Powering Growth Through Talent Management

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Many leaders recognise the competitive advantage of quality talent but are challenged by both the renewed war for skills and the decline in engagement and loyalty of employees.

With the economy rapidly recovering, many employees in Singapore are more inclined to move on if there are other opportunities. 68% of employees would consider another offer or are actively planning to leave, as compared to only 25% having no plans to leave.

Employees feel that the economic situation has affected both their plans and priorities and are waiting for their organizations to “catch up”. They are also uncertain if organizations will be willing to meet their aspirations according to their planned timeline, and may think that they have to leave the organization to get what they want.

An Employment Value Proposition (EVP) that is aligned to organizational and business strategies is a powerful tool to attract and retain talents. An effective EVP should be defined to meet expectations of both the employer and the different employee segments in any economic environment. Organizations that communicate their EVPs will tend to be more successful that those who do not.

Organizations are also more likely to increase their emphasis in three talent management areas over the next three years. They are looking to use leadership; succession planning; and career pathing, to compete in the war for talent.

Business success priorities have evolved in the new economic landscape, and consequently this has impacted the competencies needed for leaders to lead their organizations to compete successfully. There is also a need to develop new leadership assessment tools to better ascertain leadership development needs at both the individual and organizational levels.

Succession planning helps to reduce human capital risks and loss of institutional knowledge associated with employee turnover. It is also vital in preparing leaders for the increased complexity as they progress in the organization.

Developing career paths and plans helps organizations direct employee development to areas that will prepare them for advancement and build deeper skill sets.

Organizations can further improve their decision making (and ROI) about the magnitude, nature and timing of their investments in rewards and talent management programmes by:

Differentiating programmes based on employees segments

Organizations need to pick their spots, focusing on top performers, critical-skill employees and high potentials, and designing and delivering on what is important to them.

Picking solutions that are right for the organization

There are no sliver bullets but organizations which have increased their emphasis on different aspects of reward and talent management are reported to be more effective. Organizations can also consider enhancing their emphasis on those areas that are better aligned and supportive of the achievement their business strategy.

If your organization is expecting significant growth, addressing key talent issues, looking for improved productivity or consistency of performance from your talent, the above suggestions will serve you well in effectively managing talent in current times.