At a recent breakfast seminar hosted by the Deloitte Human Capital Consulting team, the key topic of discussion was talent management.
This was a small, focused event attended by Government and business leaders and those with a key interest in attracting and retaining critical people within their organisation.
Speaking at the seminar, Mr. Kevin Horseman, a manager in Deloitte’s Human Capital Consulting team, said ‘the retirement of Baby Boomers and a looming skill gap will create a supply-demand situation unlike any in history, as talent will become the scarce resource in the 21st century.’
Discussion generated at the seminar indicated that this is already an issue in Cayman and organisations on the island are looking for new ways to attract and retain their people, states a press release.
In the 1990s, companies waged the war for talent by offering rich compensation packages and ‘hot skills’ bonuses. However, such tactics are easily matched by competitors and research has shown that monetary rewards do not sustain long-term interest. In fact it is the ‘A-players’ and stars who are often the first to leave. This traditional approach to attraction and retention focuses on recruiting rather than engaging employees.
‘Organisations need to build strategies around things that matter to critical talent – their development or growth, their deployment onto jobs or projects that engage them and their connection to others. By focusing on these areas, the attraction and retention of critical talent largely take care of themselves’ said Mr. Horseman.
Organisations can improve their talent management strategies by delivering support on the issues their critical talent care most about:
Doing work that engages them and learning how to do it better
Encountering fresh challenges
Interacting with people in positive ways
Mr. Horseman also spoke about ‘Reward for Value’ – delivering the right rewards to the right people in order to align employees with strategic goals. ‘This concept involves identifying the work that is most central to your organisation, your most critical employees and the rewards that motivate them’. When delivering these rewards, it is important that people understand what is expected of them and ‘what is in it for them’. ‘As an employer you need to provide context, be specific and follow through’.
Benefits of a sound talent management strategy include:
Greater organisational capability
More engaged and committed workforce
Alignment of employees with business priorities
Greater productivity, creativity and customer centricity
‘Talent management is a critical issue facing employers in the Cayman Islands at this time’, said Mr. Taron Jackman, Partner of Deloitte Consulting Services. ‘This seminar has given delegates a platform to discuss these issues with their peers and our team of professional consultants’.
For more information on Talent Management and implementing an effective strategy within your organisation, please contact Kevin Horseman on 814-2230 or [email protected].