7 New Trends in Talent Management

Today, Talent Management is one of the principle tools used by HR or Organisational Development professionals.

7 New Trends in Talent Management

The world of Talent Management is changing very quickly with the advent of new technology.

A clear requirement has emerged to manage high potential employees more effectively as economies emerge from the Global Financial Crisis and talent turnover accelerates once more.

This document outlines the major trends in Talent Management that are taking place globally and what is not being addressed with the old Talent Management processes.

When we refer to Talent Management, we consider this to include:
  1. ‍Succession Planning
  2. Potential Rating
  3. Talent Pooling
  4. Career Planning
  5. Talent Search within pools or the general employee population.

TREND 1

Talent Management Redefined: now a valuable tool that is used to drive Talent Readiness

In the last 30 years, the meaning of the phrase Talent Management has evolved and is still changing rapidly.

Today, Talent Management is one of the principle tools used by HR or Organizational Development professionals to ensure that the organisation has the right talent to take on the emerging requirements of the organisation. Gone are the days where Talent Management consisted only of Succession Planning for the top 2% of the organization, or only for critical roles. Talent Management is now used for the majority of roles as organizations need to be able to move quickly to ensure continuity of service/s due to high employee mobility,

For example, in a hospital with 5,000 employees, old processes meant that you were conducting Succession Planning for perhaps 100 specialists or senior managers. With the advent of new Talent Management processes, you are now able to prepare Talent to take over the entire 5,000 roles in the organization. In summary, the advent of broad based Talent Systems and their adoption rate is in itself a major trend.

TREND 2

Talent Pooling

Talent Pooling is a major trend and has been made feasible with the advent of software to deliver this functionality.

By creating Talent Pools, you are then able to:
  1. Search Talent Pools to fill open roles. For example, if you have a Talent Pool for Potential Store Managers, then you can search that Talent Pool to find the best candidate for an open role based on any selection criteria or factors, for which you have collected data. For example, the person could be selected on criteria such as Readiness for Promotion, Potential Rating, Performance Score, Role Aspiration Match and so forth. Business imperatives such as fit to local culture, fit to store style and knowledge of local language are becoming critical for global businesses. Without technology it was near impossible to provide this type of functionality and therefore processes were often slow, cumbersome or non-existent.
  2. Groom Talent Pools. Using the same example, if you have a Talent Pool of Potential Store Managers, you can apply Learning and Development activities to this Talent Pool to groom them to take on a role as a Store Manager. For example, you could enroll them in a Learning to Lead course or assign them a store manager as a Mentor.
  3. Bench Strength of Talent Pools – Once you have established your Talent Pools, you can then assess the relative strength of these Talent Pools over time. For example, do you complimented with the Talent Pool approach. The difference however is that the Talent Pool approach is not only directed at the top 20 roles, but is also directed at critical roles elsewhere in the organisation. For example, store managers would not normally be considered for succession planning as they would not fit into the top 20 roles in a large retailer. Similarly, for medical specialists. The role, however, may be critical to the operational execution of the business. Talent Management now allows visibility of all the capabilities and experience of these managers and makes for easy selection for further development into more senior roles.

The Talent Pool approach works better in this context as Talent Pools are typically prepared for Critical Roles first (not only the top 20 roles). The clear trend here is that Talent Pools are prepared for roles where the organisation has exposure for critical capabilities, rather than just for roles based on seniority.

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