Talent Strategy: The One Thing Your Business Needs This Year
Do you struggle to stay ahead of your talent needs? Do you find yourself realizing only after the need is desperate that you are missing the skill sets necessary to accomplish your goals? Talent acquisition is a common struggle for growing and midsize businesses. And if you don’t have a strong business strategy to begin with, you cannot devise a talent strategy to ensure that you meet your objectives. Organizations of all sizes benefit from developing a talent strategy rooted within their business strategy. According to Bersin by Deloitte research, regardless of the size, industry, or location of a business:
- 70-80 percent of the organizations rated least effective at business outcomes lacked a talent strategy.
- Organizations with a talent strategy were 2 times more likely to be in the top quartile of business outcomes.
- Companies with a talent strategy in place performed 30 percent better than organizations without a strategy.
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Statistics like these can serve as a wakeup call for business leaders. Now is the time to evaluate and clearly define your business strategy to understand your talent needs. Growing and midsize companies don’t necessarily have the budget to implement a robust talent strategy. However, there are some practical, straightforward actions that you can take to reap immediate benefits to your bottom line:
- Define and clarify business objectives that you are hoping to achieve in a given year.
- Identify the skill sets and talent you will need to meet your objectives.
- Integrate your brand identity, company culture, marketing, social media, and business operations to achieve better visibility and attract stronger talent.
- Utilize technology and people analytics to improve your understanding of existing talent and future needs, to recruit more effectively, and to start shifting to a more sophisticated talent acquisition strategy.
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Talent strategy is the key to increasing strategic advantage, and it’s about more than just hiring people. It’s about attracting, hiring, and retaining the right people. Get started now.
East Tenth Group is a boutique consulting firm providing strategic HR consulting, leadership development and executive coaching services. We are fiercely committed to helping leaders and their businesses thrive in today’s complex environment. We partner with small to middle-market businesses that need strategic leadership and human capital insights, perspective, and experience to grow and sustain their efforts. Michelle Tenzyk serves as the President of East Tenth Group. She has over 25 years of experience in human resources and maximizing leaders’ effectiveness across multiple industries. Email Michelle for more insight or read her posts on LinkedIn. Follow Michelle on Twitter @MichelleTenzyk. Like East Tenth Group on Facebook and follow us on Google+.