By Harmen van Os, PA manufacturing expert
To create competitive edge, high-tech manufacturing firms are increasingly focusing on how to get the best from their talent.
Yet while many manufacturing leaders in this sector understand the ‘people value’ that talent can bring to their business, the benefits of more effective talent management are hardly ever fully realised. This is despite the fact that a well-embedded talent management approach can increase total shareholder return by 67%.
Talent management must be tailored
We know from our work with large global clients in manufacturing and other industries that a one-size fits-all approach to talent management doesn’t work. A well-designed talent management programme in the manufacturing sector should take a number of factors into account including global footprint, sub sectors, markets and specific risks which vary by company, for example, from the scarcity of unique knowledge and skills through to intellectual property challenges.
To ensure your talent management approach delivers the results you want, the first step is to identify the areas of your business where realising ‘people value’ will make the biggest difference.
Where can talent add most value?
In manufacturing, the areas where a focus on more effective talent management typically delivers the most significant results include:
improving collaboration across the manufacturing value chain and eliminating sub-optimised silos
implementing new approaches to learning and leadership that create a big impact quickly, rather than lengthy and costly management development programmes
achieving stronger innovation performance with greater creativity and a faster speed-to-market
delivering an underlying culture change programme, focusing on specific and tangible characteristics of desired behaviour
implementing advanced and strategic workforce planning: where does your organisation need key competencies in the next few years, and how can you fill the gaps?
increasing the emphasis on talent management, including recruitment, development and retention
reviewing current HR policies, leadership programmes and models.
Getting results with the 80/20 rule
Harmen van Os, PA manufacturing expert, explains: “Our experience is that high-tech companies need to focus on two or three of these areas to really capture people value, applying the 80/20 rule. A first step would be to identify those key areas of focus for talent management.”
PA works with some of the world’s biggest companies, helping to continuously improve their manufacturing processes. By focusing on cost and operational excellence, manufacturing footprint design and implementation, technology strategy, talent management and strategic decisions we create lasting impact across all sectors.