Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 4412 A Focus on Talent Management INa competitive marketplace, the people who work in your company are your key advan- tage. Collectively, the purposeful recruitment, development, retention and proper placement of employees with the right skills and attitude to meet business objectives is referred to as talent management. According to the Society for Human Resource Management, only 53 per cent of com- panies have an articulated talent management program in place. Implementing a few deliber- ate practises to support your business strategy not only keeps you from losing ground, it can move you to the top of the pack in your industry. Start with Business Objectives Look at your business plan and ask, “What are the people needs to fulfill those objectives?” Like any part of your company, to be of value, talent management strategies are not stand-alone and must help meet business objectives. According to Jim Collins, author of Great by Choice, long-term growth of most companies is halted by an inability to take advantage of new opportunities because they do not have the right talent in place or the ability to employ new talent when the time arises. Whether your current business strategy is to corner a fledgling market, implement new technology or cut costs, use your business strategy to determine the talent opportunities and roles that are needed to make it happen. Then work to align the natural abilities and passions of the people to fill these roles and take advantage of the opportunities. Do not use the current talent pool (including your- self) to determine your business objectives. Create the needed job descriptions and then identify the individuals who best fit those roles now or grow your talent to fit the needs. Effective talent manage- ment means hiring, developing and retaining the right employees who fit the needs and values of your company. Because business strategies and business environments change, talent management, like all other practises, is not a one and done exercise. It is an ongoing process. Grow with the Business Talent management is not usually the highest pri- ority for most start-up companies. When starting a business, it is often the case that the opportunity being filled is so easy that anyone can be moderately successful, in the beginning. Taking advantage of a rising market need is usually better addressed by means other than hiring the right people or imple- menting a succession plan. However, as the company matures, what got you here will not get you there. Most business owners are experts in a technology, sales, or finance — and not people. Most of us have a baseline appreciation of the value of our employ- ees, and inherently understand the importance of their contribution to our company’s success. Our internal, and often inconsistent external, gratitude often appears to suffice. People are more flexible than budgets, and therefore there is wiggle room for mistakes. Those mistakes add up. During rapid growth early in a company’s existence, the upside of growth drowns out the downside damage of employees who are not in the right roles or are unproductive. However, as the company matures, the upside growth plateaus, but the downside of mediocre talent doesn’t go away, potentially to the point of overtaking profits. JonathanShaver Withinthetalent managementarena, JonathanShaver, Ph.D.,founderof EnvisionPartners, specializes in helpingsuccessful individuals with technical knowledge to identify and embracethenew values,behaviours andskillsthatwill movethemforward assuccessfulpeople managers. Talent management is not just the responsibility of your human resource team. The most successful talent management programs are an integrated, continuous organizational practise.