Why is starting a talent management initiative important? One reason is that one-fifth of this country's large, established companies will be losing 40 percent or more of their top-level talent in the next five years. (Source: Development Dimensions International). And, during the same period, the replacement pool of 35 to 44 year olds will decline by 15 percent. (Source: US Bureau of Labor Statistics). The need is real and the success or failure of a TM initiative can impact both profitability and competitive edge.
Four Fundamental Elements for Program Success
While the Wikipedia definition for Talent Management, or TM, provides a scope for the HR activities associated with managing human capital, it provides no specific direction on how to turn scope and theory into business success. With so many different interpretations of what managing corporate talent really means, it is no wonder that launching a TM initiative can feel like heading a ship into uncharted waters. Fortunately, there are some common, fundamental elements that will bring focus and success to any talent management program. Make sure to include these elements to ensure success regardless of the size and breadth of the talent management initiative.
Program Champion
The program champion is a single individual who takes personal responsibility for the success of the talent management initiative. This individual does not do all the work! The champion’s role is to ensure that any resistance is dealt with effectively. Because this is such a crucial role, the program champion should be as high up in the management hierarchy as possible. The best results are achieved when the CEO, President, Board Chairman, or their direct report has the role of the program champion. Without high level management support, a TM initiative will be plagued and undermined by both overt and covert resistance to the plan.
Employee Involvement
Many employees greet new programs with an experience-based attitude that goes something like, “this is just another one of management’s wacky ideas. If we just wait it out, things will get back to normal.” Employees who have no involvement in defining a process that will greatly affect their work and career have little or no loyalty to the program. This is a deep hole from which to start a program that is designed to attract, retain, and grow the best contributors.
One solution is to create a cross-organizational task force. Avoid using only managers. They are only one part of the organization that will be affected by the talent management initiative. The better the cross-section of the workforce on the TM task-force, the better the program buy-in will be. Let the program champion set the scope and empower the task-force team. Then, let the team nominate a leader, create the details and advise the program champion on the most effective schedule for the program rollout.
Targeted Rollout
Once the details of the talent management initiative are established, take a phased approach to implementing the plan. Choose an area of the business that is relatively safe to test the plan. A safe area is one where discovering a process mistake will not be seriously costly to the company.
Market the TM plan to the employees as part of the rollout. Treat the initiative as you would treat a new product launch to customers. Speak to the value proposition of the TM initiative to the individual employees as well as to the company.
Build excitement, make the plan desirable, and make it fun.
Build on Success
Following the above three steps will greatly enhance the success of a talent management initiative. Launch each step of the rollout carefully so the program value itself is enhanced. Allow the rollout plan to be validated and tuned to fit the organization so that the TM initiative develops a positive aura. This builds momentum from success. Unfortunately, rollout failures can easily undermine success so each phase is crucial to the whole initiative.
Make a commitment to include these four fundamental elements. Doing so can make the difference between a successful talent management program and a program that fails to create an environment that attracts and retains the talent you need to stay competitive.
