The financial sector is in full digital transformation. There is not only the question of how to attract digital natives and keeping them motivated, but the reskilling of the existing population also becomes an ever returning concern. Who can keep up and who is at risk? Employees need to do their part and take responsibility for their own careers. Lesley Vanleke, Co-Founder of TalentLogiQs, shares her insights on these developments in a series of five blogs.
In this blog, I want to share some recent scientific insights and best practices concerning talent management (Nicky Dries, 2018).
By the end of the previous century, the financial industry found itself in a War for Talent, which placed a heavy focus on recruitment. In the last 20 years, the industry has invested in employer branding and candidate experience. Today, the fishing pond is empty and as a consequence, retention and developing the existing talents becomes an essential focal point. Hence, talent management becomes key.
Nicky Dries lists some interesting insights and best practices to secure positive impact of talent management:
- Despite more inclusive narratives about talent management, the reality is that talent management is, and always will be, about differentiation. Talent management aims to match key performers/high potentials to key positions in order to secure continuity. Hence, a disproportionate amount of resources will be invested where one expects disproportionate returns. This does not imply that all resources, and all HR practices are diverted towards élite performers only. So in reality, all people are equal but some are more equal than others (Dries, 2016).
- This should not be a problem, as long as employees experience decisions as righteous and just. You need a clear and transparent procedure along with strong and qualitative process facilitation which secures consistency, disregards office politics, and allows participation of employees and line managers.
- The role of the manager and the relationship between him/her and the talented individual is key. It is best practice to match talented people to mentors they consider talented themselves.
- Keep Talents with two feet on the ground. People tend to overestimate their own contributions when things go well and attribute negative experiences to the context. It’s advisable to make a talent attentive to the ‘fit’ with the organization and the support of managers and colleagues as important factors in the process of receiving the ‘talent’ label.
Dries, N. et al. (2018). Werknemersreacties op (exclusief) talent Management. Tijdschrift voor HRM, editie3.
Dries, N. (2016). Talent management exclusiveness (vs. inclusiveness) & secrecy (vs. transparency) :
Assumptions vs. evidence. Keynote for HR Lab, 24 mei, 2016.