EMPLOYERS SHOULD link their talent management strategy to the needs of the business and define what talent management means to their organisation in order to have a positive impact on the bottom line.
A recent UK report has found that developing high-potential individuals (67 per cent) and growing future senior managers (62 per cent) are two of the main objectives for talent management activities.
However, 60 per cent of organisations have no formal talent management strategy, and 51 per cent undertake talent management activities but only 20 per cent report having a formal definition for it.
“Talent management is not just about identifying future leaders or developing senior employees, there are also the key operational and technical roles that need to be considered if organisations are to succeed,” said Rebecca Clake, organisation and resourcing adviser for the Chartered Institute of Personnel and Development (CIPD), which released the report.
Victoria Winkler, learning, training and development adviser for the CIPD, said good talent management systems can help identify and prepare these potential candidates.
“HR should measure what works by tracking information about where employees come from, their successes as well as any problems, and the techniques used to fast-track these individuals.”
The report also found 47 per cent of companies agree there is currently a shortage of high-quality talent in UK organisations.