Although the benefits of effective talent management have been much discussed over the past decade, it is only recently that organisations have started to move from discussion to action. Effective talent management is about identifying, developing, engaging and retaining ‘high value’ individuals with either high potential for the future or who are fulfilling business critical roles. It highlights the importance of not only attracting individuals with high potential, but also developing, managing and retaining them while measuring the return of this investment. Effective talent management can contribute to a variety of strategic objectives:
Certainly not. Of the many differences between these two terms, at least one is fundamental. Does it matter? Yes, for lots of reasons. Yet, when I open this Friday’s eLearning Network conference on Talent Management, I shall argue that for now, at any rate, we can ignore the differences. Here’s why.
With the unemployment rate dropping below 5 percent for the first time in eight years, it’s no surprise that business owners and senior executives are increasingly concerned with driving employee engagement to retain their top talent. According to the most recent ADP Midsized Business Owners Study, concerns over employee engagement spiked 25 percent in 2015 after being flat since 2012. The study found two out of five employers surveyed (those with 50-999 employees) now express high levels of concern over engaging their employees to be active contributors to their business. While employee engagement isn’t a new concept, it’s become more of a hot-button issue as the job market improves. After an economic downturn, there’s typically a rise in voluntary turnover in the United States, meaning the number of employees moving to a new job usually increases.
Are you managing talent effectively in your organisation? You may have processes in place to identify and nurture talented people; you may have created clusters of high potential people and you may even run a dedicated talent development programme. But do you have a strategy for dealing with the one group of people who can make or break your talent pipeline - line managers?
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