Top tier competitive advantage is flipping all the talent management levers that hold back Profit & Loss performance. The key is to pull the right ones and integrate them into the culture. Avoiding initiative overload requires making choices and a clear view of the value of implementing talent management solutions. First, what are those solutions:
- Hiring with rigor and clear requirements
- Promotion and internal talent development
- Onboarding effectiveness
- Manager development
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- Cross-functional team effectiveness
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- Design organization to achieve flatter, more cross-functional and agile execution
- Reward and total compensation design
- Workforce and capability planning
- Transforming the HR operating model
Putting this into the perspective of a Profit & Loss Statement the talent levers can transform performance in a targeted way.
Growth and revenue are a function of strategy, competitive goods and services, pricing, leadership and team effectiveness, rewards and workforce engagement.
Cost of goods sold is a function of execution, automation, footprint, organizational design, hiring rigor, retention and engagement.
Operating expenses is a function of work process design, outsource and shared services strategy, change management, talent development and team effectiveness.
Maximizing talent management is smart as it generates results, is hard to replicate by competitors and endears your employees to the enterprise.
If your organization needs a hand thinking through and executing a talent management strategy let us know.