Overcoming four common talent management OBSTACLES will impact your talent management SUCCESS.
As a mid-market CEO, you know how vital talent management is and its impact on driving long-term success. An effective strategy for managing your team is essential to ensure you attract and keep top performers who can take your business to the next level.
CEOs frequently struggle to maximize their Return on Investment (ROI) from talent management.Marc Effron, the author of One Page Talent Management, has identified common talent-building obstacles frequently experienced by mid-market companies. Addressing these challenges can improve your talent management practices and drive greater success.
OBSTACLE – Neglecting science
Over the last few decades, there has been a tremendous amount of research that should be the foundation for formulating modern talent practices. However, many companies don’t follow the science and, as a result, build practices that are filled with biases and false assumptions.
SOLUTION – Start with science
Let your talent management practice be grounded in science. Start by understanding your business objectives, then look at how the organization and behavioral science can be leveraged to find targeted solutions.
OBSTACLE – Creating complexity
Many companies build needless complexity into the talent management process without considering whether sufficient value is added. For example, one of your managers may need direction on giving more effective feedback to a problem employee. Instead of customizing the solution to that problem, the company sends them to training classes or provides them with videos on how to be a more effective communicator.
SOLUTION – Focus on value, and reduce complexity
Remember, talent management practices only work if they are being used. If you make implementation the primary goal, then you should be focused on where you can remove needless complexity without losing value. Your talent will only use something if it is easy to apply and integrates into its workflow.
OBSTACLE – lack of transparency and accountability
Not many of us enjoy having tough conversations or relish providing critical feedback to others. However, having these transparent conversations and holding others accountable is essential for their development.
SOLUTION – Prioritize transparency and accountability
Being transparent means deliberately identifying the amount of information shared about a process and its results. It could mean communicating with leaders the results of discussions about their performance or sharing 360-degree feedback.
There also to be accountability for results. There are many ways in which you can build accountability into the process. For example, it may result in conversations with employees to identify behavior that needs to change. It could take the form of listing manager rankings on critical talent management metrics.
Regardless of size, talent management is vital for any business; however, mid-market companies must pay extra attention to ensure that every aspect of their recruitment and development processes runs smoothly and efficiently.
By staying on top of the basics, like employing scientific best practices, reducing complexity that doesn’t add value, and ensuring transparency and accountability throughout the process, mid-market CEOs can take steps to nurture talent, which could mean the difference between success and failure.