First, what is a strategy? I would say that’s choosing where to go, what to do and… what not to do. A corporate strategy must answer four major questions: where do we compete? What unique value do we bring to the market? What resources and key-capabilities we’ll have to deploy? How do we sustain competitive advantage over time? If you have these answers, great! You have a strategy. Don´t forget to add some agility and flexibility in the process because, in these volatile years, the time frame of a good strategy is shorter than ever.
In the key-capabilities I mentioned above, you´ll certainly have to include Talent. So the question above must be made: is your Talent Strategy aligned with your Business Strategy? Most companies will struggle to provide an objective reply. And, let´s be honest, many don´t have a talent strategy at all, just HR processes to ensure a minimum qualified headcount. As most organizations are experiencing, in this era of talent shortage, this will not be enough to overcome today’s challenges.
A talent strategy must begin to define “what” talent do we need to address the business strategy. Performing a corporate talent mapping is, in this stage, an essential step. What skills do we have in-house right know? In the face of possible deficits, what strategies of talent development or talent resourcing can we deploy? How can we leverage our EVP and employer branding to help on these challlenges? How can can we tranform career plans into talent journeys – more suitable to younger generations and for the future of work?
In short, Talent is the only sustainable competitive advantage of our changing times. Therefore, talent strategy (what, why) and talent management (attract, develop, optimize) are essential organizational processes – aligning the business strategy with the right people, in the right challenges, at the right time.
Managing Partner of Darefy – Leadership & Change Builders