Talent Management Strategy Series – Part 3
I am incredibly excited as we prepare for my first conference presentation for Talent Management Strategies: Attraction, Efficiency, & Retention at the LSI – Life Science Intelligence™ Emerging Medtech conference in March. I am not here to tell you which strategy to choose any more than I would tell you which type of painting to like, but in the world of Talent, you must have a strategy.
There are a lot of different strategies that a company can take relevant to talent management including combining strategies. As a company grows often time their strategy can change as well, however, just realize that you have to have a strategy. Not having a strategy is a strategy for failure!
5 Key Considerations:
1st- Define Your Strategy or Combination of Strategies.
2nd- In “Hiring for Attitude” by Mark Murphy, the research shows that out of the reasons that new hires fail, 11% is because of technical competence. The other 4 reasons for failure were coachability, emotional intelligence, motivation, and temperament.
3rd- Consider setting a minimum level for technical skills and experience… after that, hire for attitude, aptitude, emotional intelligence, cultural fit, and a person’s ability to grow. “The Talent War”, Authors Mike Sarraille and George Randle is a great resource which further talks about strategies and examples of hiring up to a minimum competency and then hire for cultural fit and ability to grow after that specific level of competency.
4th- Make your talent management process a part of your QMS, track outcomes, and utilize analytics to measure the success for all aspects to create best practices so you protect your value prop and create the best candidate experiences. Bernie Haffey’s “Cutting Through- HPQMS” is a great resource.
5th- Consider having a different process for warm market candidates versus the passive market: it needs to be more efficient.