Navigating the Talent Challenge: Uncovering Hidden Gems - Harnessing Your Company's Existing Culture
According to a 2024 report by Boston Consulting Group (BCG) on CEO perspectives, the top concern looming over executives is talent management, with nearly 60% of survey respondents citing finding, hiring, and upskilling workers as their top two long-term cost-management strategies.
Another concerning report by BCG indicates that 72% of management leaders believe their companies lack the required talent, and 57% of employees feel they are not receiving adequate training, per a January report by management consulting firm Oliver Wyman.
These reports show an overwhelming agreement that current employees lack training and that finding good talent is still a journey, not a destination. The focus must shift to understanding our current talent to address the immediate need for long-term cost strategies. The questions we should be asking are: do we have the right talent, and if so what training do we need to help them succeed?
Understand your Current Talent
When understanding your current talent requirements, redetermining where your employees fit is a great place to start.
The following exercise is a great way to determine whether your current staff is in the right role, identify the gaps in their success, and determine what training is needed to help them succeed.
Ask yourself, Do I have;
✔️ Right person
✔️ In the right role
✔️ Doing the right activities
✔️ Commitment to those activities
✔️ Committed to continuing improvement
The exercise gives you two lawyers to understand. First, you must know if the right person is in the right role. Second, is the person doing the activities and committed to the role, your culture, and improving themselves?
If the right person is in the right role but not doing the right activities or failing to commit, then upskilling or professional training may be needed.
Fostering Sustainable Success Through Training Investments
The cost of turnover and subsequent recruitment far surpasses the investment needed to train existing employees who are already familiar with the company's operations and ethos and fit the model of the right person in the right role.
From the employee's standpoint, these are the key areas of focus for training in 2024.
Generative AI: Understanding the company's direction with new technology.
Leadership: Transitioning to a coaching role rather than a managerial one.
Communication: Effectively navigating challenging conversations.
Strategic thinking skills: Recognizing individual roles' impact on the company.
Time Management: Efficiently prioritizing tasks to meet goals and requirements.
Emotional Intelligence: Leading effectively even without a formal leadership title.
Investing in training initiatives for the right employee reduces the high costs associated with turnover and recruitment. It enhances the familiarity and alignment of the current staff with the company's culture and operations.
At Bloom Leadership, we are dedicated to helping organizations navigate these complexities and unlock the full potential of their teams, cultivating a positive and productive work environment. Whether you need conflict resolution, a better strategic plan to address your company's roadblocks or better accountability for your team, we offer solutions that can help here at Bloom Leadership.
Contact us today to get started.