Identification of the strategic issues building a Talent Management Strategy
More than one in four companies internationally stated that they were planning towards refining their overall strategy regarding the management of talent. This gave the suggestion that talent managers as well as HR professionals have instilled within the top management the understanding that talent is the fundamental source of accelerated business performance. organizations are required working towards the aspect of shifting the talent curve as well as proactively filling the pipeline of their leaders through the identification as well as development of high potential skills. The continuous evaluation of the Management Consulting Firm, McKinsey Australia is essential regarding the early recognition of the organizational talent
In the present scenario, talent management has become very much essential in respect of the growth of business as well as economic development and it is forcing the companies in re-examining in what ways they are attracting, developing, retaining as well as engaging the staffs. With the growth in the relation toward investing in talent as well as impact regarding business, it is being realized that there is a shortage regarding actionable strategic aspects to address significant challenges relating to talent (Hubbard 2014). The most significant management challenges are,
- Absence of skilled talent in respect of major positions
- Talent deficit at every level
- Less than optimal engagement of the staffs
- Very less high-skilled organizational leaders
- Loss of top talent to the other companies
There has been a dearth of talented individuals in respect of major positions, which the employers are citing constantly in every region for being a top organizational concern. It is very acute in Asia Pacific (36%), mainly because of the quick development of the region and since many employers there are finding it quite challenging to find the talent they need for executing their strategies regarding business (Slack 2015). In Europe, however, talent shortage at every stage is ranked to be the most acute challenging scenario (24%). In Norway, shortage of talent was specifically challenging (32%), in Germany (31%) as well as in the Netherlands (24%).
A study research that was done in 2014, stated that almost 36% of the more than 37,000 employers that were surveyed globally are facing difficulties towards the filling of job positions because of the absence of available talent. In addition, there has been a growth from 36% in 2012 to 54% today, in respect of employers who are reporting the shortages in talent towards influencing their capability for servicing the clients to a high or medium degree (Morschett 2015).
Throughout the globe, there was the identification of leadership growth as the main focus regarding the investment of talent management with 46% of the companies internationally making plans for investment. Companies are also planning the development of the targeted skills essential in respect of the companies (39%), as well as investing in the evaluation of skills all through the company (33%). Organizations are understanding that to compete in the Human Age, when the capability for thriving is depending upon the ability of the company for unleashing the human potential, there is the requirement to rethink the approaches for the identification as well as development of the talent within the companies (Steinbach 2017). While the focus towards the development of leadership might be associated with the business growth opportunity of a place, in the Americas, succession planning will be ranked as a greater priority (36%) in comparison to Asia Pacific (31%) as well as Europe (17%). As regions are experiencing challenging transformations in respect of the economic aspects, they are more inclined towards balancing the development of leadership with the requirement for necessary skills. More than one in four companies internationally stated that they were planning towards refining their overall strategy regarding the management of talent. This gave the suggestion that talent managers as well as HR professionals have instilled within the top management the understanding that talent is the fundamental source of accelerated business performance (Haines 2016). In Asia Pacific, 39% of respondents are reporting that they will be focusing on executive coaching in comparison to the 22% within the Americas and Europe. In Asia Pacific, the building of team was also ranked as a top priority with 44% of respondents to plan in investing within this area, in comparison to 26% within Europe as well as 25% within the Americas. In this context, it needs to be stated that there cannot occur the successful execution of any business strategy without a talent strategy that will be taking into consideration the skills required for moving the business ahead. The evaluation of the workforce requirements is considered to be a continuous endeavour. In the Human Age, the creation of efficient talent strategies regarding the future as well as creating a mission-critical pipeline of talent is considered being a major competitive differentiator (Bettis 2015).
Continued Evaluation of McKinsey Australia Talent Management Strategy
40% of respondents internationally, reported that their top management team is making the association amongst the investment in talent management as well as its impact regarding business.
Since, majority of the companies internationally are planning towards making more investments in the development of leadership as well as development of skills at all the stages, it is a fact that 48% of them will be broadening their staff engagement programs for ensuring that they are reaping the benefits of such investments. There was a consistency of this throughout all places. Also, the highest response were coming from Asia Pacific in which 59% of the respondents stated that they were planning to do so (Christopher 2016). The major response in this areas, were coming from China (85%), Singapore (57%) as well as India (52%). It needs to be understood here that, increased staff dissatisfaction is having a ripple impact, which will be hurting the bottom line, disrupting the output as well as damaging the spirits. While large number of organizations are making plans internationally for investing more in the development of leadership, a dearth in the top management level bench strength is an issue (Jacobs 2014). Majority of the companies (57%) are believing that they are having enough bench strength at the mid-level management. On the other hand, 26% of the companies internationally did the reporting of their mid-level bench strength to be weak or non-existent.
Preferably, organizations are required working towards the aspect of shifting the talent curve as well as proactively filling the pipeline of their leaders through the identification as well as development of high potential skills. The continuous evaluation of the Management Consulting Firm, McKinsey Australia is essential regarding the early recognition of the organizational talent. To provide coaching as well as development of staffs at the curve centre will be leading towards improved bench strength at the mid as well as senior stages, and will also be resulting in better staff involvement as well as loyalty (Dess 2014).
In a clear manner, it can be stated that the basis of every company’s potential regarding future success is finally depending on the strength of its skills. The major aspect related with this matter is talent regarding leadership. With majority of the organizations being faced with shortages regarding talent, mismatching of skills as well as leadership pipelines that are weak, the present moment is the best time towards investing in the development of talent for creating sustainable development as well as driving faster time-to-value (Morden 2016). There is a requirement of a continued strategic assurance towards unlocking the potential regarding organizational skills, having an alignment with the objectives of the organizational business.
The assessment of talent is having the involvement of certain steps that are mentioned as under,
- Competency Modelling – Mostly all the companies are possessing a strategic plan, but are lacking in the number of individuals having the skills for executing it. Competency modelling will be identifying the knowledge, skills, abilities, experiences, as well as personality attributes that needs to be developed by the workforce of a company for realizing the current as well as future strategic objectives and enhancing the agility, innovation, involvement, as well as retention (Alexander 2013). The competency models that are designed in an effective manner will be providing the companies with the perfect scenario towards the optimization of the performance management and the evaluation of talent, recruitment, succession management as well as methods of promotion.
- Organizational Evaluation – This evaluation will be providing a clear knowledge of the ways by which factors like organizational strategy, communications, skills of leadership, staff processes, levels of engagement, rates of retention will be driving efficiency as well as performance. Such value-added evaluation will be providing input for increasing staff involvement as well as retention, improving the output as well as enabling the actualization of business objectives (Stadler 2015).
- Individual and Team Evaluation – There is a possibility for an entire organization in getting benefitted when there will occur the development as well as promotion of an individual depending on the perfect, comprehensive evaluation. Individual evaluation will be assisting in the workplace alignment with the strategic objectives of the company through the evaluation of the individual abilities of a person and their potential fit with the cultural aspect as well as organizational environment. Assessments of the teams will be increasing the aspect of staff involvement, improving the output of the team as well as assisting the teams in meeting the goals related with the strategic aspects regarding business. Such kinds of evaluation will be assisting the teams in the execution of their strategic aspects as well as improving the performance of the organization (Galliers 2014).
There is a three-pronged approach relating to talent management that is aiming towards the building of the capability regarding talent for the Management Consulting Firm, McKinsey Australia. This are mentioned as under,
- Assess – To do the strategic assessment of the talent that McKinsey is having as well as doing the identification of the talent that is required, underpinning of the capability for meeting as well as exceeding the goals of the company is required. With the correct placement of the appropriate talent, the company will be able to do the building of a more effective brand, do the achievement of goals in a more consistent manner, as well as delivering higher values regarding the customers and the stakeholders (Hill 2014). Moreover, it is essential for assessing the position of the company at present. Also, where it is aiming the organizational workforce to reach prior to the building of a connection within talent strategy as well as the business strategic aspect of the company. It gets started with the aspect of evaluating the present talent for the capturing of rational insights in respect of the talents as well as behavioural aspects of the individuals and the objectives and cultural aspects regarding the organization for better workforce evaluation as well as forecasting of the future requirements (Heizer 2013). The consequential gap analysis will be providing a plan towards the development as well as management of talent and doing the alignment of the workforce with the direction of the business.
- Develop – For building an international leadership pipeline that is considered being deep as well as wide, McKinsey is required to continuously do the identification, development, nurturing as well as retention of the leaders as part of a continuing strategy for the development of talent (Weiss 2014). In addition to the building of flexible structures of work by McKinsey, the continuous shrinking of talents as well as the requirement for an international leadership mindset and development of skills is considered being an acute business challenge, along with the development of ‘pipeline’ or ‘ready now’ leaders. Development will assist in ensuring a steady leadership flow in respect of steady organizational growth. It is recommended that there should occur a targeted development approach that will be building capabilities in different ways throughout all the levels of leadership. There is the requirement for offering broad-based programs to every staffs for fostering the development in career as well as increased levels of staff involvement, and also focusing particular programs as well as coaching on the progress of major talent. With the proliferation of challenges confronting McKinsey, such as globalization, economic turmoil as well as new models of business to transformational technological aspects, demographical changes and working virtually, there is a growing urgency for the leaders to ensure that they are having the ability towards realizing their potential with the maximum effectiveness (Renz 2016). Coaching can do the acceleration of developing the leaders as well as delivering the improvement in performances that will be boosting the overall company.
- Activate – The development of the staffs as well as engagement of employees is considered being a strategic focus when McKinsey will be recognizing talent to be their major competitive advantage.
There are three components in respect of optimizing staff involvement such as,
- Define – There is the need to identify the correct engagement metrics that should not be very difficult. The primary step is to define the questions that should get answered by a business for shaping the strategic aspect regarding the workforce. In this respect, it is better to concentrate on the priorities of the workforce that are very much essential regarding the business (Motii 2014). The correct metrics will assist in going a long way in respect of assisting McKinsey towards thinking in a more strategic manner regarding the workforce requirements of the company.
- Listen – It is not considered enough to ask the appropriate questions for ensuring meaningful data as well as insights. Business leaders are required demonstrating the fact that they are open to feedbacks as well as have the ability to provide effective responses. To create channels of communication during the process is considered being a major step to support active listening as well as an essential factor to set the tone for using the metrics (Henderson 2015).
- Engage – To enlist the leaders as well as staffs, particularly major talent will be deepening their commitment as well as enhancing the staff programs as well as processes. With the help of such endeavours staffs will be understanding in what ways will their contributions be impacting the business, and the leaders will be accountable to take actions.
Conclusion
To conclude it can be stated that, McKinsey is required to continuously do the identification, development, nurturing as well as retention of the leaders as part of a continuing strategy for the development of talent. In addition to the building of flexible structures of work by McKinsey, the continuous shrinking of talents as well as the requirement for an international leadership mindset and development of skills is considered being an acute business challenge, along with the development of ‘pipeline’ or ‘ready now’ leaders. With the correct placement of the appropriate talent, the company will be able to do the building of a more effective brand, do the achievement of goals in a more consistent manner, as well as delivering higher values regarding the customers and the stakeholders.
Reference
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