It’s often said that people are a company’s most important asset, and while this is certainly true, it’s also correct to say that the right people, doing the right job, can make a good company great.
The ability of an organisation to spot and nurture talent within its ranks or to bring in fresh talent from outside can make all the difference when it comes to gaining a competitive edge in the market place.
While Ireland has, by-and-large, become an employer’s market in the wake of the banking and housing sector collapse, it would be naive for any employer to believe that the best talent will come knocking on their door.
Companies need to embrace a progressive and comprehensive talent management initiative with input from managers across all areas of the business in order to realise the true potential of their employees.
In the UK, it’s estimated that 85% of the 20 top performing companies ensure their managers are directly accountable for developing talent.
A comprehensive talent management strategy can not only lead to the development of essential skills, it can also provide invaluable information in the following areas:
- Address areas of low productivity in a company
- Identify skills shortcomings
- Identify individual talents not being fully utilised
- Analyse career interests and requirements
- Provide necessary support mechanisms
- Enhance reputation of company
- Identify potential successors to management roles
- Identify future vacancy risks
- Encourage interest from outside talent
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