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Enterprises worldwide face problems selecting, staffing, developing, compensating, motivating, and sustaining their key talent.\u00a0 Building a sustainable Talent pipeline is quite strenuous even for large multinationals.<\/p>\nEnterprises worldwide face problems selecting, staffing, developing, compensating, motivating, and sustaining their key talent.\u00a0 Building a sustainable Talent pipeline is quite strenuous even for large multinationals.<\/p>\n
Replicating best practices from somewhere and applying them alone isn\u2019t sufficient for organizations to build a Talent pipeline and achieve Competitive Advantage.\u00a0 This warrants overcoming arduous challenges associated with this digital age, including:<\/p>\n
Developing Talent Management practices helps the organizations build and retain talented people available in the job market. \u00a0The term was first used by McKinsey & Company in 1997, and it pertains to planning and managing strategic Human Capital through activities, i.e. attracting, selecting, developing, evaluating, rewarding, and retaining key people.<\/p>\n
Executives use diverse Talent Management strategies and career pathways based on various departments, levels, and roles in their Talent pool.\u00a0 Multi-year research on Talent Management practices conducted by an international team of researchers from INSEAD, Cornell, Cambridge, and Tillburg universities studied 33 multi-national corporations, headquartered in 11 countries.\u00a0 The study revealed that successful Human Capital practitioners and workforce planners adopted 6 core principles.\u00a0 These principles act as the 6 pillars to effective Talent Management<\/a> implementation:<\/p>\n Let\u2019s discuss the first 3 pillars in detail, for now.<\/p>\n Integrating Talent Management with Corporate Strategy is imperative as the need for future Talent depends on the company\u2019s long-term strategy. \u00a0Corporate Strategy should guide the identification of Talent required to accomplish organizational goals, since it\u2019s the right Talent that drives the key strategic initiatives rather than strategic planning.<\/p>\n For example, GE\u2019s Talent Management practices have been a great assistance in implementing their strategic initiatives.\u00a0 The organization regards its Talent Management system as their most potent execution tool and has integrated TM processes into their strategic planning process.\u00a0 To sustain its image as an innovation leader, GE targets technical skills as a priority in its annual Strategic Planning<\/a> sessions.\u00a0 Individual business units lay out their business as well as the Human Capital objectives in GE\u2019s annual strategic planning sessions. \u00a0Significant time is spent on reviewing its Innovation<\/a> pipeline, its engineering function\u2019s structure, and Talent requirements.\u00a0 To achieve its vision, GE promotes more engineers in its senior management than its rivals.<\/p>\n Talent Management practices must be consistent and synchronous with each other.\u00a0 It is critical not only to invest in advancing the careers of key Talent but also to invest in processes to empower, compensate, and retain them. \u00a0Human Capital practitioners utilize various tools to ensure consistency of Talent Management practices, including Human Resources satisfaction surveys and qualitative and quantitative data on TM practices implementation.<\/p>\n For example, the success of Siemens is based on consistent monitoring of its systems, processes, and key performance metrics across its subsidiaries.\u00a0 Every element of Human Capital Management is connected, continuously assessed, and linked to rewards.\u00a0 This goes from recruitment of graduates each year, to their orientation, to mentoring and development, to performance evaluation and management<\/a>, and compensation and benefits.<\/p>\n Corporate culture is regarded as important as vision and mission by renowned global organizations. These companies hold their core values and behavioral standards very high and promote them among their employees through coaching and mentoring. \u00a0They strive to embed this into their hiring, leadership development, performance management, remuneration, and reward processes \/ programs.\u00a0 So much so that they consider cultural adaptability a crucial element of their recruitment process\u2014as personality traits and mindsets are hard to develop than technical skills\u2014and evaluate applicants\u2019 behaviors and values rigorously.<\/p>\n For example, among other leading companies, IBM has a special emphasis on values while selecting and promoting people.\u00a0 To ensure consistent values across the board, it organizes regular values jam sessions and employee health index surveys.\u00a0 These sessions encourage open communication and debate on values and organizational culture<\/a> and their importance among employees.<\/p>\n Interested in learning more about the other pillars of Talent Management, the various approaches to TM? You\u00a0can download\u00a0an editable PowerPoint on 6 Pillars of Talent Management<\/strong> here\u00a0<\/a>on the\u00a0Flevy documents marketplace<\/a>.<\/p>\n You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library<\/a>. FlevyPro<\/a> is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:<\/p>\n “My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.”<\/p>\n \u2013 Bill Branson, Founder at Strategic Business Architects<\/p>\n<\/blockquote>\n “As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.”<\/p>\n \u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p>\n<\/blockquote>\n “As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant’s toolbox.”<\/p>\n \u2013 Michael Duff, Managing Director at Change Strategy (UK)<\/p>\n<\/blockquote>\n “FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2013 it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”<\/p>\n \u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p>\n<\/blockquote>\n “Several times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients’ benefits.”<\/p>\n \u2013 Omar Hern\u00e1n Montes Parra, CEO at Quantum SFE<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":" Enterprises worldwide face problems selecting, staffing, developing, compensating, motivating, and sustaining their key talent.\u00a0 Building a sustainable Talent pipeline is quite strenuous even for large multinationals. Replicating best practices from somewhere and applying them alone isn\u2019t sufficient for organizations to build a Talent pipeline and achieve Competitive Advantage.\u00a0 This warrants overcoming arduous challenges associated with… Finding It Hard to Manage a Stable Talent Pipeline? Get Help from These 6 Pillars of Talent Management<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":7463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[408,85],"tags":[292,762,470,76,925,2218,2216,2221,2219,106,696,2220,1432,1137,2217,833,2222],"class_list":["post-7444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-leadership","category-organization","tag-branding","tag-business-operations","tag-corporate-culture","tag-corporate-strategy","tag-differentiation","tag-employee-development","tag-global-strategy","tag-hcm","tag-key-talent","tag-leadership","tag-recruitment","tag-reward-and-recognition","tag-talent-development","tag-talent-management","tag-talent-pipeline","tag-talent-retention","tag-workforce-planning"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/7444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=7444"}],"version-history":[{"count":8,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/7444\/revisions"}],"predecessor-version":[{"id":7795,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/7444\/revisions\/7795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/7463"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=7444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=7444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=7444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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<\/a><\/p>\nAlignment with Corporate Strategy<\/strong><\/h2>\n
Consistency of Talent Management Practices<\/strong><\/h2>\n
Integration with Corporate Culture<\/strong><\/h2>\n
Do You Find Value in This Framework?<\/h2>\n