HR Technologist defines talent management as "the methodically organized, strategic process of getting the right talent onboard and helping them grow to their optimal capabilities keeping organizational objectives in mind." An integrated talent management program helps companies acquire, deploy, develop and assess their human capital. Dealing with everything from designing job descriptions to recruiting to onboarding to L&D to assessment and to career planning, most agree that the key steps in the process relate to:
And we in global mobility understand that there are a number of places in these key steps where we are called into action. We frequently work with recruiters and hiring managers to support the talent acquisition process. Much of our support is happening during the pre-boarding and onboarding stages of employment when working with new hires. We are working with existing employees moving to a new stage in the career path with either a relocation or assignment for a new set of responsibilities and opportunities.
Recent survey data from McKinsey reveals specific practices that are tied to the most successful and effective talent management strategies. The survey results reveal three common practices that have the biggest impact on the overall effectiveness of talent management as well as organizational performance:
- rapid allocation of talent
- the HR function’s involvement in fostering a positive employee experience
- a strategically minded HR team
Let's focus in on that first one. "Rapid allocation of talent," or being able to quickly move people among strategic projects as McKinsey explained, was the practice selected as having the "most significant impact" on outcomes of an effective talent management program and tied to organizations that outperform their peers financially.
Currently, only 39% of survey respondents say their organization is fast or very fast at reallocating talent as strategic priorities arise and dissolve. Organizations in this group that are public companies are then in turn 1.5 times more likely to report better total returns to shareholders (TRS). While there are many other aspects of a top talent management program, and many other areas that tap into global mobility, it's reinforcing to know that this study proves the value and impact that a world class global mobility program can bring to talent management — along with the increased potency to make a company better off financially.
Did you hear the part about "rapid allocation of talent" having the greatest impact on talent management programs?! Read the article below for more on how to keep "winning" with your talent-management strategy.
The survey also sought to uncover the specific practices that are most predictive of successful talent-management strategy. While there is no one-size-fits-all approach to the effective management of human capital, the survey results reveal three common practices that have an outsize impact on the overall effectiveness of talent management as well as organizational performance: rapid allocation of talent, the HR function’s involvement in fostering a positive employee experience, and a strategically minded HR team. The survey results also point to underlying actions that organizations of all stripes can take to cultivate these practices and thereby improve their talent-management strategy and organizational performance.