Talent Management Go back »

2008-07-31 | Nanjing

Emerging Chinese economy, globalization of markets, rapidly changing business models, and new technologies have all increased the demand for top-notch people. Meanwhile, the talent pool is limited in China and requirement of key personnel is often inadequate with the supply of young talents.
 
The talent management is and will last for some decades as one of the most critical factor in effective strategy implementation and lasting organization performance. It is a constant struggle to have the right people in the right jobs at the right time in order to deliver improved business results.

E&PCs and Demos’ 15 years experience in talent management in China suggests that companies which manage their talent deliver better results for shareholders. High-performance talent management practices are associated with significant economic returns such as:

· decrease in unwanted turnover;
· increase in profit, sales, and market value per employee.

But still too many firms rely on recruiting new talent rather than systematic development of good management practices that retain the talent and shape an effective corporate culture.
 Today, organizations are focusing intently on enhancing talent effectiveness at all levels — creating the plans and processes to grow in a very competitive and challenging environment. They are doing this by asking and answering critical questions:

· What workforce capabilities, behaviors, and attitudes do we need to implement our business design successfully?
· Are we developing the workforce capabilities we need to succeed in the future?
· Do we know who our current top contributors are for our core business?
· Can we clearly identify those with the highest potential for leadership growth as well as technical mastery?
· Are we attracting, selecting, and retaining "A" players with a clear HR Value proposition?
· Do we have the ability to remove underperformers continually as well as recognize exceptional and effective performers?
· Do our pay, performance, and career development programmes align with our business strategy? Do they increase retention and commitment?

Most of senior executives and HR professionals would be able to set-up the list below, but very few are effectively able to achieve a competitive talent advantage through it:
· Creating a plan to manage the talent: First, to assess, your strategy and the influence current management practices of the organization performance. Second, to translate business objectives into talent requirements. Next, to simulate, your business model and strategy enabling to assess alternatives and create a plan for securing, managing, and motivating a workforce capable of achieving business objectives.
· Aligning talent strategies with the business and human capital strategy – Analyze and determine what unique combinations of factors are affecting performance and are linked to strategic goals;
· Developing and implementing state-of-the-art talent programs – focus on the right design issues and determine how to create programs that work in their particular culture and business environment;
· Executing talent programs consistently and effectively – enable and support effective implementation of the new talent program and alignment with other critical HR processes;
· Measuring talent programs performance – evaluate the effectiveness of the talent program and establish metrics to monitor and modify the talent strategies over time.
Despite the obvious benefits of an effective talent management and the ability to ask the right questions and plan the right actions, most companies are frustrated by their inability to develop talent quickly and effectively.

Following on the successful training on Retention the European Chamber in Nanjing organized with Mr. Jerome Maybon (E&PC) in January 2008, E&PC and Beijing member Demos will deliver another training on Talent Management on 9 -10 October. Their innovative approach will make managers aware on the link between their management practice, talent management and business result. The business simulation will allow managers to experience the meaning of talent management and to draw conclusions and skills, which they can apply back in their work.