

Appendix 

Figure 1:

Appendix 1 - Figure 1

[Reference: Rothwell, 2008].

Author's of this article:

[1] Nigel Job - CEO of Remtec Search and Selection Ltd. 
[2] Aaron Stiff - Business Development Consultant of Remtec Search and Selection Ltd. 

References:

  1. http://www.dalecarnegie.co.uk/assets/1/7/Introducing_Talent_Management1.PDF - Rothwell, 2008/05.
  2. http://www.cipd.co.uk/hr-resources/factsheets/talent-management-overview.aspx

[1] CIPD, 2015

[2] Rothwell, 2008

[3] Rothwell, 2005

 

Re-published from March 2015

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