Integrated talent management
Total human capital costs can account for up to 70% of an organization’s operating expenses. A well thought out talent management system allows companies to get the most of this investment and ensure the right people with the right skills are focused on the right initiatives to drive the organization’s strategy.
The answers to some of the most pressing talent challenges CEOs face can be found in an integrated talent management strategy.
Strategic talent management consists of two key elements — a vertical link to an organization’s business strategy and a horizontal link across all talent management practices. The vertical link (referred to as strategic alignment) is the connection between business needs and individual performance. A firm’s talent management practices must develop people with the skills, knowledge, and motivation to implement the business strategy. Organizations’ unique business strategies determine which roles provide competitive advantage, the type of talent required, and the skills to be cultivated and rewarded. The horizontal link (referred to as integrated talent management) reflects how all the talent management practices are integrated into a coherent system and leveled at the same goals.
By optimizing both these vertical and horizontal links between talent and strategy, an organization can build a talent machine that fuels strategy execution and achieves business results.