Talent management: Raising corporate performance by understanding ‘what talent wants'
Most companies use a single definition of what ‘talent’ means for the organisation and then differentiate development for those who meet the definition. Yet organisations that adopt this approach to talent management perform less well than those that segment their talent pool further and tailor the Employee Value Proposition (EVP) to different groups. In fact, Total Shareholder Return (TSR) in organisations that use some degree of segmentation in talent management can be up to 66% higher than in organisations that don’t.
The logic is clear. To secure competitive advantage through talented people, organisations must focus their talent management strategy on talent segmentation. That means identifying the different types of talent that generate value for the business and tailoring reward and development packages to reflect what talent wants.
Based on research involving 44 leading companies, PA’s report, ‘What talent wants’, provides a clear process and practical tools to enable your organisation to realise the enhanced performance that stems from talent segmentation and tailored EVPs.
Our talent management research guides you through the key steps in the journey to talent segmentation.
Focus on how you compete
How your organisation competes in the market place determines the type of talent you need. Our findings provide you with a deeper understanding of your main source of competitive advantage and of the impact of market conditions on your talent requirements. This insight forms the basis for effective talent segmentation.
Define the range of talent you need
It’s not unusual for organisations to define talent as leadership potential. But other types, such as entrepreneurial talent, customer sales talent and technical talent, can be equally important. Our research helps you plot the different types of talent your organisation requires according to your source of competitive advantage and market conditions.
Refresh your processes for identifying talent
The nine-box grid used widely to plot performance and potential doesn’t allow organisations to focus sufficiently on who their main value generators are, and doesn’t encourage employers to think about how they will develop their most valuable people. Our research proposes a sharper, and still practical, tool to help you apply a differentiated approach to talent management.
Group talented individuals according to what they want
Our research identifies six ‘talent interest groups’ you can use to begin to build a set of EVPs that get much closer to what talent wants. Developing a personalised development package for each talented individual is not practical for most organisations – but developing a range of propositions tailored to the common needs of different groups is.
Align what you offer with what talent wants
Tailored Employee Value Propositions are key to your ability to attract, develop and retain the talent you need. Our research shows you how to draw together three key insights – what different talent interest groups want, what challenges talented people face at work and what type of development experience you want to create for them – to build a set of effective and highly motivating EVPs.
Accelerate development for your most talented people
Organisations that have programmes to accelerate the development of their most talented people see a clear return on their investment, with TSRs up to 25% higher than for organisations without this type of programme. Our research outlines practical steps you can take to make effective accelerated development a reality in your organisation.
Enter your details to download the key findings from our talent management research, ‘What Talent Wants’, and arrange a workshop for your organisation. >
To find out how talent management incorporating talent segmentation can deliver lasting impact for your organisation, contact us now.