As an added benefit, clear career development processes help to build loyalty with internal 'high potentials' who feel like their potential will be realized within their current organization.
Chicago, IL (PRWEB) April 16, 2007
SHL, worldwide leader in assessment tools and consulting, has observed client concern over recruiting and retaining talent intensifying over the last two years. One question seems obvious ‘Why don’t organizations start with the talent they have in-house? – The answer is - companies often don’t realize what skills are already in place but unused. The first step in winning the war for talent is uncovering this untapped wealth of talent by following a simple talent audit approach.
Are US organizations expending too much resource on acquiring and training customers that they are at risk of neglecting their own employees? Research suggests that US companies will spend $338 billion on R&D in 2007 compared with just $109 billion on employee training and development. Additionally, Workforce Magazine (February 2004) puts a high price on the cost of losing valuable staff by estimating that a 20% reduction in turnover for a 5,000 employee firm can cut costs by anywhere from $1 to $5 million.
The word ‘audit’ is usually associated with understanding finances, not people. But an audit is exactly what is needed to effectively assess and manage talent within organizations. Too many decisions about people are based on ‘gut feel’ when what is needed is an objective look at the potential of those within the organization.
One of the most important actions that an organization can take today to prepare for the challenges of tomorrow is to conduct an audit of their current talent. “Not only does a talent audit provide invaluable information about the strengths and gaps of current talent, but it also allows organizations to be proactive in developing or obtaining the strengths that they will need to be successful in the future,” explains Marlene Burchfield-Dunne, VP of Consulting for SHL USA. “As an added benefit, clear career development processes help to build loyalty with internal 'high potentials' who feel like their potential will be realized within their current organization."
Employing a simple, yet strategic, talent audit of the existing people potential within the organization could uncover skills that may need developing, but exist within those who are already in tune with the company’s brand values and culture. In addition to this, maximizing the output of existing potential could cost businesses a third of the cost of recruiting new candidates.
Taking a look at talent—SHL outlines some simple steps that can help companies get started or enhance current practices to help prepare for the ongoing shortage of talent.
1. Write a talent map
Carry out an analysis to demonstrate the link between the human capital and competencies in your organization, and the delivery of your strategy. Plot what competencies will be needed from all parts of the organization to achieve the long term plan or vision. Make a note of what competencies will be essential, which will be desirable, and for what objectives. SHL finds this to be a critical first step to ensure that your ongoing talent management activities support corporate goals.
2. Critique current context
Get a clear view of your talent reputation, by asking how fulfilled, engaged and motivated employees feel. Take an honest look at the answers – Does your organization have work to do? Analyze the company’s career development process. Do employees at multiple levels feel confident that they have room grow their careers without looking at other firms? Is there scope for improvement? How many leaders of the future could there be within the organization? Review your processes for identifying and “fast-tracking” undiscovered talent in your organization.
3. Conduct a talent audit
SHL can help organizations to assess the current status of talent through the use of a competency survey. By applying SHL’s Occupational Personality Questionnaire (OPQ), Motivation Questionnaire (MQ), and ability tests, organizations can obtain a measure of potential and fit for future roles and responsibilities. Taken together, the assessment results can enable organizations to understand the competency profile of talent – at both the individual and group level – and match it to those required as per your talent map.
4. Create a talent strategy
With the help of an SHL Facilitator, schedule a day with the executive team to review the talent audit results and to create a talent strategy with real targets that all can commit to. The objective is not to solve the talent challenge for the whole organization at once. Through the facilitated discussion, prioritize initiatives by identifying areas that address significant pain points and that have the most impact on strategy. Circulate the strategy, the development plans, timescales and targets to help ensure that successes are recognized and progress measured.
Finally, integrate talent management into quarterly business reviews and remember, when addressing talent in your organization, above all else be bold. Act like your business depends upon talent - because it does.
About SHL Group Limited
SHL is a world-leading provider of psychometric assessment and development solutions. The company supports organizations in the selection, recruitment, promotion, succession planning and development of talented people at all levels and across all sectors. Operating in 40 countries and more than 30 languages, the SHL Group devises innovative approaches to help organizations increase productivity and gain competitive advantage through the more effective use of their human capital. SHL has over 15,500 organizations as clients, including many of the Global and Times Top 1000, and is recognized as the foremost provider of objective assessment products in the world. For more information please visit http://www.shl.com.
For more information, contact:
Tiffany Stronsky, Senior Marketing Manager
Kevin Baughen, Marketing Director
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.