Your talent strategy isn’t just a component of your business – it’s the backbone of your success. It’s crucial to continuously invest in employee growth, align talent plans with your business objectives, and remain agile in the ever-changing business landscape.
Over the coming weeks, we’ll be launching a video series that dives deep into the modern world of talent strategy. In our first video, Lexico Co-Founder and CEO, Damani Short, begins with the grounding topic of why talent and how we approach our talent strategies and highlights its pivotal role in driving organizational success.
More on the Capability-Driven Approach to Talent
Talent is essential because it directly influences how work gets done and outcomes are achieved. It affects not only what gets accomplished but also how it’s accomplished, shaping stakeholder experiences and impacting team dynamics. Talent impacts business outcomes by determining the efficiency and effectiveness with which tasks are completed and goals are met. High-capability talent drives better performance, innovation, and overall business impact.
What is a capability-driven approach to talent?
A capability-driven approach to talent is a strategic method for managing and developing talent that focuses on identifying, nurturing, and leveraging specific capabilities essential for achieving organizational goals and driving business success. This approach aligns talent management practices with strategic business objectives by prioritizing and developing critical skills, knowledge, and competencies needed for optimal performance. It involves targeted development initiatives, such as specialized training and recruitment, to enhance these key capabilities, and measures their impact on business outcomes through performance metrics. Additionally, it allows organizations to remain flexible and responsive to evolving needs by continuously reassessing and adapting the capabilities that are most crucial for achieving long-term success.
Why is it important to align talent strategies with evolving business needs?
Businesses are constantly changing, and aligning talent strategies with these changes is crucial for adaptation and growth. A well-crafted talent strategy helps companies navigate and accelerate through change, ensuring they remain competitive and agile.
How can leaders ensure they get the talent strategy right?
Leaders should focus on aligning talent strategies with business goals, understanding evolving needs, and managing talent investments wisely. By prioritizing a capability-driven approach, leaders can maximize the impact of their talent and drive better business outcomes.
Looking to implement a capability-driven approach to talent? Contact Lexico.
Check out more Capability-Driven content by Lexico:
- Using a Capability Roadmap for Technology Transformation
- Business a Business Capability Map to Transformation
TRANSCRIPT:
Why talent? You know, very simply stated, it’s ultimately how work gets done, outcomes get delivered and businesses are impacted. Not only is it what gets done, but it’s also how it really shapes and impacts the experiences of our key stakeholders and other individuals on our teams.
As well, when we think about evolving business needs, if there’s anything we can count on it’s change in our businesses. So our talent strategies are so important to helping and enable and some cases accelerate that change.
And last, but probably most obvious is just thinking about following the money. On average, depending on your industry, companies will spend around 40% of their total operational costs will be tied up in labor.
So if 40% is kind of your, your badged employee base, and then you add on top of that, another 20% or so for outsourced labor, and then you could even go higher than that when you talk about other providers in the ecosystem.
So if there’s one thing leaders have to get right, it’s got to be this talent thing.