We all know that organizations evaluate the worth, the impact of every investment. And few would disagree that an organization’s people are anything less than their greatest investment. Knowing that, the question is not whether you should manage talent effectively, but rather how to manage talent holistically.
At high-performing organizations (HPOs), talent management is a game-changer. They manage talent perpetually, consistently, and in accordance with a defined set of analytics-based practices toward higher levels of performance and in a fashion that allows achievement of today’s business goals and tomorrow’s aspirations. Impact for HPOs can be quite impressive – revenue per employee, engagement scores, and retention of key talent is higher than those same metrics at peer organizations.
So, what’s the secret sauce for such impressive business results? It starts with a strategy that clearly defines current performance and desired performance. It ends with an explicit plan for closing gaps between the two.
That plan is often oriented around a prescribed and empirical model. At Brandon Hall Group, we call it an Integrated Talent Management (ITM) Impact Model. Our ITM Model describes how to manage talent holistically and as a critical business function, not just a collection of connected processes, or worst yet, disparate processes. In so doing, our model serves as the blueprint for high performing organizations and others keen to understand how to create and implement an efficient, effective, and business-aligned talent strategy to drive a preferred competitive position and sustainable business performance.
Regardless of their current level of talent management maturity, successful organizations are committed to executing ever more sophisticated levels of talent management. They use our model – or one like it — to:
- Diagnose talent-related processes and risks that thwart business performance
- Implement integrated talent processes (talent acquisition, workforce planning, learning & development, performance management, leadership development, succession planning, competency management) in alignment with business goals
- Evaluate and measure talent management results against pre-selected metrics
- Improve consistent talent management execution through automation of talent processes
- Take a stand and communicate cultural principles that drive acquisition, development, engagement, and retention of key talent
Brandon Hall Group’s Integrated Talent Management Impact Model helps organizations take concrete steps toward high-performance talent management to ensure an approach to talent management that aligns with leading practices and therefore produces a ready workforce and leadership team, and increased owner/shareholder value. Our model offers executives, business leaders, HR and Talent Leaders the blueprint for translating disparate and siloed talent processes into concrete actions that are empirically proven to improve business performance. In a step-wise fashion, our model guides organizations in each of the following:
- A review of their talent management strategy to ensure it includes all four essential components: applies to all employees; includes all talent processes; leverages technology; and aligns with corporate culture
- Analysis of each talent process to determine all associated activities
- Assessment of the value of each talent activity as compared to leading practices
- Identification of new and/or re-designed current talent activities in closer alignment with leading practices
- Execution of new/re-designed talent activities to achieve higher levels of impact
- Measurement of the impact of your talent management and ongoing design modifications to talent activities to continually improve impact
Talent management design and execution in alignment with an impact model maximizes the value impact of your talent management. Are you using an impact model to assess the value and impact of your talent management investment? If so, what works well about it? If not, what is getting in the way? How can we help eliminate the obstacles you are encountering?
Until next time….
Laci Loew, Vice President Talent Management Practice, Principal Analyst, Brandon Hall Group; Laci.firstname.lastname@example.org