Three Talent Management Lessons from Raconteur’s 16-Page Report
Yesterday, Raconteur published a 16-page report on Talent Management, which was available both online, and as a printed insert within The Times – a popular British newspaper.
We are proud to have co-sponsored this report, which you can access directly here.
Here are three awesome lessons we were able to take away from the report. What did you learn?
Supporting Leadership Ambitions Fosters Long-Term Loyalty
Karen Higginbottom wrote a really thought-provoking article called “March of the Millenials”, which talked about how the most successful tech start-ups of the modern era are being run by the younger generation, rather than the older generation of “Baby Boomers” who tend to be more predominant leaders within more traditional, publicly-listed companies.
One thing I found really interesting in Karen’s contribution to the Talent Management report, was how much long-term company loyalty seems to be influenced by whether or not an employee’s leadership ambitions are being supported.
For example, the article compares two groups of employees – those planning on staying longer than 5 years, and those planning on leaving within 2 years. 68% of employees in the first group felt like there was a lot of support within their company for those wishing to take on leadership roles. On the flip side, only 52% of the second group agreed with this statement.
Does this mean that companies where leadership ambitions are supported are more likely to have employees who are invested in the company’s success long-term?
Talent Management is Less Complicated than You Might Think
Normally, ‘commercial features’ (i.e. articles that have been placed somewhere for a price) are full of product-pushing drivel. But Neil Davidson’s commercial feature was actually a pretty good read!
Amongst other things, it taught me that talent management really isn’t as complicated as some people make it out to be. So many people have talent management systems that look like sprawling spider-webs, when really, it’s all about simply “measuring key performance indicators, and then putting them into the context of your recruitment, retention and career development strategies”.
Perhaps the tendency to see talent management as more complicated than it really is, is why it often ends up confined to a mere concept within the human resources department.
It’s Often Better to Develop Talent Instead of Hiring Fresh
The final lesson I would like to share comes from another of the report’s commercial features, but this time titled “Grow Your Own with a Talent Plan”.
The general stance that the article takes is that in most cases, it is more effective to develop the talent you already have, than to look for a totally new hire as a quick-fix solution. To quote the article, “too many employers waste time and money recruiting new staff rather than developing their own. This kind of recruitment is counterproductive [and] causes frustration among existing employees who could have done the [same] role just as effectively [with the right] training [and] encouragement”.
As well as this, existing employees are often better choices anyway, if for no other reason than they know the business better from the off, and most likely already have more of their loyalties invested.
What lessons did you take from Raconteur’s special report on Talent Management?
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