Smart Organizations Sync Talent With Strategy
From the Voices on Project Management Blog
by Cameron McGaughy,
Lynda Bourne, Kevin Korterud, Peter Tarhanidis, Conrado Morlan, Jen Skrabak, Mario Trentim, Christian Bisson, Yasmina Khelifi, Sree Rao, Soma Bhattacharya, Emily Luijbregts, David Wakeman, Ramiro Rodrigues, Wanda Curlee, Lenka Pincot, cyndee miller, Jorge Martin Valdes Garciatorres, Marat Oyvetsky
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Date
For all the talk of an economic recovery, many organizations continue to obsess over headcount. But a smaller (and smarter) group is focusing on getting the right people on the right projects -- positioning those people and the organization itself to grow.
The payoff can be huge, according to PMI's
Pulse of the Professionâ„¢ In-Depth Report: Talent Management. On average,
72 percent of projects meet their original goals and business intent at organizations with significant or good alignment between their talent management and organizational strategies. Now put that up against the 58 percent rate at organizations with moderate or weak alignment.
Despite the potential ROI, only 10 percent of organizations report significant alignment. That stat takes on added significance when you consider what's shaping up as a true talent crisis.
Pulse data revealed four in five organizations report difficulty in finding qualified project management candidates to fill open positions. Some organizations are resorting to some serious poaching -- check the battle for project talent between Silicon Valley tech titans Apple, Google, Yahoo! and Facebook. China Road and Bridge Corporation is adopting a more long-term approach, according to China Daily. Looking to build talent in a strategic market for its projects, the company is sponsoring a group of Congolese students to study engineering and project management in Xi'an, China.
In this case, organizations that align talent management and strategy have an edge, reporting less difficulty in filling open positions.
Organizations that align talent management to organizational strategy are also more effective at implementing formalized career paths, with 83 percent moving new hires to advanced project management positions. Among organizations with weak alignment, that number drops to 62 percent.
The MD Anderson Cancer Center, for example, clearly outlines the path up. It requires 10 years of experience (including five years of project management) and a Project Management Professional (PMP)® credential for senior project managers who manage highly complex strategic projects that span three or more organizational boundaries. Establishing a career path not only makes employees feel like the organization has a vested interest in them, it also helps the organization spot -- and close -- any skills gaps that might prevent it from delivering on its business goals.
Recruiting and retaining top talent will only get organizations so far. They need to measure results, too. Across the board, organizations with strong alignment are more likely to measure outcomes such as staff turnover, learning development, and employee engagement, retention and productivity.
U.S. space agency NASA (National Aeronautics and Space Administration), for example, tracks the effectiveness of its professional development courses by assessing enrollment numbers and feedback from senior leadership. Armed with that information, the PMI Global Executive Council member knows what's working -- and what's not.
No doubt, creating a talent management program comes with a hefty price tag. But consider the danger of skimping: On a US$1 billion project, organizations with significant or good alignment of talent management programs to organizational strategy put US$50 million fewer dollars at risk than organizations with moderate or weak alignment.
With those kinds of numbers on the line, the bigger question is: Can an organization afford not to make the investment?
Posted
by
cyndee miller
on: April 08, 2013 10:40 AM |
Permalink
Comments (7)
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Dan Strayer
Head of Marketing| p3m global
Heywood, Greater Manchester, United Kingdom
Mahalmadane Touré
Engineer| National Headquarters of Geology and Mines of Mali (Bamako)
Mali
Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
Aligning talent management to organizational strategy may cost but the dividends are much higher.
Thanks Cyndee for an informative article.
Mansoor Mustafa
Senior PM| Government Department
Rawalpindi Punjab, Pakistan
Luis Branco
CEO| Business Insight, Consultores de Gestão, Ldª
Carcavelos, Lisboa, Portugal
Dear Cyndee
Very interesting reflection on the topic
Thanks for sharing
Reflection should be based on what companies want.
If sustained results are achieved in the medium and long term I am convinced that the best strategy is: creating a talent management program
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