“There is no way to spend too much time on obtaining and developing the best people” – Larry Bossidy
Many organizations are coming to the realization that success comes from a strong pool of talent. In “Talent Management: A Critical part of every leader’s job,” the authors explain how leaders today are playing a significant role in making this happen. For at least the next two decades, a company’s ability to attract, develop, excite and retain talent will continue to be a major competitive advantage.
Talent management is a skill that can be learned. However, there’s more to it than just having good people skills and being an outgoing and friendly person. Every leader should take the time to learn about managing talent effectively. Talent management is just as important as learning how to manage strategic planning or new product development. One reason why companies are poorly managing talent management is because leaders do not realize that talent building lies in their hands.
Talent building starts with a particular mindset. First off, leaders must understand that talent management does not come from the HR department or HR processes. It comes from leaders and managers at all levels who practice a talent mindset. This mindset is to believe the organization can outperform its competitors by having better talent. This allows leaders to have courage and determination to strengthen their talent through uneasy actions. Leaders with a talent mindset understand that this task cannot be delegated to other peers. Instead, they commit a major part of their time revising their talent pool and how it can be better. They see talent management not as a chore, but as a central and critical part of being a leader. Listed below are examples of the old mindset of people and the new talent mindset:
Old Mindset About People:
- A vague belief that “people are our most important asset”
- I work with the people I inherit
- HR is responsible for people management
- We have a two -day succession planning exercise once a year
New Talent Mindset:
- A deep belief that better talent leads to better corporate performance
- All managers are responsible for strengthening their talent pool
- Talent Management is a central part of how we run the company
- I take bold actions to build the talent pool I need
Once leaders have established which mindset they want/have, it’s important to have an action plan. Whether a branch manager, functional leader or a division president, they should strengthen the talent in the positions immediately below him or her. An effective talent management can produce the right quality talent and future leadership. Read more on Talent Management: A Critical part of every leader’s job.