A recent research paper by MIT Sloan which is based on the talent management strategies of 33 multinationals with assistance from INSEAD, Cambridge, Tilburg and Cornell has come up with six guiding principles when setting up or reviewing your talent management strategy and its outcomes.
In short, the best in class outcomes where achieved by different strategies but the research yields six guiding principles that all companies had in common.
1. Alignment with Corporate Strategy
Achieving corporate goals by integrating them into talent strategy. eg increasing number of global technical leaders (GE) or enhance organisation flexibility through an overhaul of a performance management system (Oracle)
2. Internal Consistency
Talent strategies are interlinked and so should be consistent. e.g., no point in investing heavily in learning & development if the staff retention plan is weak or non existent.
3. Cultural Embeddedness
Most organisations hire people that “fit” as well as have the skill-set required. If “cultural fit” is important when hiring, it follows that it should also be important in performance appraisal should the company change its core offering and so values.
4. Management Involvement
All management and not just HR need to be fully engaged and be will to spend a lot of time and resources particularly on leadership development. Research suggest this is not the case in most multinationals.
5. Balance Global V’s Local Needs
Most companies had global standards but with some flexabilty at local level.
6. Employer Branding Through Differentiation
Whats your USP in attracting and retaining top talent?
The full article is available at MIT Sloan
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