HOW TO TACKLE TALENT MANAGEMENT

Based on today’s competitive marketplace and shortage of talented employees, companies are wise to learn how to manage their talent effectively according to Paul Loftus.  In his article, How to Tackle Talent Management, he discusses the importance of companies developing their talent to retain their competitive edge and stay at the top of their industry. Research supports this theory and asserts that people are a company’s greatest asset. In fact, studies show that companies that excel in talent development are also more likely to be high performing companies that are leaders in their industries. In addition, he feels while globalization and competition from low cost producers has intensified industry competition, it can also provide a host of opportunities.  With that in mind, Loftus asserts, companies must master four key capabilities in order to be successful in developing their talent.   These include capitalizing on global talent in areas such as Asia, articulating a “global people development model that aligns with a company’s business model, focusing on mentoring programs that pair younger workers with older workers to retain critical skills and knowledge, and using continuous improvement by focusing on shared services and outsourcing to improve business processes. 

According to Loftus, focusing and developing a company’s talent requires a long-term commitment with aligning workforce and business strategy as a starting point.  However without the added steps people development and talent management, maintaining your company’s competitive edge is impossible.

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