Marc Effron, founder of nonprofit HR networking and research firm, Talent Strategy Group, has outlined five critical talent management trends to keep an eye out for in 2017. These trends are based on insights from global HR leaders, his organization’s own research, and experiences taken from his clients.
Performance management is a process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization or business. The low point has been the endless debate over a minor element of performance management – ratings. The power of performance management comes from excellent goal setting, not flawless reviews. So until companies put effort and accountability into performance management, the quest for truly effective performance management will not be realized.
Growth on Potential
Effron predicts the performance obsession will be surpassed by a focus on predicting potential, as senior teams increasingly differentiate their talent investments and demand more accurate insights on how to guide them. The challenge for HR professionals and consultants, however, is that the only two things scientifically proven to predict potential in every situation are: intelligence and select elements of personality. So when consulting firms suggest they’ve found the secret ingredient to predicting upward potential, they may be stretching the truth.
The Talent-Oriented Chief Human Resources Officer
When looking for new CHROs (Chief Human Resource Officer), there are two top factors CEO’s want them to have: the capability to improve talent depth and quality. The trend to reorganize HR to have a leaner center of excellence, higher level of HR business partners and service center-based transactional work means that CHROs will spend disproportionate amounts of time involved in talent management. The line sometimes blurs between the traditional CHRO role and the VP talent management role, but as long as responsibilities are sorted out between the two roles, this is a positive trend which will ensure even greater focus on this key area.
Effron claims that companies this year will be dragged kicking and screaming into greater transparency, partially by younger generations demanding it. The main reason is because transparent companies show no negative effects from their openness. Embracing transparency is a great way to improve service and increase customer loyalty.
Talent Management Evolution
The first wave of talent management hiring happened between 2005 and 2015 as companies staffed this new branch of HR as best they could from a collection of HR generalists and leadership development leaders. According to Effron, over that period talent management evolved into a more strategic, data-driven and process-oriented field. An evolution that clarified the capabilities that differentiate great talent management leaders. With the profession now 10-plus years old, there are deeply experienced talent professionals available and companies have begun replacing humanistic talent leaders with more capitalistic ones.
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