HR has had to shift its priorities back to commercial matters as more businesses focus on cost savings, yet talent management remains one of the biggest challenges facing businesses in Australia.
The global economic downturn has created a dichotomy in many organisations – how do they cut costs while still addressing the skills’ shortages in different areas of the workforce?
Businesses need to recognise talent as an asset to be deployed within an organisation, while HR needs to be more planned and strategic about how it goes about talent allocation.
HR professionals have had to become even more innovative and commercially driven, with a need to understand and address talent shortages in the new landscape in different ways.
This means discovering where untapped sources of talent lie and evolving creative ways of attracting and identifying new talent. Then, all of these assets must be developed and allocated effectively through a business, so that the talent balance sheet constantly improves.
This shift is necessary to provide the talent needed to help organisations emerge from the tough economic times and rise to new challenges. Not only is talent management of increasing importance to the development and execution of an organisation’s business strategy, but it has become a unique competitive advantage for businesses.
Being proactive and deploying or sharing talented people within an organisation is what will make the difference for HR departments that are managing talent.
HR professionals who under-stand corporate strategy and align it to the competitive landscape, the wider economic environment, technological changes and the behavioural and content preferences of the relevant talent communities are at a distinct advantage.
As it may be difficult to find talent to cover the top jobs, there is also a strong need for businesses to develop programs that build talent over a longer timeframe.
Businesses need to ensure talent is developed, for example, over the next five years, so they will be ready to take on leadership roles.
This not only involves identifying the top talent in a business but determining the needs of those employees in terms of mobility requirements, family situations and motivation.