How Management Can Focus on Linking Talent to Value
24th October 2018
Strategically linking talent to value is every company’s goal. Identifying and hiring talent is one thing while getting the best out of them is another. Business Insider recently issued a report in which they highlighted the ineptitude of companies in employing the right person for the right place. As per the report, a mere 37% of the businesses in the UK manage to get the best people into the most critical roles. Linking talent to value demands a disciplined look at how the organisation can create value for the talented contributions. The first step, of course, would be the identification of all the critical roles within the company. Once identified, the management should start identifying the individuals who can flourish in that role with responsibility, technicality, and ownership.
Unfortunately, the management at most companies fails to acknowledge the value of the talent they have at their disposal. Most of them do not connect with the staff as they should. They remain unaware of the increasing dissatisfaction among the staff due to the lack of succession plans. As a result, talented workers start looking at pursuing their career somewhere else, and the company suffers and regrets losing a valuable asset. Management should start seeking ways through which they can get the best out of their talent or else the disconnection between the talent and value will leave the company in a turmoil.
Four Ways of Linking Talent to Value:
Elaborate Company’ Agenda:
It’s paramount for the executives to conduct frequent meetings concerning the company’s agenda. Highlighting ambitions and targets convey a clear message of what the company demands from the individuals. The businesses tend to define only the general progress and numbers. Preferably, they should be more specific and clearly attributable to particular territories, product areas, and business units. The process of being specific while elaborating the agenda will outline the crucial roles, and the company will be able to have an inkling of the people fulfilling the role. It will not only link the talent to value, but it will also increase revenue too.
Clarify Critical Roles:
The first step in clarifying the crucial roles is to pay attention to the role instead of the profile. The HR Department predominantly focuses on identifying the leading performers. Their key priority, however, should be the assessment of where the greatest potential value is, and what skills will be necessary to realise that value. Focusing solely on an individual’ capability will not let the department combine the talent with value. Additionally, critical roles can be classified into two categories; value creators and enablers. Therefore, a company which manages to thoroughly absorb these categories within the business will then be able to connect the right man for the right role.
Match Talent to Roles:
Companies should start taking a rigorous stance while hiring the individuals. An impressive resume or high potential talent reviews across different forums aren’t enough to evaluate an individual. Testing a person across a variety of different dimensions and scenarios will give an insight into the strengths and weaknesses he/she possess. The administration can then shift to dig out the potential of the source once they are clear about the value he/she could bring to the table. A rigorous approach in judging talent doesn’t only match the talent to the role, but it also creates leaders for the future.
Operationalise and Mobilise:
The process of linking talent to value never stops. The leadership should always keep in touch with the management teams to mutually manage the roles consistently. The talent at the helm should get a regular briefing of company targets in accordance with the latest trends. Organisations must learn to flex its new muscle linking talent to value continuously. The re-evaluation of the role after the strategical change in the organisation’ agenda is also necessary. Talent management must become a frequent, agile process or else all the hard work being done in the past may be in vain.