Despite the talk of flatter organizations and breaking down functional silos, a number of organizations continue to rely on a traditional talent management model. Some vary it by having matrixed cross-functional project teams designed to work together. However, despite these efforts, companies continue to stumble and retreat in the aftermath of the Great Resignation and post-pandemic talent management. In other words, we're in a bit of a talent management crisis.

Importance of Talent Management: Learning from the Past

Talent retention has always been a challenge, but nothing compared to what most companies and leaders experienced when the pandemic hit. No one saw this tragedy coming, and no one is sure of the unprecedented times ahead. So, how do we prepare ourselves?

Businesses need to take a cue from the transformational journey of Eventbrite, a US-based event management and ticketing website. The company was created to bring people together through live experiences. Eventbrite began to soar, expanding its reach across the globe until it faced a dangerous threat to its flight: 'retaining its talent'.

The company was experiencing high turnover. Employees felt undervalued and unchallenged, resulting in lower engagement and productivity—a bitter pill for many startups to swallow these days. Faced with this challenging situation, co-founder and CEO Julia Hartz realized that the company needed to rethink its talent management strategies. She knew that, to continue to grow and succeed, Eventbrite needed to focus not only on the people who used its platform but also on the people who built and maintained it. They invested heavily in professional development programs, encouraged open dialogue between employees and managers, offered flexible working arrangements, and fostered an inclusive and diverse culture. The impact was transformative. Employee satisfaction soared, attrition reduced, and productivity improved significantly.

Today, Eventbrite's story is a testament to the transformative power of managing talent effectively. Not only is the company still the world's leading ticketing and event technology platform, but it is consistently ranked as one of the best places to work in the world.

Drawing on the lessons of Eventbrite and many other such pioneers who have unlocked the secret to successful talent management, here are the three Ps to focus on to ensure talent is not only managed but also nurtured and celebrated.

3 Ps of Talent Management

 1.Enrich Work with a ‘Purpose’

Throughout an employee's journey, organizations must ensure that their jobs are meaningful, personalized, and full of learning and career development opportunities. For years, 'purpose' has been seen as the Holy Grail, something elusive, even mystical. But the reality is that the purpose is nothing more than establishing a meaningful connection between employees and their work, their team, and the organization's goals.

Google’s "20% time" policy is one example of a policy that aims to empower people with a purpose. The policy lets employees spend 20% of their time on projects that they think will benefit Google the most. This policy has led to increased innovation and creativity at work, resulting in the creation of products such as Google Mail and Google News.

 2. Encourage Leadership ‘Participation’

In the early 1990s, when The Limited, a major American retailer, suffered a serious setback in its growth plateau, CEO Les Wexner decided to seek advice from some people he respected. Some of the trailblazers he visited were Steven Spielberg, Jack Welch of GE, and Wanye Callaway, then CEO of PepsiCo, to see how they ran their businesses.

When he came back with all the advice, he concluded that one of the main reasons why companies fail to manage talent properly is that many managers don't realize that they are the ones with their hands on the talent levers. From hiring and firing decisions to defining culture, evaluating performance, and providing feedback and coaching, managers need to be involved at every stage. But all too often they believe that building and nurturing the talent pool is the sole responsibility of HR. Many believe that dealing with people's issues is a distraction from what's important—running the business.

Part of a leader's role is to teach others to think, act, and behave in a role-fitting way. Leaders should continually assess their participation in a talent management process by asking themselves the following or similar questions:

• Do you give your direct reportees honest feedback on their performance and how they can improve?

• Do you actively give your people the resources to excel in their roles and continue to grow?

• Do you actively mentor people outside your reporting line?

Leaders instill a talent mindset by sharing and teaching philosophies about building a strong talent pool and being an effective leader. Leadership involvement paves the way for employees to perform, develop, grow, and succeed as their confidence in the organization grows.

3. Have a ‘Plan’ in Place

At the heart of any organization's transformation journey is its readiness. A comprehensive roadmap that guides organizations through the complex landscape of talent management ensures sustainability, which should be a fundamental consideration rather than an afterthought.

Take Deloitte, for example. The leading professional services firm places great emphasis on succession planning as part of its talent management process. It believes in developing its people to take on leadership roles in the future, so it created Deloitte University, where employees can take courses and develop their skills.

A robust talent management plan is a flexible structure that can adapt and thrive in the face of change. A well-structured talent management plan needs to focus on:

• Identifying and mapping the skills required for the roles to be filled.

• Encouraging existing employees' participation in the recruitment process—leveraging their insights and expertise in evaluating potential hires.

• Tech and automation to streamline talent management.

Final Thoughts

In a labor market that's tighter than ever before, organizations must create opportunities for their existing employees to retain and engage them. Hiring from the outside is not only expensive but also risky. A strategic approach would be to develop talent from within by leveraging the existing talent pool. It's time to unravel the intricacies, delve deep, and explore the riches inside.