What to look for in a talent management system?
The most important component of execution is your people. They will face reality every day and use their judgment to make decisions based on what they believe is in the best interests of the company.
For that reason, as a leader, you must ensure that you always have the right people, in both quantity and qualities, to execute the company’s long-term vision, and to do that you’ll need a talent management system that develops the talent and skills that your company needs now, and that it will need later.
No leader wants to run an organization without the talent to execute. That’s a recipe for failure.
Your Human Resources (HR) division must actively build a pipeline of talent that satisfies the company’s different needs, and must ensure that they remain competitive, engaged and properly rewarded.
In general, an organization’s talent management system has important responsibilities:
- Sourcing: Continually bring in the right talent, based on your company’s different needs and the markets where you operate.
- Onboarding: Introduce new people to the company’s culture and continually reinforce positive attitudes and behaviors.
- Development: Provide adequate training, coaching and succession paths, so that people who perform better move through the ranks faster, and people in positions beyond their capabilities are properly adjusted.
- Rewarding: Ensure that top performers are properly rewarded and nurtured, while poor performers are fairly warned, punished or moved out of the organization.
- Retention: Create incentives and programs aimed at preventing the organization from losing good people.
In the execution of its long-term strategy, HR becomes leaders’ closest ally and confidant.
In an agile, execution-oriented organization, HR is without doubt management’s most powerful secret weapon.