talentedge

Following on from last month's comments regarding the challenges organisations face when attracting - engaging - retaining talent, I'm keen to report back from our first Talent Tuesday event held last week. Kirsten Daly of Talent Career Group, led a presentation and discussion on Career Management being the glue that makes Talent Retention stick.  Kirsten presented a compelling argument that organisations need to place greater emphasis on career management strategies and policies that will support talent in managing their careers within organisations. Key points of note were:

• Research data suggests that it costs organisations a minimum of 1.5 times an annual salary to replace and onboard a new staff member. These costs include lost productivity of departing staff member, lost productivity of new staff member, actual cost to recruit new staff member and cost of training investment in upskilling new staff member.  Assuming an annual salary of $80,000, this means that replacing a new staff member with an external candidate will cost the organisation a minimum of $120,000.  Now multiply this by your organisations annual staff turnover rate and it is easy to see that an organisation that manages it's internal talent more effectively will have an immediate and tangible impact on the bottom line.
• Effective career management of existing talent within organisations is more critical than ever to keep staff interested, enthused, challenged, rewarded and motivated.
• Organisations are increasingly turning to technology solutions to expand beyond HR data management, but to also introduce a total talent management strategy.

The Talent Tuesday event was attended by HR and OD staff from leading corporate and government organisations and perhaps the most value of the day was derived from the concluding group discussion. Key discussion points were:

• Definition of Talent. It seems we all have a slightly different definition of talent. But in the main it seems we are discussing the 70% of the workforce that are solid or above average performers whom are carrying out the essential duties of delivering products and services to customers.  We are not talking about the high potential or top performers within organisations, but the key 'talent' pool of staff that deliver business results.
• Key issues facing organisations in managing their talent pool were considered to be:
• managing diversity
• workforce globalisation
• shrinking external talent pool
• aggressively competing forces for talent
• Most agreed that the Talent Challenge will call for wholesales changes in the way talent are managed, measured and remunerated - and whilst most organisations enjoy relatively sophisticated Performance Management systems, will these systems be flexible enough to cope with the changes required to move Talent Management in a new direction?

Thank you to all who were involved in a thought-provoking 2 hours.  We look forward to conducting many more in 2008. Anyone interested in learning more please contact me.

Warm Regards, Deirdre
Corporate Talent Agent

Deirdre Gruiters is the Executive Director - Consulting for aCE talentNET, or in other words, aCE talentNET's Corporate Talent Agent. So if looking for Organisational Development resources is what you're needing to do, then Deirdre and the team of aCE talentNET know how to find them. Ask anyone of our continually satisfied clients.

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