There is always a fight for top talent, even in a challenging economy. Savvy leaders have long recognized that creating a strategic talent management and acquisition plan that is communicated throughout the organization leads to greater employee engagement, productivity, and, in turn, profitability. The approach to creating this should be top down—top executives should take the lead to set the strategy and then allow their HR team to support and deliver results upon that strategy.
First, it is important to take a big-picture view of your talent. Make sure you have the information you need to make business decisions that ensure you have the right quantity and quality of resources and that those resources are doing the right jobs. In a recent survey conducted by PwC, 53 percent of CEOs surveyed see the availability of key skill sets as a threat to their company’s growth. Successful CEOs have shared with us that it is critical to have a thorough understanding of what your company needs to meet today’s strategic objectives, as well as build capability for the future.
Here are several questions these CEOs consider as they think about their company’s current talent and their plans for the future:
- Do you understand and value the contributions your team currently makes?
- Is the strategy of your human resources department consistent with your business objectives?
- Do you have a way to measure the return on your investments in talent management and acquisition?
- Can you measure the cost savings of retention vs. replacement of top talent?
- Do you and your entire organization treat every hire, at every level, as important and strategic?
- Are you prepared to invest as much as necessary to acquire the talent you need to move your business forward?
- Is it part of your corporate culture to extend every effort and apply every resource possible in the acquisition of necessary talent?
- When outside the walls of your organization, are you consistently aware of your talent situation, both strengths and gaps, and what needs will exist moving forward?
- Do you embody the mission and vision of your organization?
Building a strong company culture of employee management and talent acquisition can be time consuming, but making the effort can ensure your organization will be successful today, tomorrow, and well into the future. Even in today’s climate of doing more with less and the perception that good talent is plentiful, the most successful business leaders have a very strategic and defined approach to investing in talent to meet future business objectives.
Adam Berman can be reached at Email or 215.441.4600.