Catching up after a long drag can be a struggle but with consistency, success is achievable. Companies within the ‘high potentials,’ the ‘average performers’ and the ‘low performers’ capability levels can each improve by following the index model based on the six leadership and talent management capabilities which are Strategy, Leadership and Talent Management Model, Talent Sourcing, People Development, Engagement and Culture.
As for the high potential and the average performer companies, they need to implement leadership and talent management not just in the short-term, but more importantly on a long-term basis. They need to develop and expand their leadership yardsticks and succession plans adequately by identifying internal potential leaders and grooming them. Their talent sourcing and people development need to be in sync with the company’s overall business strategy. They also need to assess performances and progress by making existing leaders accountable. The benefits of integrating all six talent management and leadership capabilities into the company’s core values and processes cannot be overemphasized.
To move ahead, the low performers who already have a leadership and talent management model in place need to insist on making it an integral part of the company’s culture. That way, they can ensure strict adherence to and implementation of the existing structures to all processes like recruiting, developing, engaging and rewarding talents as well as succession plans for leaders. Consistency on their part would guarantee success.
In order to make the impact a permanent one, it would help for top management to create a company-specific agenda that makes leadership and talent management imperative at all levels. Instead of making huge uninformed investments on low-yielding talent management and leadership ventures, companies can adopt easy and less complex models like the six listed above. They can also measure their performances overtime. Through adequate employee engagement they can get everyone involved in this process especially the leaders; and by imbibing these values from scratch into the company’s core system, the company’s financial bottom-line will skyrocket.
Finally, they must ensure that all internal processes align with the company’s business strategy, needs and preferences when it comes to talent sourcing (recruitment), training and development, leadership, succession plans and talent engagement, promotion, reward criteria and others.