Building Partnerships between Human Resources, Business Managers and Recruitment Professionals.
Talent management is the new buzz-word of human resources management, yet many have failed to comprehend the full potential benefit of its impact on the performance and financial delivery of the entire organisation. Much of the value in talent management involves reversing some entrenched perceptions of the typical role human resources play within the corporate environment, as well as how they strategically find and support the business leaders of tomorrow.
If HR departments are looked upon only as an administrative function covering compensation and benefits, then it is hardly surprising that their real value goes beyond being a cost centre, but more a vital connector to the business, They ensure strategic partnerships are formed with internal stakeholders and external recruitment professionals to make sure the right people are hired and maintained through development plans and training programmes.
The recruitment of senior management has the greatest bearing on the change that drives corporate success. Retention and maintenance of those key individuals is part of the wider strategy that most HR departments are now adopting under the auspices of Talent Management. We all know that there is a cost of a bad executive hire, but many are unaware of the tangible cost that such mistakes can have on business.
Hong Kong companies spend around 21% of their time managing poor performing staff through bad hiring decisions, which compares to a much lower 13% in the United States. If we imagine that every 4% improvement in candidate engagement equates to 1% improvement in corporate earnings, then we begin to see a picture of human resources becoming a key driver in delivering value to the business.
Each member of staff we hire should have the ability to contribute to the value of the enterprise. We should assess their individuality and differences in motivation, and if we satisfy the needs of the individual by way of training and career planning, then we are enabling them to become the leaders and critical assets of the business thus increasing productivity.
By adopting a methodology where we anticipate and assess human capital requirements ahead of time, and the strategies we will deploy to meet them, then HR departments become less reactionary and more objective in their approach. With a constant flow of changing business challenges, recruitment and search firms need to become strategic allies when finding people to fill future leadership needs and HR need to become a strategic partner in the company's future growth.
As with any cultural change in an organization, implementation of Talent Management requires resolve and is aided by seeking help from experienced professionals.
Gemini provides advice on all aspects of recruiting and talent management. If you would like to know more about Talent management and how Gemini can assist you, please contact callan@gemini.com.hk
