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Especially NOW is the time to have your Talent Review discussions.

The speed of change is record-breaking.

Also in Talent Management. As a consequence of Covid-19, many organizations decided to adjust their recruitment practices, to launch a COVID well-being program, to train their leaders on how to guide people from a distance, etcetera.

All of these initiatives in Talent Management were focused on keeping the business going, keep productivity and performance at acceptable levels, and giving support to people.

What about the other priorities in Talent Management?

What about the follow-up of the development of future leaders, the retention risk of high performers or the vacancy-risk of critical roles?

In other words, what about the Talent Review & Succession process.

The WEF stipulates clearly that in the fourth industrial Revolution – reskilling and upskilling are a must for each employee. If we don’t start by proactively identifying the talent and at the same time start the
reskilling, your business will lose.

What can your organization learn from Covid-19 on leadership & talent?

Now is the perfect moment

  1. to observe what leaders do when they don’t know what to do or when they are confronted with a major change.
  2. to identify which roles really are critical to the business. Which of these roles do add value or bring revenue?
  3. to get confirmation or not on the potential of a talent. Was he/she the one who came with refreshing ideas, moving the team forward as a natural leader, keeping spirits high, sharing his/her curiosity and eager to discover a new way of collaboration
  4. to involve high potentials or future leaders in the strategic COVID taskforce as a learning assignement
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Why should every business address their talent risks ?

  • More than 50% of business expense is people
  • Talent risk affects the big three business drivers every day: money, time, quality
  • It’s about gathering different data to make better talent decisions
Source: Jay Jamrog, co-founder of the Institute for Corporate Productivity.
Do business leaders put talent risks on the agenda?
Or is this still seen as the ownership of HR to manage talents?

Globally we can speak of 5 talent risks to manage (Brandon Hall Group):

1. Capability Risk
Risks associated with building the skills an organization needs
to compete now and in the future. These risks include the breadth and depth of skills and capabilities present within a workforce, and how well-aligned these are to an organization’s needs.

2. Capacity Risk
Risks around the succession into critical roles and retention of
critical people and teams. In other words, will an organization be able to maintain the size and shape of workforce needed to deliver its business plan?

3.Cost Risks
What is the risk of a workforce becoming unaffordable?
What will it cost an organization to recruit and retain the people it needs?
Will it be able to afford the overall cost of its workforce?

4.Connection Risks
These risks consider factors such as engagement and performance.
What is the risk of an organization’s top talent becoming disengaged?
Will an organization’s talent-related processes remain sufficiently joined-up?

5.Compliance Risks
Risks relating to employee behavior, regulations and laws. This category covers both the need to ensure that talent processes comply with local laws/regulations and whether talent management is seen as a business-critical process or an administrative process.

The Board needs to identify, based on organizational data,
which of these talent risks they need to prioritize.
They should find a structured and pro-active way to handle talent risks
in the same way that they handle financial risks.