The changing dynamics in the labor market has made talent management as one of the top priorities of CEOs all around the world. Most chief learning officers do not wish to leave a task as important as talent management in the hands of the human resources department alone. They prefer getting involved in the process themselves. Most of the CEOs spend an average 20 % of their time in managing talent.
Why are organizations not able to enforce talent management?
For organizations to succeed in this competitive world, it has become essential for big as well as small companies to build immensely efficient global talent management programs in order to enhance their performance. Although, lots of recent studies show that most organizations are facing difficulties in growing and effectively work on strategic priorities due to a shortage of talent pipeline.
The unavailability of important skills is a major concern for CEOs nowadays. And one sorrowful fact is that this huge talent agenda comes from CEOs who do not have much of an international work experience. And this has been the case for the past two years. Its high time that CEOs with relevant international experience inside multinational enterprises to take charge of talent management.
With companies doing business globally, it has become inescapable to acknowledge global talent management, however, countless organizations have not been able to succeed in this area due to a lack of mutual understanding between the senior management and the HR department on operationalizing global talent management. According to a study by Boston Consulting Group, talent management is considered as a major responsibility by the human resources department but they feel inefficient to deliver on that.
Therefore, it has become essential for organizations to establish a communal understanding of what global talent management actually means and how it can be applied throughout the organization. Consequently, it will become much simpler to develop useful global talent strategies in order to meet the human capital needs of the company in a compelling manner.
How can companies apply a competent talent management strategy?
In the pursuance to help organizations build an excellent talent management strategy for the sake of taking effective actions for resolving the global talent agenda, we are presenting you with an efficient framework. The primary indications of this active structure of global talent management have been provided below.
As we have mentioned above that the main major problem that is coming in the way of enterprises trying to create powerful global talent management strategies is the lack of mutual understanding of how talent management should be enforced suiting the specific conditions of an organization. The framework that we will share with you today is established on 3 important processes.
1. Firstly, you have to determine the critical positions that you think have the most potential to contribute to the growth of the business and can give a competitive edge over other organizations in your industry. As not all positions in the organizations need to be filled with A Players. There a lot of position where A players do not get the proper chance to show their potential and hence they become a wasted resource.
2. Secondly, you have to create a talent pool of highly skilled individuals to fill such necessary roles on an international scale. This involves building a strategy to ease the risk relating to the talent requirements of the organization as well as the talent requirements in the multiple parts of the multinational organization. And a talent pool like this mainly focuses on leadership or technical talent along with more talent systems.
3. Lastly, you need to develop a separate HR architect to simply the process of filling important roles with the best talent in the industry and ensure their full dedication towards the business.