Almost everybody in HR talks about talent management and points out the importance of linking talent management strategies with business strategies. However, this is easier said than done. For example, many companies focus on developing leaders from within their ranks, while forgetting that it is necessary to build a sufficient pool of potential leaders first. The three biggest talent management mistakes were highlighted in a recent article on the HR Zone website.
1. Missing strategy
The objective of talent management strategy is to identify, acquire and develop talented employees at all levels. It must be based on the company's overall business strategy. It should also identify ways individuals can develop their potential to bring the greatest possible benefit to the company. In other words, it will certainly not only include succession planning, as some companies mistakenly believe.
2. Missing talent pool
Many organizations start by developing a new generation of leaders. The problem is that they often lack a sufficient talent pool to choose these leaders from. They also often lack awareness of what exactly the future leaders should be like. Successful talent management requires long-term planning for the next 10 to 20 years. Predicting what employees should deliver to the company so far in the future is very difficult, but necessary.
3. Missing business case for investment
For your talent management strategy to be truly connected with the company's business strategy, you must prepare a business case which includes the definition of investments in talent development. That requires clearly set criteria for selecting candidates and using available resources as effectively as possible to reach the maximum development of their potential. This long-term thinking will help you prove that investment in talent management pays off.
Does your talent management program meet these requirements?
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