REWARD MANAGEMENT
Talent management in a new economy
The conventional approach to talent management involves trying to balance company and individual interest. But research by consulting firm Concours suggests that achieving that sort of balance can compromise performance.
Its central thesis is that in the ongoing "war for talent", the most critical challenge facing managers is not simply recruiting and retaining valued employees, but how to "motivate and leverage workers to perform at extraordinary levels". According to the Concours study, the best-performing companies "uniquely align their talent management approaches to their business strategies and goals".
"Bias beats balance"
What emerges very clearly from the study is the idea that you need to decide whether your business should be an "organisation of stars" -- the model traditionally adopted by, for example, investment banks and consulting firms -- or whether you want to be "star organisation" -- in essence, one where everyone can perform at their best, releasing the potential of every employee. All of which leads to the inescapable conclusion that you cannot be a "hybrid".
As Concours explains: "High performing companies demonstrate a clear bias towards either the individual or the company at large. Organisations of stars leverage the individual and group performance of an elite set of the brightest and most accomplished people. Star organisations take the opposite approach -- recruiting and retaining 'ordinary' people and getting extraordinary performance from them. You've got to choose."
Want to know more?
Take a look at the summary of the Concours project at www.concoursgroup.com/research/completed/project_tm.asp
To find out more about Concours visit www.concoursgroup.com