People are the most invaluable business asset, but often the weakest link between strategy and execution.
However, in practice, most organizations today have a big disconnect between talent management strategies and business strategies. So first things first, how to identify Human Capital gaps and how to close them?
Identify the gap between the talent for tomorrow and skills for today: Due to the increasing speed of change, the exponential growth of information, and abundant knowledge, outdated thoughts, knowledge, or skill gaps are the reality. Additionally, there's a disconnect of short-term staff needs and long term talent perspectives. Talent management needs to identify these people-related gaps, and they are responsible for talent acquisition (staffing), talent development, retention, and succession planning. The digital workforce today is multigenerational, multi-geographic, and multi-devicing. Besides “hard skills,” the talent gap is perhaps caused by misunderstanding or miscommunication (lost in translation) between talent requests and the organization’s searching mechanism. There is also a gap between the traditional way to recruit and manage talent and the digital pipeline for talent identification and development, etc.
From a talent management perspective, human resources have two definitions: one is the function within an organization responsible for administering to people and the other is the actual resource of people. Talent management should be a continuum of practices for identifying, acquiring, developing, deploying, and retaining well-qualified people throughout an organization and managing business culture effectively in order to build the future needed skills today.
Ineffective talent management approach causes human capital gap: In finance-dominant organizational culture, people have been called human costs, human resources, or human assets. But Human Capital does make more sense within the context of the goals of a company especially when you consider Human Capital is the largest intangible asset of a company. It’s an organization's commitment to effectively managing the flow of talent to achieve an organization’s goals and investing people to ensure the brighter future of the business. More specifically, the talent management activities include but are not limited to planning, identifying, developing, deploying, and retaining, etc. It evolves varying hard business factors such as processes, structures, technologies, and soft elements such as communication, culture, leadership, etc, and takes an interdisciplinary approach to realize the business vision.
Therefore, it’s important to integrate talent management, communication management, performance management, culture management, etc, into a holistic people management discipline. People are the most invaluable asset in any business. The combination of elements in a holistic talent management approach enables the business not only to perform well today but also to maximize their potential for gaining long term business advantage.
From gap identification to goal setting and measurement: The continuous talent recognition and development approach make businesses more innovative, responsive, and adaptive as the markets change. An integral people management with a set of different modules that track to measure the employee's performance will bring business leaders together across the organization to share their experience and insight wherever there is a gap in the system, help to streamline and identify root causes immediately and give practical guidance for doing workforce analysis and using data in creative ways to gain predictive insight and competitive advantage.
Enforcing employee engagement is a challenge facing organizations to unleash the collective human potential of the business. Top performers are looking for growth, recognition, career opportunities, learning, and skill development. Higher levels of employee engagement come from recognition, feedback, growth, and opportunity. With an unprecedented level of digital convenience brought by emerging technology and collaboration tools, organizations should continuously monitor employee engagement through social communication channels with people at all levels, build a sense of purpose and mission, and shape a strong corporate brand to attract top talent.
When business parties get involved in human capital and resources management, understand the connection and are able to strengthen the weakest link - people between strategy and execution concretely, holistically and systematically, not abstractly or theoretically, then they become successful and share that strategic value adds of transformation with the organizational leaders, and accelerate business performance significantly.
Identify the gap between the talent for tomorrow and skills for today: Due to the increasing speed of change, the exponential growth of information, and abundant knowledge, outdated thoughts, knowledge, or skill gaps are the reality. Additionally, there's a disconnect of short-term staff needs and long term talent perspectives. Talent management needs to identify these people-related gaps, and they are responsible for talent acquisition (staffing), talent development, retention, and succession planning. The digital workforce today is multigenerational, multi-geographic, and multi-devicing. Besides “hard skills,” the talent gap is perhaps caused by misunderstanding or miscommunication (lost in translation) between talent requests and the organization’s searching mechanism. There is also a gap between the traditional way to recruit and manage talent and the digital pipeline for talent identification and development, etc.
From a talent management perspective, human resources have two definitions: one is the function within an organization responsible for administering to people and the other is the actual resource of people. Talent management should be a continuum of practices for identifying, acquiring, developing, deploying, and retaining well-qualified people throughout an organization and managing business culture effectively in order to build the future needed skills today.
Ineffective talent management approach causes human capital gap: In finance-dominant organizational culture, people have been called human costs, human resources, or human assets. But Human Capital does make more sense within the context of the goals of a company especially when you consider Human Capital is the largest intangible asset of a company. It’s an organization's commitment to effectively managing the flow of talent to achieve an organization’s goals and investing people to ensure the brighter future of the business. More specifically, the talent management activities include but are not limited to planning, identifying, developing, deploying, and retaining, etc. It evolves varying hard business factors such as processes, structures, technologies, and soft elements such as communication, culture, leadership, etc, and takes an interdisciplinary approach to realize the business vision.
Therefore, it’s important to integrate talent management, communication management, performance management, culture management, etc, into a holistic people management discipline. People are the most invaluable asset in any business. The combination of elements in a holistic talent management approach enables the business not only to perform well today but also to maximize their potential for gaining long term business advantage.
From gap identification to goal setting and measurement: The continuous talent recognition and development approach make businesses more innovative, responsive, and adaptive as the markets change. An integral people management with a set of different modules that track to measure the employee's performance will bring business leaders together across the organization to share their experience and insight wherever there is a gap in the system, help to streamline and identify root causes immediately and give practical guidance for doing workforce analysis and using data in creative ways to gain predictive insight and competitive advantage.
Enforcing employee engagement is a challenge facing organizations to unleash the collective human potential of the business. Top performers are looking for growth, recognition, career opportunities, learning, and skill development. Higher levels of employee engagement come from recognition, feedback, growth, and opportunity. With an unprecedented level of digital convenience brought by emerging technology and collaboration tools, organizations should continuously monitor employee engagement through social communication channels with people at all levels, build a sense of purpose and mission, and shape a strong corporate brand to attract top talent.
When business parties get involved in human capital and resources management, understand the connection and are able to strengthen the weakest link - people between strategy and execution concretely, holistically and systematically, not abstractly or theoretically, then they become successful and share that strategic value adds of transformation with the organizational leaders, and accelerate business performance significantly.
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