Creating a future-focused talent strategy sounds like a daunting task, but the fundamental focus areas are not new.
Organisations need to:
- Screen and select the right people to maximise productivity and profitability
- Develop and engage people to meet their potential and drive organic growth;
- Optimise the talent pipeline and build leadership capability to overcome future challenges.
In short, organisations still need to understand what makes people successful and be able to find this out quickly and accurately. To do that, there needs to be a clear and meaningful way of talking about talent across the employee lifecycle – by adopting the language of competencies.
Talking about talent is, and will continue to be, best done in the form of competencies.
Understanding the pattern of performance for an individual across key competencies is like unlocking their talent fingerprint. When done well, competencies provide clear, actionable insights into current performance levels and guide ongoing development.
A successful competency framework will go through many stages of development and validation to ensure it is both fit for purpose and provides meaningful and usable talent insights to the organisation across the employee lifecycle. Using a framework which applies key principles will help a business to deliver effective and sustainable talent management.
Want to find out which three principles could unlock a meaningful future-focused talent strategy? Download PSI Talent Management’s whitepaper The Continuing Importance of Competencies to find out more.