56: Talent Troubles: 1 - The Nine Main Reasons

Finding (and retaining) the right talent seems challenging for some companies and leaders. Highly talented people are in great demand and always have many options.

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If talent is vital to a company's survival, transformation, and growth, how often do we mismanage it?

The pace of technology evolution and emerging business opportunities are shifting the focus from experience alone to a combined requirement of adequate experience and expertise, the ability to learn fast, and adaptability to unfamiliar situations.

The old rules of talent management, vendor management, performance appraisal, and compensation/rewards systems must be reevaluated in light of modern needs.

While many companies have implemented new approaches, many still need help to adapt and thrive.

Where are we falling short?

Talent management, elevating leadership potential, and enabling high performance in demanding environments through concepts of Intrapreneurship are close to my heart. If you have read "The Intrapreneur" book, you will know that a committed, inspired, self-driven leader is a great asset to any company and society.

However, that development cannot happen without a conducive environment for the leaders to grow and flourish. Companies and executive leadership play a vital role in enabling intrapreneurial growth.

This requires a hard look at existing practices, changing the way we approach expectations, establishing new ways to promote accelerated learning and collaborative problem solving, and making way for easy validation of unconventional ideas and disruptive innovation.

The Nine Main Reasons

Talent troubles can be caused by various factors. The nine reasons referenced below are the most prominent. Before brushing it off a"it's's not for me" "could any of the following apply to your situation?

1. Rigid roles
2. Excessive expectations
3. Focus on individual talent (instead of collective)
4. Ignorance around internal high-potential talent
5. Not engaging consultants to their full abilities
6. Outdated vendor management approach
7. Outdated talent management methods
8. Not enough creativity toward organizational design
9. Not looking across functional boundaries

Each of these is a larger issue that should be discussed in separate posts, which is what I will do in the coming weeks.

The critical aspect is that these issues are broader than lower-level or doer roles. Companies need to correct these mistakes even when hiring for senior levels. The severity of each reason varies by company, across leaders, and the functions they manage.

In Closing

Even though the issues may seem significant, resolving them is easier with some commitment, realistic self-awareness, and deciding to approach talent management differently.

Wishing you most and more...

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