Five rules for talent management in the new economy

Five rules for talent management in the new economy
Document type
Article
Corporate author(s)
Towers Watson
Publisher
Towers Watson
Date of publication
1 May 2010
Subject(s)
People management: all aspects of managing people
Collection
Business and management
Material type
Reports

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This article identifies the five new rules for effective talent management. Keeping high-performing employees engaged in down times is challenging, argues the article. Decreased benefits and increased responsibilities can weaken employee loyalty. Demographic shifts and retirement issues have not disappeared because of the recession. And younger workers' expectations for advancement opportunities and pay are perennial talent issues. But yesterday's talent management techniques are not a panacea for today’s ailments. Instead, organizations need to discard piecemeal solutions for an integrated approach that looks at how these programs influence one another and inform business strategy. At the same time, they must shift talent management away from being an HR program toward a data-driven, line-owned core business process. The new rules for effective talent management are:

  1. There's never enough money. Invest differently to optimize results.
  2. If it doesn't measure business impact, it's just a distraction.
  3. Let the numbers drive talent decisions.
  4. Build adaptable skills. Prepare future leadership for any situation.
  5. Simplify performance management, and measure impact instead of goals.

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