The Dynamics of a Revolutionary Talent Management Strategy

Dr. Soniya Yadwadkar, Managing Director, CerveauSys Strategic Consulting Pvt. Ltd, in her article talks about understanding talent management and the process which essentially leads to acquiring and retaining talent.

One of the major challenges faced by scholars over the years has been about formulating the exact definition and goals of talent management. As Lewis and Heckman (Authors - Talent management: A critical review) put, "There is a disturbing lack of clarity regarding the definition, scope and overall goals of talent management". Nevertheless, certain commonly held views have been expressed by authors which sees talent management as a process through which employers anticipate and meet their needs for human capital. If we want to draw a median, we can come to an understanding that talent management is a process that should essentially be centered around acquiring and retaining 'talent' aka 'performing employees' who display the potential to provide a competitive advantage for the company.

Fundamentally, a good talent management strategy should be in-line with these 3 key outputs:

Organizational Goals - Achievement and alignment of business goals and objectives
Financial goals- Profit to the organization
Customer goals- Maintain and maximize customer satisfaction

So how do you go about building a revolutionary talent management strategy ?

In India, it has been observed that companies tend to neglect the subtle signs of initial decay owing to the cultural differences we contest with our rather careful western counterparts. If your business is set up in India, there are quite a few legitimate business strategy consulting firms in Mumbai that can chisel out the perfect talent strategy for you. A perfect case study of an impressive talent management strategy would be Apple Inc. considering it has had its share of bankruptcy until their rise to supremacy . While it is true that Apple predominantly exudes the persona of its founder Steve Jobs, it is also a result of a tightly knit (yet physically isolated) web of highly focused employees. After a detailed research on the working of Apple by Dr. John Sullivan - a leading thought leader from the Silicon Valley, we can identify the recipe for a formidable talent strategy. One of the key qualities that separates Apple from its competitors is its 'agility'. It started off as a computer company (previously Apple computers ), then ventured into tablets and Music with the immensely popular IPad and IPod. Then it swiftly entered into the smartphone sector with IPhone and now are world leaders with some of the most premium level clients in its loyalty list.

Lessons learnt:

Keep it Lean and fast
Apple believes in the principle of consuming less while producing more, which spells more profit from less (but highly creative and responsible) employees. Less people means more individual responsibilities. And when you are working for a company like Apple, there's very little scope for mechanically motivated employees who enjoy working discreetly. Rather, you have to be on your toes, trying to constantly prove yourselves. Not that all companies have to be an Apple, but certainly they can walk the path towards becoming a potential 'apple' with advice from a professional.

Performance rewarding culture
Apple is rather infamous among its employees when it comes to treating a special few employees 'significantly differently' based on their individual contribution to the work. They reward and promote their best employees much to the dismay of rest of the 'not so performing' ones. But then, that's what is important anyway. That's how you separate the wheat from the weed.

Set Cogent Goals
The senior management at Apple have a clearly defined Vision and mission statement which drives them to work in a predefined direction at full pace. Apple's innate ability to keep innovating, which in fact finds its roots in the personalities of the founders of Apple, helps to keep it afloat the vast ocean of cut-throat competitors.

What are the takeaways
Revolutionary leaders are not just good at appreciating the importance of talent management but are also swift in adopting and implementing practical measures in actuality. If you want to revolutionize the way things work, you have to get likeminded people on board or train the existing ones to match your ideologies. You have to be practical and somewhat ruthless when it comes to implementing some rather unpopular policies if you know they will eventually be good for your organization. You know nobody really likes broccoli but then a burger never helped you with a healthy and glowing skin. A great talent lodestone is formed by the amalgamation of a qualified HR team and insightful managers who are completely aligned with the company goals. Investing in a well-known strategy consulting firm can go a long way in achieving the desired outcomes.

A Pragmatic Approach to Execute an Effective Talent Management Strategy
The core purpose of a talent management strategy is the identification, selection, development, and retention of the best resources for your organization in a longterm association. A company is majorly sustained by its people. The employees shoulder the company to reach its goals. Thus, having a good plan in place is a prerequisite. Remembering these pointers will ensure your organization is on the right track when it comes to talent management.

Beginning with the End in mind
Having clear and concise organizational goals is the first step towards Talent Management. Asking questions like; What are your organizational priorities; Where does your organization see itself in the next 5 years; helps to achieve clarity. Listing them down helps understand where you are headed to. This will help you chalk out the perfect route and manage the talent accordingly. It also helps in Identifying what kind of talent will be required to transport the company to it's desired objective. Acquiring the right talent requires clear selection criteria.

Analyzing the Gap
The question is, where do you stand today and where do want to be? It's required to measure the gap between your present self and your future projection. It's best to have a proper measurement system in place to calculate the arithmetic required to launch your company off the right spot. If your goal is to occupy 15% of the market share and you are currently standing at say 12%, then it would be required to identify the steps needed to bridge the gap.

Allocating dedicated resources at the beginning
Once you have identified your goals and set your priorities, you can now have a much better idea of your journey. Before your recruitment team is equipped to hire the right talent, it's important to hire the right recruitment team. Without a functional team to implement, the best of talent management strategies won't create the desired impact. In many organizations , the implementation projects never see the light of the day because the existing HR team has a tough time juggling between their regular jobs and implementing TM strategies. CerveauSys provides dedicated talent management consulting services to custom-fit your requirements.