Talent management: what's the point?

Talent management

Talent management is one of HR's most critical components. And while the list of functions associated with a human resources department may continue to grow, talent management still remains central.

However, there is a disturbing trend developing that suggests companies are struggling to build leadership and management skills among first-line managers. Recent research by Bersin & Associates, a leading talent management firm, shows that HR leaders rate their first-line managers as the "least ready" workgroup in the company, often less capable than entry-level workers.

According to the research, HR needs to rethink their leadership development investments and should take the time to rebuild first-line management programs.

"Not restrictive"

Of course, talent management isn't a function that is solely about first-line management. In a recent interview with Adam Burns, editor-in-chief at Meettheboss.tv, ABB's head of HR, Gary Steel, explains: "Talent management is not restrictive to the top-end of the organization. We are trying to drive talent management through the organization at all levels."

In addition, the talent management space - like so many other industry sectors - has not been immune from the effects of the economic crisis. Because of this, predictions for the next 12 months suggest that talent management professionals will continue to face an uncertain economy in 2010.

Recipe for success

Talent management covers a multitude of issues within the HR function, but, for talent management to truly be successful, it has to recognise that yesterday's skills, knowledge and attitudes may not be needed today and no longer remain the key drivers of tomorrow's successful business.

The current advice sweeping the talent management arena is to review the talent management strategy annually, thereby reconfirming what are the critical positions as the business changes and evolves.

The warning, however, is that directors must not only know which positions are critical, they must also understand the required competencies for those positions; and so the board must review and approve the competency models being used by human resources to ensure they remain aligned to changing business needs.

Too often, warn experts, talent management only looks at technical competencies without integrating them with the values of the organization. As such, talent management has to become an essential part of the business model, something that impacts all workers and becomes central to the overall ethos of any organization.

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