Elie Georgiou-Botaris, Senior Talent Management Executive at Towers Watson, speaks in an interview about some of the latest trends in talent management and learning and development consulting. Georgiou-Botaris is recognised for strong leadership and team-building skills and creating long-lasting relationships.
Importance of Talent Management
As organisations continue to face an increasing level of economic uncertainty and political instability, rapid shifts in talent markets and workforce mobility, in addition to the scarcity of skilled workforce with critical skills in both, technical and managerial/leadership areas, effective Talent Management strategies and programs become more important than ever before for any business to ensure its survival and sustainable growth and competitive advantage, through the right and timely investment in their key talent.
Attraction and Retention of the right talent continue to be the key challenges for any business. Despite the fact that organisations do realise the importance of effective talent management and the price they pay as a result of their shortfalls in this respect, we do not see serious actions taken by organisations to reverse the situation. This aspect has been confirmed in a study conducted by Oxford Economics and Towers Watson – Global Talent 2021 – which has indicated that talent shortages in key technical and managerial areas will increase dramatically over the next 10 years. This will certainly have an immediate and direct impact on the organisations’ advancement and innovation, unless they seriously reconsider their Talent Management strategy and approach.
Retention of High Potentials
Although pay is the top attraction and retention driver for employees, employers are falling short of delivering effective pay programs. For businesses to achieve and maintain profitable growth through their key talent, they need to focus on crafting and communicating a highly evolved employment deal that will appeal to prospect and existing employees, balance what employees need and what employers expect in return and deliver greater value through its impact on the employer’s ability to attract and retain the right talent with the required skills that are critical to their business.
With career advancement opportunities emerging among the top attraction and retention drivers in our 2014 Global Talent Management & Rewards study, and in the Middle East in particular, improving and creating career opportunities should become a key focus for all organisations.
Businesses will need to introduce effective Talent Management and Reward strategies that are fully integrated, seek innovative approaches to managing, developing and rewarding high performance of their key talent, segmenting their talent according to the value they contribute to the organization, which will drive the right and timely investment decisions at the top levels and ensure the highest return on their investment in people.
In addition, businesses need to introduce and implement robust and strategic Talent Management programs, such as Performance Management and Succession Planning/ Management that effectively and fairly manage and reward employees’ high performance at the various levels and segments, as well as ensure business continuity through the identification of critical roles in the organisation, whether technical or leadership, and build a strong talent/high-potential and leadership pipeline that will be prepared and ready to assume higher roles at the right time.
Businesses will need to be transparent and communicate clearly with their employees regarding the programs in place to ensure a high level of understanding of the value they contribute to the organisation and what they can expect in return. This will not only guarantee that employees will appreciate what the organisation is offering them; it will also enhance the level of engagement across all employee levels and segments, which is a major driver of employee attraction and retention.
The following recommendations are critical for businesses to develop superior employment deals that will drive employee attraction and retention:
- Build the fundamentals that organisations need to have in place to excel:
– Job Architecture
– Competency Models
– Technology Platforms
– Measuring Costs and Satisfaction
- Focus on the key drivers by aligning programs with key drivers of attraction, retention and sustainable engagement
– Effective delivery of Base Pay and Incentives
– Career Management
– Effective Leaders & Managers Development Programs
- Leverage the accelerators – strategies that help take company performance to the next level
– Workforce Segmentation
– Strategic Alignment
Do you like this article? Sign up to receive our newsletter for HR insights delivered to your mailbox.