How can we stop talent strategies from failing?
In our “Why Talent Strategies Fail” webinar on the 12th May, and the resultant blog we outlined above 3 main reasons. In this blog, we would like to look at some of the success factors that are critical to consider when implementing a Talent Strategy.
Why is it important to have a Talent Strategy?
Organisations with clear Talent Strategies will be able to make more informed decisions and will ensure they are maximising their talent resources. This is important in order for individuals to develop in line with the organisational aspirations and future capabilities.
How do you implement an effective Talent Strategy?
We propose 8 steps that will enable your organisation to implement a Talent Strategy successfully within your organisation.
1) Be clear on the purpose
The first step, be 100% clear as to the purpose of the Talent Strategy. Ask yourself ‘Why are we implementing this strategy?’. Is it for selection, restructuring, development of employees or identifying potential for succession planning? If organisations are completely clear on what they are trying to achieve, they are more likely to achieve it!
2) Have a clear line of sight
From our experience the most effective talent assessment and development initiatives have a clear line of sight from the talent intervention up until the implementation. The clear line of sight involves defining the organisations strategy, creating a Blueprint, developing the Talent Model and selecting the talent assessments and/or development events.
3) Define a model of potential that clarifies what good looks like for your organisation
Our experience has taught us that a clear and structured Talent Model is the starting point for success. The question organisations need to ask themselves is whether an individual has the BEST combination of attributes for the future organisational requirements, do they have the potential fit for the current and future organisation?
4) Create an agile solution
The most effective talent Strategies will be completely unique to each and every organisation, imposing standardised talent models can have disastrous effects. We therefore suggest each and every organisation must have their own Blueprint and Talent Model. You can then tailor your Talent Strategy to match your Blueprint.
5) Adopt a strengths approach
We found that employees who have the opportunity to focus on their strengths every day are six times as likely to be engaged in their jobs, and more than three times as likely to report having an excellent quality of life.
Organisations are moving more towards a strength based approach to talent. 73% of the Leaders said their talent model explicitly includes strengths based assessments and workings of positive psychology and 84% said their organisation encourages people to play to their strengths. We all have strengths, let’s use them!
To find out the last 3 steps to implement an effective Talent Strategy within our organisation please contact the Zircon office for a recording of the webinar, or a copy of the slides.
Written by Chloe Waller, Business Psychologist