It’s exciting to invest your time into a program that not only focuses on yearly results but also expands your people’s scope, capabilities and capacity. But industry leaders want to know:
1. How do you define talent management?
2. What kind of objectives should we strive for when building our talent management program?
3. What should it do?
4. Should we focus on “High Potentials” or “High Performers”?
5. How do we evaluate them?
Truly, there are different approaches, tailored for each company and industry. However, a few elements are universal.
First, the definition of talent management from my perspective refers to the anticipation of required human capital and the planning to meet those needs. This is a systematic analysis of necessities in terms of the size, type and quality of workforce to achieve your goals. It determines the mix of experience, knowledge and required skills, and it sequences steps to get the right number of the right people in the right place at the right time. When searching for capabilities in employees look at two types: High Performance and High Potential.
According to Linda A. Hill, a professor from Harvard Business School, businesses see the top 3% to 5% of their talent in a similar way. High Potentials reflect the culture of their organizations in an honorable manner. These individuals show an inclination to grow, moreso than their peers. High Performers, on the other hand, surpass fellow colleagues on a consistent basis under different circumstances.
> Invest in talent with a futuristic eye.
>Identify talent using a consistent process; avoid random selection and poor resource deployment.
> Increase senior leaders’ awareness of the talent across the company.
> Leverage talent data to drive development decisions, like opportunities for exposure and training.
> Make building a culture of high performing leaders a priority; expand their potential to tackle tougher, larger roles and responsibilities.
> Focus on mobility and diversity.
> Create ownership of the talent process with all stakeholders.
Criteria to consider when rating potential versus performance
> Desire and ability to take on greater scope and scale while prioritizing and maintaining accountability.
> Proficiency and leadership skills, and willingness to master the next level.
> Ability to learn, applying past learnings to new challenges.
> Insightful about personal mistakes and failures; learns and moves on.
> Applies knowledge and skills to excel in the next level.
> Believes in and understands the company and strategic direction; aligns their work with the corporate culture and goals.
Practice the elements discussed and don’t worry about being perfect. Invest your time in employees and watch them grow: The outcome will amaze and surprise you.
Editor’s Note: Troy Van Hauen, CEO, Accelerated Performance Technicians, recently served as executive vice president of human resources for The Maschhoffs, where he managed the future design, delivery and deployment of the company’s human capital programs in North America. He brings to the table knowledge, leadership tools and experience that executive-level and front-line supervisors have come to depend on. For more information, contact Van Hauen at 618/830-8362 or email: Troy@AcceleratedPerformanceTechs.com