Whether they realize it or not, all companies are in the business of talent.
Historic global, corporate economic shifts have compelled a heightened focus on talent.
There is the need to protect intellectual capital. There is the cultivation of valuable knowledge particular to a company and its culture. There is the priority of building a deep bench of talent.
Talent management has escalated to a primary business activity, on a level with product development and distribution, customer relations, supply chain management, marketing and sales, and investor relations. Not one of these activities is possible without strategically sourced, carefully selected talent. And in a world in which processes and players are undergoing landmark change due to technology’s reach and impact, there is no question that talent management will require technological prowess.
Think about the rate of baby boomer retirement. The decreasing birth rate. The current dip in university enrollment in science, mathematics and technology. The digital nature of marketing. The effort required to identify the people who might fit in a company environment. The opportunity cost of losing touch with candidate silver medalists who might be good employees or even influence their companies’ buying decisions at some point in the future.
These realities call for more than a traditional HR framework or a relationship management platform. They point to the fact that recruiting, hiring, retention and knowledge transfer – already disrupted by social technology, already fueled by intricately-networked structures – must be perceived as revenue centric and worthy of custom platforms. Moreover, talent management deserves a level of personalization commensurate with the new expectations generated by social technology.
There are other, exciting realities about corporate talent today, too. Access from around the globe to local talent. A socially networked workforce. Independent thinkers who connect. Customers who advocate, not just buy.
One emerging tool can address the good, the bad and the ugly realities by managing the business of talent: the talent community. It lives online yet it is real, forging connection from first contact and compelling lifelong relationships that serve the workforce and the corporation. It enables people to stay in touch, to personalize the company-candidate-employee connection through valuable content and specialized communication.
The talent community makes the business of nurturing and engaging talent easier to do. Companies could not pull off the integration of a personal touch and technological intelligence until today. Now that they can, giving talent management a higher level of attention and emphasis is a must-do, not a nice-to-have.