2016 has begun and analysts expect it to be the most difficult year for South Africa since the 2008 economic crisis. Markets are volatile and the Rand is taking a pounding. This is a big worry both for consumers, as well as organisations. Whilst Talent Management is always critical to organisational success regardless of the economic climate, it becomes even more critical during difficult times as organisations needs to do more with less. This implies attracting and selecting the best talent, managing and developing them effectively, and ensuring they stay and are retained in the organisation. It sounds fairly straightforward but it is not. Organisations employ numerous specialists to achieve this from HR practitioners, to Industrial Psychologists, to OD specialists, Change Managers, as well as Wellness Consultants to name a few. Whilst there are many Talent Management models, theories and practices, a very simple Talent Management Model that can be used is called the 5 B’s. This is a model I was exposed to at a recent HR conference in Kenya. The model involves 5 steps that serve as a starting point for a developing effective talent management.
5 B’s Talent Management Model
- Buy – this involves the recruitment process and how you buy your talent.
- Build – how you build, grow and develop your people from a skills and competence perspective to ensure continued competitive advantage.
- Borrow – securing the assistance of internal or external consultants, or even expatriates etc. to help for a short period of time so that the necessary talent is available.
- Bind – focussing on how you retain and bind your talent to the organisation.
- Bounce – focussing on how you let go of people who are not fit for purpose.
Each organisation is different, but if every company ensures that their talent management strategy links key activities that are aligned to their culture, challenges and contexts, they should be able to guarantee that the key elements of a successful talent management strategy will be in place.
- 360 Leadership Survey
- Career Path Appreciation (CPA)
- Change Management
- Employee Engagement
- Flow and Engagement
- Organisational Design
- Performance Management
- Personal Development Analysis (PDA)
- Structural and Talent Analytics
- Talent Management