Talent competencies for career success
In 2007 I discovered the whole area of talent management almost by chance when I spent 6 months researching the area. I had registered the URL www.liberateyourtalent.com and came cross ‘talent management’ during web searches for research. I loved my coaching work, but was missing the strategy work that my big picture insights and ideas mind loves.
So what is ‘talent management’ and how can aspiring senior execs ensure they become and stay one?
‘Talent’ is the term organisations use for their people. Some organisations label all employees as ‘talent’ and others define talent around as employees with high potential performance and good career prospects or because there is a skills shortage and so their skill set, knowledge and experience is business critical. For many types of company/firm e.g. law firms in the knowledge economy, people are the only source of their competitive advantage.
PWC for example use both qualitative and quantitative approaches when looking at the potential of employees. They explore the potential of an individual to develop, leadership, resilience, potential, drive, intellect and influence/insight.
Defining talent means that companies can focus their limited budgets and time where it will make the most difference – deploying their recruitment, development and employee engagement efforts to the best effect, and helping succession planning.
When I was first looking at talent management in 2007, there was a shortage of talent globally and it was a critical issue for CEOs. Then the credit crunch happened, there were massive redundancies and the talent landscape completely changed from not enough talent to too many.
Today, companies are starting to hire again and there are now many well qualified professionals in the developing countries hungry for success. More women are now reaching senior positions too and companies need to inspire high performing employees to achieve more and stay.
So what are companies looking for from their talent? Knowing this can help you plan your career strategy and plan and take responsibility for upskilling yourself to keep and build your competitive advantage.
Trends such as ‘big data’, global companies and economic uncertainty mean that talent need to possess various competencies and qualities. Here are some of the management skills and core competencies that you need to make a mark in talent and talent management:
- Analyse the insights from data to inform decisions
- People engager – inspire and empower people
- Engage independent workers
- The ability to manage and influence across matrix business structures
- Global mobility – the willingness to move around for your career
- Articulate your own vision and the company’s purpose
- Don’t micromanage – define the ‘why’ and let employees choose the ‘how’
- Cultural sensitivity – ‘CQ –‘ ensure you have a good cultural quotient dealing with different nationalities
- Be comfortable with uncertainty - it is the new ‘normal’ and the ability to make decisions in this context is essential
- Understand and embrace the needs and wants of the different generations
- Support your employees to be who they are and inspire their loyalty and hard work
- Apply judgement
- Work collaboratively
- Adapt to change
- Help others flourish
- Challenge the way things have been done
- Understand risk with different scenarios