"Rapid allocation of talent" is biggest indicator of high performing talent management function

The link between talent management and global mobility just got a little bit stronger! This McKinsey Global Survey confirms the positive effects of talent management on business outcomes and shines a light on the fact that "rapid allocation of talent" was the biggest indicator of a high performing talent management function. However, only 39% of respondents said that their organizations are fast or very fast at allocating or re-allocating talent as strategic priorities pop up. 

While I tapped this topic in mid-November, I felt like in a new year with new initiatives that this is something global mobility teams should better understand and assess as they work to prepare for a much busier year than last!

There were two additional drivers in addition to rapid allocation of talent that were at the heart of a successful talent management strategy: 

1. HR’s involvement in employee experience
2. a strategically minded HR team

Ultimately, only 17% of companies felt they had these three practices in place, but for those that do, they were significantly more likely than their peers to rate their organization's overall performance as better than their competitors.

The survey report shares that companies with high performing talent management functions have a better chance of outperforming competitors and, among publicly owned companies, are likelier to outpace their peers’ returns to shareholders. Yet only 5 percent of respondents say their organization's talent management has been very effective at improving company performance. And those that do feel that they are effective are much more likely to say they outperform their competitors: 99% of respondents reporting very effective talent management say so, compared with 56% of all other respondents.

Is your mobility program able to properly support the rapid allocation of talent? Having well trained people, efficient processes and expert responsive partners are three key ingredients. Additionally, clearly written program documentation and policies along with efficient technologies can expedite the process.  

Want more food for thought on how to improve your mobility program in 2021? Try this recent post.