Newsletter - May 2008
Talent Management for the Next Generation
May 8, 2008 - Lisa Smith
News flash: there is a talent war going on! With baby boomers retiring and taking their knowledge with them, who will take their place, and what will your organization do with the new talent once you get them in the door? We can think of “talent” as the commodity and “performance” as the outcome, so essentially the two go together. How do you attract, onboard and nurture the new talent, while you develop and keep the in-house talent from looking for greener pasture? Next, how can you increase the odds of getting the performance that you want at the end of the day?
From an organizational development perspective, you create programs to develop leaders in their current positions and take the proactive next step to develop successors to those leaders. Why is it that some organizations, without even trying, can attract the best talent? I am not sure that there is a magic wand involved, but employees spread the word when they work for companies who value human capital and are committed to developing their employees. Therefore, you manage the performance needed in your current organization and develop the skills needed for your future organization.
The textbook definition of performance management is assembling what you have in the way of talent and performance, capitalizing on it, and directing it toward the predetermined goals. Now that is assuming that specific, measurable, agreed upon, realistic and trackable goals have been put in place. You guessed it; the old SMART goal formula is still in play. Why? Because it keeps things simple, the team knows what the goals are and what they will be measured against.
The next generation of workers (Gen X and Y) has very different needs in the workplace than those of their parents. Managing the new workforce will be more about building trust-centered relationships and defining performance goals. How will you manage their talent, while merging them into your organizational culture? This workforce is not the traditional “performance appraisal” generation, but are focused on work – life balance, personal satisfaction and challenging environments that evolve. They want:
- Measurable and clear job descriptions that speak to what needs to be done and why…
- Clear promotional / career development paths that prove the light at the end of the tunnel is actually on...
- Relevant, regular performance discussions about how they impact the organization and what they want / need in order to feel valued…
- Accomplishment-based performance standards that are tied to reward and compensation systems that have personal relevance…
Planning, development and coaching will be the mainstays for managing talent and performance with the next generation of workers. Their goals include professional development and personal fulfillment, not overtime and seniority. Ask yourself:
- What kind of talent does my organizational culture attract and keep with little to no effort on the part of the company?
- What do we do to nurture the new talent once we have sealed the deal and they are on board?
- What is our game plan for keeping those we have already invested in excited about remaining a part of the our team?
- How will our current strategy for attracting / growing talent, meeting performance objectives and proactively demonstrating commitment to value our human capital portray us as an “employer of choice?”
The answers to those questions will help you determine if your talent / performance management initiative is working for you. If it is not working, now is the time to “kick it up a notch.”
Lisa Smith is a senior career management consultant with OI Partners - Russell Montgomery & Associates (Memphis) with approximately 17 years of experience in human resources training and development. Lisa is a DDI Certified Facilitator and is also trained in "Choice Theory" and "Lead Management" (Glasser Institute). She can be reached at lsmith@oipartners.net or 901-763-1818.
