The challenges facing businesses today are more complex than ever. With increasingly unpredictable social, environmental, political, economic, and technological factors impacting organisational success, it has never been more critical to have a talent strategy that adapts effectively to changing circumstances and continues to drive your business ambitions.
Shifting workforce dynamics, the rise of AI and automation, a growing global skills shortage, and evolving employee expectations – with the rapid pace of change today, it’s no surprise that talent strategies often struggle to keep up with evolving business needs.
How well your talent strategy, and its individual components, is designed to anticipate these challenges will be a critical differentiator of success.
The good news is that Morgan Philips Talent Consulting Talent Consulting is here to support you. We help organisations with talent strategy and workforce planning to select, retain, develop, and engage talent in an ever more demanding market, enabling them, and their people, to achieve their goals.
When we talk to our clients, they tell us that the following challenges are the ones that really keep them up at night:
01.
These are the inner workings that separate a carefully considered talent strategy from a series of disconnected interventions. It’s about getting the fundamentals in place – whether that’s refining your culture and values, implementing a competency framework, creating a succession planning process, workforce planning, or defining what potential means for your organisation. This is the platform on which other initiatives can be built.
02.
Jim Collins was spot on in “From Good to Great” when he wrote: “People are not your most valuable assets, the right people are.” Whether it’s choosing your next CEO, pinpointing your next generation of managers and leaders, selecting the next wave of graduates who will future-proof your business, or ensuring talent retention, making sure that your talent has the right combination of capabilities, skills, and attitude to meet the role requirements while fitting with your culture is the basis for growth.
03.
What differentiates a high performer from a high potential? How do we find those hidden gems who, given the right opportunities and development, can rise through the ranks quickly and succeed where others might fail? Defining what potential means for your business allows you to understand the strength of your internal talent pool, supports talent retention, helps to create a more diverse and inclusive workforce, and builds the capability needed to propel your business forward.
04.
With multiple factors impacting businesses today, continuity is more important than ever. Traditional, linear career paths are being disrupted as individuals look for new and different work experiences and opportunities to develop transferable skills. What made someone successful in the past may not be effective in a more senior role. Understanding what the business needs from its future managers and leaders, uncovering this potential as early as possible, and investing in talent development to support growth, allows you to build agile talent pipelines and create effective succession plans.
05.
It sounds obvious, but there’s an intrinsic link between individual and business performance, particularly at more senior levels. Managers and leaders who understand their purpose and how it links to organisational values and goals, who have the agility to adapt to changing circumstances while thinking ‘big picture’ and who can communicate with conviction and empathy and take people on a journey, are the ones who will drive success, for them and the organisation.
06.
The rise of remote and hybrid working has heaped pressure on team managers and leaders. Creating a team culture with clear goals, well-defined roles and responsibilities, establishing trust, maintaining effective communication, and prioritizing talent development are all made much harder without daily face-to-face interaction. However, overcoming these challenges has significant benefits—happier, more productive employees who perform better, greater opportunities for talent to develop and grow, and the ability to collaborate and innovate effectively. A highly effective team, where talent is nurtured, is always greater than the sum of its parts.
07.
This pulls it all together and takes us back to the start. When you’ve spent all that time attracting, selecting and onboarding the right talent, the last thing you want is for them to become disengaged or to lose them to the competition. High employee turnover is costly and disruptive so putting in place the right talent structures and processes, providing career and development opportunities, maximising performance and potential and ensuring teams are working as effectively as possible all lead to a more motivated workforce and better retention rates.
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