Improving business through education: Managing your talent effectively
RETAINING talented individuals is vital to the profitable and sustainable future of organisations, but how to do this in a climate where every penny counts?
As organisations feel the pinch, there is a real need to retain the gifted individuals who will make a real difference in the workplace and give businesses a competitive advantage – a process called talent management. And in a region which already loses many of its talented graduates to the enterprise-rich southern counties, talent management has become even more essential in tougher economic times.
Research undertaken at Hull University Business School agrees that there is no hard and fast recipe for talent management and it differs with organisational size and mission. Talent can be interpreted in a number of different ways, and factors such as the increasingly more global labour force, progressively virtual workplace and vastly diverse staff can have an effect.
Of course, the impetus for a talent management strategy rests with the senior management team and is no easy task. To work well, talent management needs to be considered as part of the future plans of the business, understanding the capabilities required for the organisation and objectively deciding on the actual or potential talents required of employees.
Retaining talent is not just about base salary and performance rated pay. Although these are important, there is a psychological component to reward systems and there has been a lot of movement towards tailoring and giving people a choice; a pick and mix of other benefits. For example, staff development and training can be a cost effective way of managing and retaining talent, and are highly valued by employees.
From one day programmes in leadership to a Black Belt in Lean Six Sigma, which can increase efficiencies and productivity, developing staff through education can make the individual feel valued and that they have a part to play in the future of the organisation.
If home grown talent is fostered appropriately, it can be the most cost-effective way of gaining a competitive edge in today’s complex business world.
Talent management in practice: case study
Gary Hainsworth is Managing Director of Premier Galvanising, the leading galvanising company in East Yorkshire.‘If you commit time and resources to managing talent in your business, not only does this provide you with a better team but it can also lead to very low staff turnover in the long term.
‘Talented people often produce results beyond the expectations of their role. A team of talented people is a powerful and competitive resource.
‘It is the people in the organisation who help us to provide a high-quality service. A developed team of talented people is difficult for competitors to instantly copy, which therefore means potentially we have a sustainable competitive advantage.
‘The retention of talented people involves continual training, mentoring and providing, where possible, opportunities for progression within the organisation.
‘One way of ensuring talent is developed to its full potential is to engage with external training. Here members of staff are able to take time out from their day to day role, interacting with people from different backgrounds and gaining exposure to new thinking and ideas. At our Hull plant, we have enrolled team members on leadership courses at Hull University Business School, one of whom is now taking a part-time BA Business Management.
‘I am very pleased with the choice of courses at the business school and the fact that they balance academic rigour with practical application in today’s dynamic business environment.’
