Powerhouse companies like Apple, Google and Facebook have demonstrated that you can make huge profits and dominate both your current industry, as well as new industries if you have sufficient talent to continually innovate. Although every employee is expected to contribute to innovation, you can't produce continual dramatic innovations like Apple and Google do without the leadership provided by these key individuals. Facebook calls them Pioneers, GE calls them game changers but most of us just call them innovators.
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A recent survey revealed that talent management was the number one business area in which CEO's expect the most change. Although you might be initially excited about these higher expectations, you must ask yourself if you are prepared to make significant improvements in the results produced by your talent management function.
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Even with tight HR budgets, CEO's continue to expect employee motivation and development to be maintained and even increased. When corporate revenues are down or stagnant, talent managers typically shift their focus away from volume hiring to developing and improving existing employees. There's little argument that job rotations, stretch assignments and other forms of internal movement are some of the most effective development, motivation and retention tools available.
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As competition for top talent increases as the economy rebounds, executives are increasingly concerned about employee turnover. They are now aware of the tremendous cost of losing a valuable employee (up to three times their salary), so they have begun to expect a more rigorous and data based approach to employee retention. Unfortunately tight HR budgets and relatively low turnover rates (due to the weak economy) have resulted in the weakening of most HR retention programs. In fact, some retention programs haven't been completely modernized in nearly a decade. To add to the problem, corporate data suggest that most current retention efforts are slow, expensive, while providing little provable impact on retention.
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