How Talent Management Acts as a Growth Strategy for Businesses

Updated: Aug 24

Written by Shreya Singh


Introduction


Currently, there are many of barriers in consulting sectors. However, the recruitment and retention of talent are still one of the major issues. “As this issue becomes greater, consulting firms are forced to think more about offering services and, increasingly, products that do not rely on them on their ability to sell people,” says Haigh (Consultancy.uk, 2017). Moreover, as WBC is a part of the JADE network and it is involved in a lot of collaborative work, this issue of retention of talent affects the work in lot of ways which will be discussed later on.


With respect to this context, Andrew Moore, director at DAV Management, says, “SMEs are inherently agile and flexible and have always been good collaborators, whereas larger management consultancy firms haven’t tended to be. Smaller firms typically specialize and have strengths in specific areas (e.g. attracting talent) and naturally collaborate with other firms where there is a shared need. In such relationships there are mutual dependencies and relationships built on trust, whereby all parties are, collaboratively, focused on performing in the best interests of the client.”


Furthermore, this article has incorporated the resources from different online blogs, articles, journals, and social media. Thus, after carefully describing this topic, we will see how this affects Westminster Business Consultants (WBC).


Talent Management: Key Strategy for Growth


It is an established fact in consulting services that the talents, their skills and expertise are crucial for the success of the firm. Neil Davidson, Vice President Enterprise at Deltek, says, “despite the market showing strong signs of growth there is still an industry wide talent shortage which means holding onto talent is becoming an increasing concern for partners. For consultancies that feel they are losing the battle when it comes to staff retention, scrutinizing a talent management strategy and execution is key.”


Moreover, “the new hires bring new aspirations and needs, having already witnessed great evolutions and paradigm breaks in the market” (Schultz, 2017). Therefore, the need is to form strategies around talent management, retention and development.


The most important reason why Talent Management fails is because its responsibility is solely assigned to the HR department. It is crucial that talent management synergize with the operational matters. This approach will help create talent-focused development strategies that would resonate with key objectives for growth (Consultancy.uk, 2016). This will also help in giving the insight as to why people are leaving the organization. Thus, it will help in forming the strategy rather than just sitting passively and thinking about attrition rates.


Another important aspect to this is the skill sets of the talents hired which means there is a shortage of both people and skills which are becoming a great concern for firms. Jon Andrews, Leader of PwC’s Global People and Organization Practice, says: “Despite rising business confidence and ambitious hiring plans, organizations are struggling more than ever to find the right people with the right skills to achieve their growth plans. The digital age has transformed the skills shortage from a nagging worry for CEOs into something more challenging” (Consulting.uk, 2015).


Survey Results for a Talent Management Strategy


There have been many research studies done on talent management strategies to show its importance. For example, a Harvard Business School survey shows, “Companies with a performance management culture have increased their profitability by 756 percent while those that do not have a strategy have seen only 1 percent growth rate over the same periods.” Another survey by Hackett Group states, “companies can get a 15% increase in their earnings just by improving their talent management” (Schultz, 2017). Hence, there are long-term impacts when a talent management strategy is not published and implemented.


Steps to Generate an Effective Strategy


Step 1: it is imperative to build positions which highlight both high performance and cultural fit when hiring new employees.


Step 2: it is important for the leadership body to clearly state what high-performance talent means. It is advisable to engage employees by giving them frequent feedback and providing them career planning and succession choices.


Step 3: have informal assessments and trainings frequently. This will help them clear their doubts about projects and will help them define their clear career path.


Therefore, by offering professional opportunities (conferences and other opportunities by the JADE network to WBC) and constant learning in addition to flexible working hours, this will help in strategizing talent management and thus, help in talent retention, development and overall growth of the organization.


Conclusion: How this Concept Caters to WBC


Westminster Business Consultants (WBC) has clear and stated value propositions which are Expertise, Network and Quality. The clients of WBC are their priority and their KPIs like Satisfaction Rate and Project Succession Rate are the driving forces. Thus, to fulfill these and other requirements from the JADE network either with conferences or collaborations or deliver services, we look for consultants who want to grow with this company.


This concept of talent management is clearly associated with WBC to fulfill their KPIs and stand by their value propositions. As WBC has a client base both in and out of UK, they desire services from us and to fulfill these services on time, we need consultants. Currently, the goal is to retain consultants and hire talents by clearly specifying the job roles while recruiting them. “The right write-up attracts hire that align with company culture and can also add to it” (Vaughan, 2018). This can be achieved by getting in touch with respective departmental managers and write exact description of job roles. Talent management should be a consultancy-wide effort for its overall growth and development.


Therefore, “the consultancy’s talent management strategy should really be uniquely its own, so put on the thinking cap and get a little creative. Dream up inventive initiatives and programs to draw talented recruits and establish a culture of learning” (Vaughan, 2018).


References


Consulting.uk (2015). PwC: CEOs see skills shortage as top threat to business. Available from: https://www.consultancy.uk/news/2150/pwc-ceos-see-skills-shortage-as-top-threat-to-business


Consulting.uk (2016). Talent management should be at the heart of any growth strategy. Available from: https://www.consultancy.uk/news/3507/talent-management-should-be-at-the-heart-of-growth-strategy


Consulting.uk (2017). Trends and challenges in management consulting industry. Available from: https://www.consultancy.uk/news/13111/trends-and-challenges-in-the-management-consulting-industry


Schultz, K. (2017). Talent Management as a Growth Strategy. Available from: https://www.execrank.com/board-of-directors-articles/talent-management-as-a-growth-strategy


Vaughan, E. (2018). 9 Steps for a Successful Talent Management Strategy. Available from: http://www.greenhouse.io/blog/9-steps-for-a-successful-talent-management-strategy

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