To produce a value-added Talent Management program you need to understand – and avoid the pitfalls of – five popular myths about talents:
1) Talents are easy to identify. Talent are rarely in the position they ought to be in or in a position which reflects their potential. Identifying an organization’s talents require a rigorous assessment processes. Although this requires a great del of effort studies show that it is better to invest in assessment than development of talents.
2) You cannot measure the value of talent management. Wrong. It is possible to measure the ROI on talent programs and the impact on Shareholder Value. By measuring how much value a program adds (or destroys) it is possible to optimize and continuously deliver effective talent solutions.
3) Talent Management is an issue for the HR department. Talent Management must be owned by the top management. They must see it as their most important job to attract talent to the organization. HR is a natural project team for the talent program and will be instrumental in implementing a successful program. But if the ownership is not firmly with the top management it has no chance of making an impact.
4) If we treat our talents well they will be loyal to our organization. Loyalty towards organizations is scarce these days. Talents must all the time feel that your organization is furthering their career and is developing them in a personal and professional way – otherwise they will leave.
5) We always attract talents. Many companies do not believe that Talent Management is an urgent matter because it has not been a major issues in the past. This is wrong. Attracting talents is a burning platform for all organizations today and all studies show that organizations in the Western World will struggle to find the talents they require.
These myths often stand in the way of a successful talent management program. Studies show that only 7% of American companies believe today that they have a Strategic Talent Management program today despite identifying it as being one of the three most important things for the company right now. Lets’ bust those myths.