The growth of a company is always aligned with its stated goals, objectives, and initiatives. But the medium to achieve these goals resides on the talent inside or the staff pool that needs to be rightly managed for best results.
Many companies face the problem of attrition by which talented staff leaves the company looking for better opportunities. In contrast, some companies hog the limelight in HR surveys as the top companies to work with.
When looked at critically, some flaws in optimum talent management could be one of the reasons for employee exodus.
Talent management implies aligning a business strategy with the workforce as a way of binding the right person with the right role with the right tools.
Apple and talent management
Better leveraging of talent has helped many companies to reach great heights. One big example is Apple in its growth as a valuable global corporation. In terms of market capitalization, it has surpassed every firm in the technology industry and other industries.
The extraordinary valuation is also the result of good leadership, a pool of great talent, and exemplary talent management approaches.
Apple’s talent management has many key differentiators. The talent pool’s agility makes Apple different and distinguished, notes John Sullivan, noted business and management analyst in the Silicon Valley.
Apple has brilliantly leveraged the productivity and innovation of the workforce. It is a natural outcome to see some companies dominating an industry.
Examples include Procter & Gamble, Intel, and Toyota. But Apple demonstrated the ability to move seamlessly into new industries and dominate them every few years.
In the early days, Apple was a computer company. It forayed into the music industry with the iPod and iTunes distribution channel and tasted success.
Next, Apple conquered the smartphone industry with its iPhone and App Stores. Apple also challenged the PC segment and Mac adoption is growing and disrupting the publishing industry as well.
The ability of Apple to successfully shift from one industry to another tells a lot about its optimum talent management. In terms of agility other hugely successful firms like Facebook, Google, Toyota, or Procter & Gamble are nowhere near to Apple’s track record.
Top components of talent management
According to management experts, talent management has several components that keep adding a cutting edge to competitiveness. They include strategic employee planning talent acquisition, retention; rewarding, and recognizing talent. Also, promoting talent within the organization is a cost-effective method in talent pooling.
When the right person handles the right role, performance peaks. When roles align with overall business strategy major goals are achieved and the organization’s forward movement takes place.
In optimum talent management, a strategic incentive scheme that compensates employees fairly for their contributions and acknowledging their value to the organization is of immense importance.
Recipe for organizational growth
In short, organizational growth depends on hiring the right people and effective talent management. The HR Technology Conferences have often deliberated on the importance of grooming talent within for strategic roles in addition to external hiring.
That is why companies and organizations are looking at human resources departments as the growth engines as they have to balance both recruiting and talent development to fuel growth. Companies with effective talent management plans will be undoubtedly ahead of their peers.