Is your organisation equipped for Talent Management?
There are many lessons to be learnt from the pandemic. However, one of the key lessons that has shone through is that the economy can survive on a lean structure. As a result of this, different business cultures are being birthed and radical changes are taking shape post pandemic.
Proven methodologies such as working from home, and flexi-working hours have increased productivity and revenue, as well as amplified transatlantic career opportunities from remote working. This has proven to everyone that businesses can thrive and be sustainable in unconventional environments, and we are in for some exciting times ahead, especially in the HR space.
As new business models are forming, the dynamics of Human Resources function is evolving to meet the new trends. As much as the HR function caters to the management and engagement of people; the structure has been governed around an administrative framework such as Payroll, Compensation & Benefits, Learning and Development, etc. Then you have Recruitment and Selection, which have evolved from skills-matching to a more strategic function that we know today as Talent Acquisition.
Identifying talent for an organisation is an art that goes beyond skills matching and theoretical know-how. Organisations have been forced to think outside the box, and acquire talent with adaptable soft-skills, transferable knowledge, and a multi-discipline that complements each other (for example Law and Finance, HR and Operations or Project Management and Healthcare). The attraction for employers have shifted, the focus is on the adaptability of the potential employee in terms of their fit into the culture of the organisation, the versatility in terms of their continuous professional development choices, and how they utilise all of these to stay relevant as an organisation, should they be forced to operate in a lean management environment.
Now that business models, socio-economic trends and consumer insights are evolving, organisations can’t afford to lose the talent they have, and they have, therefore, become more intentional about how to attract the most sought-after professionals. To drive this retention and attraction strategy, businesses have heavily invested in a newly developed area of HR called People Management.
People Management & relevance in the HR Function
People Management is a blend of Employee Engagement, Talent Development, and Culture Creation. What this means is that this function looks more at the psychology to depict how people think, feel and react. The way in which you challenge your employees’ skills and development will determine how they think; the way in which you engage with your employees will determine how they feel, and the way in which you nurture talent within the organisation will determine how they react – will they stay or will they seek opportunities in pastures new.
Within the last 5 years or so, the curation of People roles stemmed from the need for organisations to be more strategic when managing and retaining talented professionals. The objective is to design and implement strategies that increase productivity in the workplace, build an organisational culture where employees can thrive, develop people for career growth either with visible succession planning, or a definitive path of progression, and last but certainly not least, promote a collaborative working environment that breathes inclusion and diversity. Because the overall implementation of People Management is so robust, forward-thinking organisations have already begun to embed People Operations as a business unit, and roles in this area are becoming very sought-after because of its ability to reduce the level of staff turn-over, increase operational functionality, and create a great employer brand of choice.
This 360 degree-hands-on approach is bigger than an Employee Engagement function, because it relies on data-driven metrics to create outcomes, and solutions that are not only people-led, but sustainable enough to manage – be it in the short- or long-term plan.
People Management will always be an integral part of HR Strategy and how you use this functionality will determine the strength of your man-power not in numbers but in the quality of their deliverables. Many organisations can testify to the positive impact it has made to retain top talent and develop an edge over their competitors to dominate their market share.
So, to stay relevant in a market where consumer trends define revenue, positioning and visibility, look after the people that make you productive, and nurture their growth to keep you progressive.
