Talent Management

Question 1

What is talent management?

Answer 1

The organization’s commitment to recruit, hire, retain, and develop the most talented and superior employees available in the job market. To answer current and future needs.

It is more and more adopted because of the increasing importance of knowledge to a firm performance, and the high mobility of talented people

Question 2

Different approaches to talent management:

Answer 2

• EXCLUSIVE

Focused on key senior or strategically important position and individuals, to create a single pool of talent. Fast track programmes

• INCLUSIVE

Creating a pipeline or pool of talented people at all levels of the firm, ensuring that development opportunities are available to all those of potential regardless of level or role, creating multiple talent pools

Question 3

Advantages of inclusive approach

Answer 3

• Wider employee engagement
• Succession planning for all key roles, not just senior
• Development of more diverse workforce
• Firm benefit from all talents in the workforce

Question 4

Disadvantages of inclusive approach

Answer 4

• Learning and development ressources are spread too thinly
• Increases competition for progression which requires managing
• Individuals with skills core to the business may receive less investment, to the detriment of organisational performance

Question 5

Advantages of exclusive approach

Answer 5

• Identifiable strategic ressources for succession planning if aimed at future leaders
• More individualised development programs
• Easier to track, evaluate benefits and ROI

Question 6

Disadvantages of exclusive approach

Answer 6

• Excluded staff: reduced engagement and increased turnover
• Less diversity
• Less development opportunities and ressources for those excluded
• Other talents may be overlooked if it’s focused on one occupational group or grade

Question 7

Balancing the exclusive and inclusive approach

Answer 7

To avoid the de-motivating and alienating aspects of the exclusive approach, many organisations adopt hybrid approaches to talent management

Question 8

Who gets to be ‘talent’?

Answer 8

• Top 1% of executives
• Top 10% of high-performers
• Individuals identified as future leaders
• Graduate trainees with potential for leadership
• Each and every employee - ‘total talent pool’

Question 9

Talent management in real life

Answer 9

• 3/5 of the UK employers undertake talent management activities - mainly focused on high-potential employees and senior managers
• 50% of organisations rate those talent management activities as effective
• Coaching is commonly rated as the most effective method
• Other effective methods are: 360° feedback, in-house development programmes, high-potential development schemes