Rethinking talent practices for business growth
As companies slowly get out of the pandemic, growth and productivity have made a swift return to their business agenda. Companies have rapidly sought new ways to transition from simply surviving the pandemic to thriving in this new business ecosystem. And having the right talent forms the cornerstone of any successful initiative to spur business growth.
The talent landscape
The recruitment and talent management fields have changed dramatically over the past few decades. More so in the last year when the pandemic accelerated external disruptions for companies across the globe. And experts note that the talent market will continue to evolve. ‘It is important for companies to embrace the fact that talent markets are going to remain vibrant,’ explains Grace Yip, Managing Director at Accenture. ‘There will be winners and losers in the struggle to get the right talent. The gulf across talent is going to widen. Companies need to think about how they build and continue to shape their skills to remain relevant in the market,’ she adds.
Reflective of current trends, it comes as a little surprise that most organizations today agree that the need for digital capabilities is top of the list of factors necessary for growth. But to get the most out of this area, they should first identify the areas where they need to expand their capabilities. Investments into building capabilities to safeguard future growth will only be impactful if paired with the right technology and - importantly - the right talent nurturing practices. While skill-building remains important, aspects such as motivation, finding the right areas where employees can grow and acquire new competencies, and convincing them that companies are genuinely invested in them, becomes imperative. Today, more than ever, there has to be an alignment of business goals and the aspirations of employees.
Key factors in building talent for growth
1. Continuous learning and development
With the demand for digital skills on the rise, companies need to make learning a key priority. ‘Skilling is the new currency for growth,' notes Simone Wright, VP Human Resources at Pearson, adding that, ‘companies need to create personalized ways of ensuring learning becomes a critical component of talent management practices.’ To do this, Grace highlights that first companies need to find an agile way of assessing their own skills gaps in order to support targeted continuous learning programs. 'Most traditional ways of assessing skill demands are long and cumbersome; by the time companies finish it, most have to begin the process again as the external landscape has shifted so much.’
This links to the next key factor.
2. Using the right technology, at the right time
The importance of having the right technology to back your talent decisions cannot be overstated. ‘Apply intelligence and algorithms to bring down the time it takes to predict changes in skill and changes in talent landscape,’ notes Grace. Using the right predictive technologies can provide companies with the clarity and support they require to make talent management practices more robust. It also enables them to provide their employees with access to growth opportunities. It also helps business leaders to prioritise what skills they require and the nature of change incoming in the ecosystem. Such practices are scalable and provide companies with valuable resources to spur growth.
They also help keep a tab of how their talent is performing. The measurement of employee retention can help identify areas of weakness and opportunities to improve. It can also help identify the factors that cause employees to leave and the reasons why they stay. Businesses must have the proper resources and measures in place to manage and develop their talent.
3. Retaining and reskilling talent
In most industries, attracting and retaining top talent has become vastly more competitive than it was a few decades ago. While hiring remains the go-to option for companies, often employees with the right aptitude to learn are left unnoticed. Grace further illustrates this point. ‘Often,’ she explains, ‘when it comes to growth, business leaders think the solution is to go out and hire new talent.’ According to Grace, the solution for companies is in rethinking their talent supply chain in a more integrated manner, and tapping into the inherent aspirations of their employees is vital to spurring growth. ‘Developing talent, building the right skills, and then repurposing people into new roles is a fundamental shift that we as leaders need to focus on.
The point was echoed by Simone who adds by ‘valuing the critical talent of your people and building meaningful ways to help them grow and learn becomes a key ingredient in enabling them to contribute to business growth.’
4. Rethinking broader talent strategy
Talent management strategy often is the bedrock of how companies interact with their employees. In today’s dynamic world experts think it's critical to revamp existing models and build more integrated talent strategies. ‘For companies,’ explains Grace, ‘it's important to rethink a broader talent strategy for growth. One not only aimed at acquiring new talent but also thinking about talent management in a far more integrated manner.’
Today companies are putting greater focus on a build, and not just a buy, strategy when developing talent within their organisations. Nurturing the in-demand skills and pivoting them at scale requires a robust talent management strategy. Since many industries have become more competitive in attracting and retaining top talent, implementing talent management has become a core component of any organisation’s strategy. While the talent market keeps evolving, companies must keep track and keep pace with such a change. Growth depends highly on companies having access to the talent with the right skills and mindset. Talent strategy as a result has to be more robust to enable businesses to hire and retain such talent.