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Video: Five Essentials for Managing Talent

This video clip on talent management by SumTotal Systems's Alex Raymond offers a lucid starting point for companies that are facing a talent leak (and it is possible to suffer from this while the job market is apparently flooded with graduates.)

First, he outlines the steps that senior execs and managers need to consider when thinking about talent management, starting by what's driven you to create a talent management plan in the first place.

(Interesting that people are the fourth consideration, after drivers, strategy and alignment -- but that's for a separate post.)

For those who cannot spare eight minutes, here are the five 'essentials' for talent managers:

  1. Recruiting -- roles and competencies the business needs, and how it can attract the right people.
  2. Learning -- training and development for new hires.
  3. Performance -- a decent, regular review process or, better, instant feedback.
  4. Succession and workforce planning -- who needs shifting and when, so you have people to allocate as required to new roles.
  5. Pay for performance -- how do pay and incentives align with outputs?
Don't be put off by the Hong Kong focus -- as Raymond says, the main reason top people leave a business is that they cannot see how their work aligns with that of the organisation as a whole.