Emily Szakacs, national account manager leader for Hay Group said, “Organizations continue to acknowledge that the key to their competitive advantage and ongoing success is their people, yet they’re struggling to attract and retain good talent.” The Talent Management Institute asserts the best you can expect is to hire “good” people who can be development into “top talent.”
Data from Hay Group suggests that the assessment tools used during recruitment are not up fully utilized. However, Szakacs says, “There is a lot of research that does demonstrate the validity of many of the assessment tools on the market, but what’s really important is identifying the right tools for the right situations.” According to Szakacs even though the required information is already available within many organizations, it is just forgotten about after being used during recruitment.
According to surveys 70 percent of organizations use assessments to make selection decisions. However, 47 percent do not use this data to identify future potential. Another flaw is that companies fail to use the data collected during candidate selection to onboard or develop that individual during their first 12 months. Szakacs said, “These are just two examples that highlight how organizations are not making the smartest use of the data at their fingertip. If they did, they’d know which talent to fast-track into critical roles and create the right development opportunities to ensure they have the necessary experiences to ready them for those future roles.”
It is time to take action since Millennials doing knowledge-based work now make up the majority of the work force. We cannot afford to continue to mismanage them and suffer the consequences brought on because of poor retention and engagement levels.
The Talent Management Institute has developed an integrated talent eco-system called the Total Talent Management System™ (TTMS). TTMS provides the process for solving the problem of how to attract, retain, and fully develop top talent.
Click on the following link to learn more about TTMS and get a free copy of the special executive report, “Fully Engaged Top Talent: Key to Excellence for Knowledge-based Enterprises.” www.talentmanagementinstitute.com
Bob Moore, CMC is Managing Principal of Talent Management Institute, Division of Effectiveness, Inc