When organisations focus on employee development, it usually entails leadership courses, coaching programs or investing learning and development (L&D) opportunities. But how do you know exactly what roles to support with L&D funding, and what skills should be targeted to ensure maximum capability from the incumbent in that role?
This is what Talent Management Strategies (TMS) provide answers to.
TMS is a systematic approach to identifying, developing, engaging, and retaining talented employees within an organisation. It constructs the building blocks for leaders to champion talent in their teams by creating objective measures to standardise performance, and most importantly, potential.
Here are some of the ways a cohesive TMS builds organisations:
- Aligned and enhanced performance: A well crafted TMS aligns employee development with the skills needed to support organisational objectives and growth, with the employees’ hunger to develop skills in areas for their progression and development.
- Increased retention: A robust TMS with clear performance standards and pathways helps identify high-potential employees and provides them with opportunities for career growth and development, reducing turnover rates.
- Better employee engagement: With structured and personalised plans for growth in place, employees are motivated and committed to their position in the company.
- Strategic recruitment: A TMS develops a strategic plan for recruitment in line with the identified areas of growth in existing employees, rather than putting money into talent gaps where potential can fill.
- Improved succession planning: A key outcome of TMS is succession planning. A succession plan will identify and developing potential successors for key positions. Find out more about succession planning, and your company’s bench strength in the link. A TMS will solidify your bench strength to take over critical roles when necessary.
- Greater innovation: A TMS cultivates creativity and innovation in managers as they learn new mindsets to view and champion talent.
With the recent news of Papua LNG kicking-off, Papua New Guinea is now more than ever in a market which will be crying out for highly-skilled talent. If you don’t feel it now, come 2024, you will. PNG businesses need to ensure their growth alongside the injection into the economy is future-proof, and not reliant solely on recruitment to fill critical positions. Here are the two main reasons why:
- An innovative solution to talent acquisition: PNG’s business environment is highly competitive, and attracting the best talent will only become harder. With the Australian neighbouring market also suffering from a talent shortage, critical positions will become harder, and more expensive, to fill. Smart recruitment cannot be the only solution.
- Building local leadership capabilities: With a rapidly changing economic landscape around the corner, a TMS will build the capabilities in existing leaders to accelerate the development of high-potential employees and emerging leaders. This is one of the prominent benefits of a TMS for PNG businesses, providing the framework to build up the local leadership workforce.
Overall, implementing a talent management strategy in PNG can help businesses overcome the challenges of the current business environment and position themselves for long-term success.