Talent Management at work

by Magnus Penker on December 27, 2010

It is a lot of focus on Talent Management at the moment, and if you ask me it is possible the most important source of success in a globalized world full of possibilities and treats. Today the world is highly competitive, less borders and super-fast mechanisms for transmissions of best practice, knowledge and competences. Innovation and sourcing of skills, knowledge, capabilities and financial funding are the corner stones in today’s world.

As up today Talent Management has been pretty much driving the process of attracting, retaining, develop and transitioning (next move including exit and alumni) human capital. However, by linkage Talent Management to reputation management and Raison d’être the four-phase-model of Talent Management can be the most powerful weapon existing in today’s business eco system:

  1. Attract: Build the Employer Brand and link it to Raison d’être, trust, shared values and transparence as well as balance in effort and benefits. Make sure you never break the brand promise anywhere in the chain of brands (firm, employer, products)
  2. Retain: Secure that all employees are treated fair, understand the rules, feel a balance in what they give up and get (the equity theory), as well as consistent communication and messages to all people in the organization. Make sure there are a clear link the performance management and reward strategies as well as acting in accordance with the over-all brand promises and communicated values.
  3. Develop: Constantly coach for result, skills, capabilities, knowledge and personal development. Plan the next step, short term and long term. Support and coach for stating personal missions and visions and how they are aliened and supported by the firms riason d’tere.
  4. Transition: Suppport and plan for your peoples work-life; short/long term goals, internally/externally. The relations internally as well as externally are what is building up your total brand equity, or in other words the potential future cash flow.

The Talent Market (Recruitment Market + Internal Market) is two out of six markets and shall be as much interlinked into all business decisions as the other markets (Customer Market, Influence Market, Referral market, Supplier Market)

There are several new and fresh consultancy companies growing up around this new mega trend, as well as a bunch of old recruitment and staffing companies trying to transform themselves with mixed success. One of the most progressive and newly started consultancy agency I have found on the Scandinavian market is Area Of Excellence, definitely worth a visit (www.aoex.se)

About Magnus Penker :

Director-level consultant defines corporate strategy, sets direction, executes growth and turnaround business plans. Read more at http://www.linkedin.com/in/magnuspenker

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