Companies are being extremely focused on hiring and retaining great talent but it takes more to drive high performance. Another key requirement is talent management and development. The leaders who align their company strategy with their talent management and development strategy are most likely to win the war against their competitors and achieve growth.
Quoting Ken Robinson:
"Human resources are like natural resources; they're often buried deep. You have to go looking for them, they're not just lying around on the surface. You have to create the circumstances where they show themselves."
Its true it takes a lot of time and effort to implement effective talent management and development practices. But what are the strategies to create a high performing company using your talent?
Aligning employee goals to company vision and strategy. Every company should follow a top-down approach to communicate the strategy to the teams. Every manager should be able to access the objectives of other teams to allow for cross-team collaboration as well as faster goal completion. Goal alignment will enhance talent management and improve performance.
Create internal talent pools. In many occasions companies where unable to pivot due to lack of a talent pool with a specific skill-set. A company should not rely on external talent pools but it should focus in building a strong internal talent pool. The creation of an internal talent pool will allow for specific skill-set development and easier to plan talent succession. Also, a company will be able to fill leadership roles internally rather than hiring externally someone which might not have the required skill-set. A great company example that has strong internal talent pools is General Electric. Internal talent pools are part of GE's culture for the past 50 years.
Promote a collaborative environment. Needless to say how important cross-departmental and cross-culture collaboration is in the work environment. Through an effective collaborative environment a company can manage their talent better and employees develop their talents further as they can collaborate not only horizontally but also vertically within an organization.
Implement a social talent management and development system. A smart and social talent management system will help the company align its strategy with employee objectives and also help identify talented individuals that can help build a strong internal talent pool.
Reward talent development. Employee motivation goes hand in hand with employee rewards. If a company starts rewarding for talent development then all employees will put extra effort to develop their skill-set.
Talent management and development strategies are essential to build a high performing company with a workforce that successfully executes company objectives.