Making talent a strategic priority

January 2008 from The McKinsey Quarterly – “Companies like to promote the idea that employees are their biggest source of competitive advantage. Yet the astonishing reality is that most of them are as unprepared for the challenge of finding, motivating, and retaining capable workers as they were a decade ago…”

180 View (written by Lawrence Young) – In this article, the authors talk about making talent management throughout the enterprise a strategic priority, and the fact that executives must constantly rethink the way their companies attract, motivate and retain employees. Unfortunately, this challenge is easier stated than met! A global survey conducted by McKinsey in 2006 revealed that business leaders ‘regarded finding talented people as likely to be the single most important managerial preoccupation for the rest of this decade’.

As I stated in the August, 2008 issue of 180 Systems’ News & Views, it never ceases to amaze me how much money companies invest in inventory, plant and equipment, and technology, yet how little they invest in human resource management, especially in the hiring process. From what I’ve observed in the field, those making hiring decisions often knowingly hire ‘B’ and ‘C’ players due to short-term constraints, such as lack of time and insufficient budget to name but a few.

Of course, not every hire will always be an ‘A’ player. That’s why, as this article points out, it is so important to pay appropriate attention to the ‘B’ and ‘C’ players in the company:
“Companies must therefore address the needs of talent at all levels of the organization. Unsung segments—frontline staff, technical specialists, even the indirect workforce, such as people who work for suppliers, contractors, and joint-venture partners—are often as critical to overall success as ‘A’ players. Experience suggests that an exclusive focus on top players can damage the morale of the rest of the organization and, as a result, overall performance.”

So, if you are truly committed to attracting, motivating and retaining the talent your company requires in order to operate with more control, less stress and greater efficiency, my advice to you is simple – STOP TALKING ABOUT IT AND START DOING IT!

Make sure that talent management is a strategic initiative that is embedded throughout the organization’s human resource practices, and then commit the energy and dollars to turn this cornerstone of the strategic plan into reality. I promise that everyone will come out a winner, and shareholders and employees alike will wish that you had done it sooner!