⟩ Explain me how to make decision makers / senior management realize the need for managing talent in the organization? How to convince them or explain the importance and benefits of talent management and how to harness them to the process?
An organization’s decision to start managing their talent results from one of two reasons: anxiety about a deteriorating situation or a desire to do better.
Anxiety stems from the resignations of talented employees. This usually happens after a manager has experienced personally the loss of a promising employee, and perceives it as a personal abandonment.
Often, frustration resulting from the question “Could I have handled it differently?” leads to action.
In such a case, the prevailing approach to argue the importance of talent management is based on return on investment (ROI).
Replacing a talent that has decided to leave involves higher costs and other implications than replacing other employees, mainly because the resignation of talent involves the loss of vital knowledge. This loss is particularly evident in cases of employees who maintain contact with customers, such as sales personnel, implementation and customer support or others on whom customers depend.
In Israel, the minimal calculation amounts to the cost of half a year’s work. Therefore, a plan that may reduce talent turnover even to some degree will impact return on investment.
The second motive to initiate a talent management process is the drive for improvement. For example, the desire to “duplicate” a successful sales representative or to understand the set of skills that would help a person succeed in the future.
Developing talents enables the organization to produce proper successors for key positions, making it possible for the company to realize its business objectives.
The HR manager should match up the talent management plan to the company’s business strategy. Managers who are convinced of the added value of such a process will approve it more easily.
