As the war for talent continues, crafting and implementing a strong talent management strategy has become a challenge. Many companies are strengthening their internal talent management capabilities with the chief talent officer role. This new leader in the C-suite is responsible for every aspect of human resources from the talent life cycle, managing internal recruitment teams, career development, employee engagement, succession planning and more.
Changing talent landscapes, migration to remote work and emerging technology are dismantling the traditional approaches to managing talent and workforces. A new phenomenon of talent stagnation is blocking emerging leaders from ascending the career ladder and, as a result, these professionals are not able to learn the leadership skills needed to succeed in more senior roles. Chief talent officers need to implement initiatives catering to developing future generations of leadership through transparency and communication, a powerful employee value proposition (EVP), and diversity and inclusion (D&I).
Chief talent officers must consider key values when communicating with internal talent pools to promote a more transparent company culture. New approaches to talent development may require organizational leaders to change their mindset and cultural values when it comes to:
• Work-life balance.
• Encouraging leaders to develop their own leadership styles.
• Providing opportunities for career development.
• Developing more technology-driven initiatives.
Demand for skilled leaders continues to rise, while the supply of eligible candidates shrinks. Competitors are easily matching compensation and benefits, creating challenges for attracting and keeping talent. The chief talent officer is tasked with identifying new perks through the company’s culture and brand a strong EVP.
Leveraging The Employee Value Proposition
Talent acquisition teams do not only present the position to the candidate, but the organization, too. Chief talent officers lay the foundation for an enticing EVP, and are responsible for keeping promises made in the EVP to the candidate after they are hired. Talent acquisition teams are responsible for selling positions to the candidate, and selling the candidate on the organization as a great place to work. If implemented and used properly, the EVP will ensure that the employer’s brand matches the employee’s perception.
Chief talent officers can measure the effectiveness of the EVP through employee engagement surveys, performance reviews and more. These leaders can then work to build stronger talent management strategies and tailor benefits to specific segments in the talent pool. In addition to establishing a robust EVP, chief talent officers must focus more on the social value of diversity and inclusion in the workplace.
Aligning Company Social Values With Future Leaders
Chief talent officers are in a prime position to assess leadership gaps across the organization and identify opportunities to promote diversity in senior executive teams. Diversity is a critical focus for many companies, and new interpretations of diversity are adding another layer of complexity to the talent landscape. Broader activities outside the traditional understanding of diversity initiatives can positively impact a company’s culture. What this means is expanding the discussion of D&I beyond personal attributes such as age, race, gender and sexual orientation to include more socio-economic factors.
Today’s emerging leaders are attracted to companies that align with their own personal values. These rising leaders approach diversity and inclusion as a social responsibility and are expecting companies to share this view. A diverse and inclusive workplace speaks to the employment brand and employee experience, and therefore the EVP. To build a sustainable talent management strategy for the future, chief talent officers will need to challenge human resources obstacles from the past.
Key internal barriers for chief talent officers are likely to be political. Many companies suffer from “silo-ism” and myopic departmental hiring practices. Companies will need to facilitate communication, partnership and agreement among senior leadership teams and the chief talent officer. Collaboration unlocks the true value of this role and enables the chief talent officer to grow and nurture a company’s most valuable asset: its human capital.