Tuesday, October 16, 2012

Talent Management - A Critical Company Function

The new term for Career Development and Succession Planning is Talent Management.   This change in terminology has occurred because Consulting Firms have figured out that companies may need more formalized help with developing their employees.  Talent Management, whether implemented internally, or with outside help is critical to the growth and development, not only of individual employees; but to the company at large.   While company senior management should put structures in place to develop employees, ultimately, any manager with direct report employees should spend considerable time helping employees grow in a current job to create a longer term career path.  

This does not just happen by accident.  Companies typically invest in Learning Resources to provide training and development first to make certain that employees are prepared to do the current job; but almost more importantly to help position employees for future jobs.  Many firms, ours included, offer tuition reimbursement programs to encourage employees to go back to school to further their education to make them more valuable to the company.  

The role of the Direct Report Manager is critical to this process since he or she should be making sure that employees are funneled into these programs.   In addition, assigning employees special projects and or participation on various committees, or task forces is a great way to provide an employee broader exposure and experience related to the workings of the company.   

There should be upward mobility in the salary structure that rewards experience.   For that reason, it is entirely appropriate that there be levels in all jobs so those at entry level can be paid differently, related to base pay, than those with many more years experience.   This also allows for promotional opportunity within the same position.   This is particularly important during bad economic times when there may be limited promotional opportunities.   

Finally, all companies should have a succession planning process in place to identify internal candidates for future jobs and or promotions.   This Blogger CEO really likes the notion of rotating employees into various jobs to gain additional experience; though employees are often resistant to trying something new.  Really valuable employees do not need to worry about promotions.  Talent is always in demand as Managers will gladly take someone into their department, division or subsidiary viewed as a hard working, super star with a great attitude.   The opposite is true related to employees with a poor attitude.     

Talent Management is a critical company function requiring time and resources.   Senior Management has a role to play; but most of the work needed to develop employees should be done by Human Resources, Learning Resources and the Direct Report Manager.  In addition, the individual employee must also take responsibility for his or her own growth and development.   Talent Management is necessary to company success.  It cannot happen any other way.     

No comments:

Post a Comment