Define

talent strategy

How would you describe the supply of leadership talent in your organisation?

Your answer is likely to depend on whether or not your senior leaders see succession management as a strategic priority and treat it as a force for sustaining business success.

Talent Management - Effective LeadershipEvery organisation needs a solid strategy for identifying and developing the right talent for critical leadership roles. Too often, companies find themselves short of the right talent when they need it and must resort to bringing people in from outside to fill the gap.

Traditional succession planning has been hard to implement for many reasons such as complexity, irrelevance to future business strategy and lack of clarity, transparency and accountability, all of which add up to executive indifference.

If this resonates with you, it's time to reconstruct your approach so that the need for and effective practice of talent strategy management is ingrained in the mind-set of executives and managers. The ultimate goal is a leadership talent agenda characterised by a vibrant and ongoing conversation about current talent and the shifting demands of the business.

In this context, the emphasis is as much on helping people grow in their roles and advance within the organisation as having people ready to step into critical roles.

Those who have the potential and possess the passion and aspiration to be in leadership roles should be tracked through accelerated development through various assignments and learning experiences. We refer to this as the leadership radar.

Some key principles of talent strategy are important to keep in mind:

  1. The focal point is always organisational capability that is at the heart of the business strategy.
  2. Talent should be differentiated, not all people need or want the same opportunities or development.
  3. A validated measure of potential should be used to eliminate subjective evaluation of people.
  4. The process should be rigorous, yet easy enough for people to engage readily in.
  5. The quality of the conversation is integral to the integrity of the talent management process.
  6. Succession management itself needs key performance indicators to measure its impact on the business.

For more on how to implement the talent strategy radar in your organisation please call us on +61 (3) 9667 9100 or email info@ldninternational.com