How Modern Businesses Identify Talent

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Identifying talent is one of the most important aspects of modern Human Resources work. Many businesses prefer to promote employees internally – retaining the expertise employees gain within an organization while filling senior roles. Promoting employees internally is more financially efficient than finding a senior employee and poaching them from the outside. Outside hiring is a costly and time-consuming affair. Promoting employees from within is also good for the overall morale of a business’ employees – demonstrating the potential for career advancement and maintaining the social balance of the workplace. However, identifying the right employees for promotion is no easy task. Modern businesses need to make use of a number of methods for identifying talent. Here is a very quick guide to some of the most prominent tactics used.

What Is Talent Management in 2022?

The 9-Box Grid

In business, the 9-box grid is a multi-purpose method of assessing the properties of an asset. It was first developed all the way back in the 1970s by McKinsey and was used by the General Electric company to assess possible investments. The grid system was quickly adopted by HR professionals looking to quantify the qualities of employees within organizations. It is now one of the most common ways to identify talent in preparation for promotions. The grid takes the form of a comparative grouping of attributes, laid out from low to high on both x and y axis. It is commonly used to assess talent performance during regular assessment meetings.

Engagement And Monitoring

In order to nurture talent within an organization, it is necessary to continuously engage with members of a workforce while monitoring their potential. The 9-box grid is an essential part of assessing is monitoring and engagement, but it cannot be used without the aid of strategies for keeping tabs on how an employee is engaging. Frequent meetings, personal reviews and a gradual increase of responsibility are all used to gain engagement and monitoring data. Using this data, a business leader typically plans out the potential next steps for an employee – slowly introducing them to more advanced leadership concepts before finally assessing them for promotion.

Education And Assessment

Ongoing programs of education are one of the best ways for a company to single out talent for eventual promotion. All employees should be given the opportunity to engage with education during their time within an organization. Those members of staff that engage the most competently and enthusiastically with educational programs can be singled out and nurtured as potential candidates for promotion. Educational programs designed to train and identify future leaders within a business can include modules on leadership, technical skills, supervisory skills, project management and strategic planning.

SWOT Analysis

Many businesses use the SWOT model to analyze potential talent. SWOT (standing for Strengths, Weaknesses, Opportunities and Threats) has long been used as a way for businesses to analyze strategic planning options. It is now being frequently used in a talent management and identification role. Although less focused than the 9-box grid analysis method, it is far quicker to draw up when making initial considerations.