A recent Forbes Magazine article, “How Do You Quantify The Value Of Your Company’s Talent?” focused on two aspects of talent management. The authors, Paolo Gaudiano and Ellen Hunt, think these will become critical to the success of your Talent Management Strategy.
Two Shift To Make
Consider the following shifts that marketers had to make. First, marketers learned to shift from measuring ad impressions to measuring the impact on sales. Second, marketers had to refine their understanding of their customers well beyond simple demographic segments. Likewise, HR leaders must shift from a cost mindset to a value mindset, and learn to recognize the value of a diverse workforce. Gaudiano and Hunt continue, “Just as marketers have made huge investments into analytics and technology platforms, we expect that HR will undergo a tectonic shift toward quantitative tools in the next decade.
Optimizing The Value of Talent
HR leaders would be well advised to think about how to quantify and optimize the value of their talented employees. Just as savvy marketers no longer debate whether or not a company should advertise on the Internet, HR will evolve rapidly to become a more quantitative strategically-focused discipline. My colleagues at The Talent Management Institute and I have discovered that the value of talent must be measured in terms of the results contributed to organization.
Begin by clarifying the reasons key positions exist and determine the three to five measurable “accountabilities” expected from anyone who is placed in those positions. This process results in the optimal job-talent fit from the candidates available at the time the decision needs to be made. The ideal approach is to establish a pool of internal candidates that match the talent requirements of the job. Learn more by taking the following two actions.
Two Easy Action Steps
1. Schedule a phone strategy session by clicking on the following link to my online calendar.
Schedule a Call With Bob
2. Click on the following link to the online Total Talent Management Priority Index which can help prioritize steps to refocus your talent management strategy.