Friday, December 17, 2010

Top 5 Talent Management Trends in 2011

Here are five of my favorite talent management trends to help you get excited about 2011. Why? Because these trends promise change, growth and opportunity.

Trend #1: Creative talent acquisition strategies - In response to talent scarcity companies will continue to pursue creative strategies to acquire top talent such as contractors, remote workers, retirees, part-time workers. As a result, the workforce will grow increasingly culturally diverse, global, virtual, connected, and multi-generational. Needless to say, traditional top-down hierarchical management styles and one-size-fits-all approaches to talent management won't cut it with the modern workforce.

Trend #2: Focus on engagement - Few top performers consider themselves highly engaged and as many as 1 in 5 are actively looking for new opportunities. This isn’t surprising given that the workforce has undergone both a cognitive and a demographic shift while talent management practices lag behind. Given ample evidence that companies with highly engaged employees outperform companies with neutrally or negatively engaged employees, over the next few years we'll see more companies adopt - not just talk about - best practices such as closer scrutiny of manager quality, continuous feedback, talent mining and mobility, workforce segmentation, employee recognition programs and differentiated pay.

Trend #3: Technology’s finally starting to deliver on its promises from the 80s - I've been waiting a long time to say that! Modern talent management solution capabilities include talent profiles, faceted search, talent pooling, goal alignment, embedded multi-dimensional workforce analysis, mobile device access and collaboration tools. These solutions help business people work together across borders and time zones; accurately assess workforce costs, capabilities and capacity; align work to business objectives; and optimize deployment of a highly diverse workforce.

Trend #4: HR’s about the business - It always was, but now that costs have been cut as far as they can there’s a new focus on value creation. HR professionals have a unique opportunity to help drive share price with improved workforce insight, alignment and optimization and it will be interesting to see how they take advantage of this opportunity. Modern HR solutions can help but aren't a substitute for strategic thinking and execution - the solution needs to fit the strategy, not the other way around.

Trend #5: Global's the new black - According to a recent Towers Watson study Creating a Sustainable Rewards and Talent Model companies are focused on creating globally consistent talent and rewards strategies in order to improve efficiency and alignment while reducing costs and risks. Global consistency will require companies to identify talent programs and critical talent pools across borders; standardize job profiles, compensation plans and competencies; and define a global performance and rewards process. At the same time, companies must remain locally flexible in order to stay competitive and compliant in each region. In other words, global companies need to get better at managing both globally and locally.

Wishing you a very talented new year!

14 comments:

  1. I couldn't agree more - and thank you for making limiting this to the top 5 most impactful trends (i.e. not feeling the need to make it a top 10 to draw more people to the blog and fill it with more fluff!)

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  2. Thank you for commenting, Alan - I don't like reading more than 5 of anything either. :-)

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  3. I agree with #4 especially. For way too long, HR has been viewed as mostly an admin position only, especially among small to medium sized firms.

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  4. Dave: How HR is viewed is basically because HR lets itself be viewed that way. Stop say that you want a seat at the table and get one instead. As Working girl says, HR now has the opportunity. But its not something that is handed out. you need to identify it and act.

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  5. It is amazing to know that there are articles like this on web which actually takes the meaning of talent management to new aspect. Thanks for helping me out...

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  6. These are indeed great. My favorite thing about your posts are how they always make me see things in a new way. So many sites just say the same thing -- thanks for letting us all into your head.

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  7. I agree with number one, creative talent acquisition. Businesses now compete not just with their production and profitability but also with their creative execution to be noticed by the market. A company that is surrounded by talented people has a high positivity that it would create a remarkable strategies and tactics to attract the market. And merchant loans will result into a more profitable product that increases assets and build strong reputation.

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  8. This comment has been removed by the author.

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  9. We have a seperate team which only does company registrations in kolkata.This way we differ from others as the experience and expertise gained by the core team in offering specialised services of company registrations.

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  10. Ooh- I'd say you are clairvoyant! Enjoying the post surfing from 2012 reruns!

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  11. Thanks for a lovely column! Good reading at a time of year when you actually have time to read and reflect! And ... as you said "I enjoy it when others stick their neck out and predict what will be happening". Me to. This Trend is still going on ;)

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