Total Talent Management is the current avant-garde of recruitment. The next method of competitive advantage. Everyone jostling for the “best” and most “talented” candidates and implementing benefit and reward schemes to ensure they retain their loyalty and dedication (Hardly a light bulb moment in the evolution of employee / employer relations).
But here is the thing. Not everyone is or can be the BEST.
In fact – the vast majority of us cannot, by default be the most talented.
So – given that this is an absolute – how can companies and recruitment alike – possibly begin to align the search for the best candidate with the population of potential employees that exist.
Talent scarcity is a big concern for the C-suite. Put simply – there are currently not enough people with the right skills / experience ready to step into roles. The supposed / perceived talent gap is driving the need for a shift in traditional recruitment and retention strategies to a more innovative and employee focused approach
So given that there is not enough Talent (or even that Talent in itself is not enough) – the future of talent management, at least in some part, must lie in truly understanding our employees in order to unlock potential; what motivates them, what is important to them?
What is needed is agility, connectivity, speed and cognitive diversity. The ability to respond in an ever shifting environment. Business must change – not just to take in the demands of the so called 4th industrial revolution, but also to reflect the changing workforce demographics and expectations of today and tomorrow.
It’s time to rethink what Talent management actually entails:
The Mercer Talent Trends review for 2017 raises some critical new perspectives for the age of disruption
The future of business is transformation. Evolution has already occurred – in order to stay ahead the pace of change needs to be rapid, efficiency increased and customer experience improved. And somehow – in this whirlwind of advancement – the focus on People within the organisation needs to stay high to ensure that the growth is sustainable.
93 % of businesses are planning to effect organisational change within the next 2 years – replacing the traditional vertical top down approach with a more streamlined and customer focused horizontal structure. This removes some of the more formal management roles and requires greater autonomy and critical thinking among employees.
Redesign is critical to success and having a solid “decision science” behind this will ensure that the new job roles accurately reflect the needs of agility, innovation and simplicity. As many of the new roles have no precedent – they need to be outlined via business contribution rather than specific “job spec” language. Changing job evaluation methodology has to be a key focus for TTM to assist with the change process.
Digital is what is pushing this change agenda – yet the vast majority of businesses do not feel they are a “digital company”. Most corporations have focussed on the external process first leaving the employee experience for later. Yet in the ever shifting world where talent is in short supply this is a short sighted and risky approach to take.
A corporate “culture” is not a new premise. Far from it. What has shifted is that it is now no longer good enough to have a one size fits all approach to corporate culture. Gone is the narrow focus of company engagement – instead enter the world of employee experience. By this we mean a tailored approach, a person centric holistic view of the individual employee. A list of standard global perks and benefits is outdated and does not cater for the changing demands of the employee. Yet this is where the digital age can truly come into its own. Greater flexibility in working practices is becoming far easier to balance with corporate strategies due to technological advances. Think real-time workforce apps and career matching!
However there is still work to be done – many employees still report concerns that so called flexible working is perceived as a perk rather than as a means of optimising individual circumstances to bring about maximum return for everyone. It is estimated that 75% of the worlds workforce will be Millennials by 2025 – if you do not change with the times and cater for the needs of the many then you will become part of the problem.
True personalisation of the employee experience needs to include more than just a benefits package. Businesses need to consider the health, wealth and career path of their talent. Nurture and reward a culture of “work working for you” and utilise technology to act as a differentiator for your business.
Given the shift in a one size fits all approach to corporate culture, it is no surprise that a change in how employees are rewarded is also on the cards. Whilst the old guard of fair and competitive pay and career opportunities still rank highly with employees, these are no longer the only way to reward and recognise contribution.
A climate of uncertainty is leading many employees to re-evaluate where and how they want to work. Corporate values are often measured via its performance management and rewards scheme and as such 83 % of companies have made / planning to make changes to their goal setting processes.
Exactly how rewards are calculated seems to be up for debate – but transparency about the metrics seems to be critical. Whether your performance ratings are numerical or verbal seems to matter less than a forward progressive approach to career development. The basics still count. A fair and transparent contractual reward system coupled with clear individual and team performance metrics. Add to this a greater clarity of information dissemination about career progression and further opportunity / reward for greater performance and it would seem that the ability to reward fairly and positively is on chart for effective change in 2017
The sheer amount of real-time data available is greater today than ever before. Yet despite this wealth of information the progress towards “predictive” analysis is still slow. Mercer reports that almost 1 in 4 companies are still only generating basic talent management descriptive reports and historical trend analysis.
Deloitte Human Capital Trends report echoes this feeling. Highlighting a mere 8% of respondents using tools such as Organisational Network Analysis (ONA) to help inform better growth and redesign.
Properly done, Talent Analysis has the capacity to drive employee performance by providing the evidence that underpins talent management and business decisions. Given the rapid speed of corporate change, the ability to utilise talent data will not only help minimise the risk of talent loss, low productivity and engagement but also ensure corporations are better placed to plan for the workplace of the future.
As part of providing a fully integrated TTM service we must help corporations view talent through a different lens, to help them discover the potential and untapped skills in their existing employees.
The talent is there – the process of evaluating and developing it needs to evolve!