There is a recruitment rat race going on and to compete well in this race organisations need to shift from strategies to ‘hold people here’ to ‘attracting and engaging people’ . In growing numbers employees are seeking better growth and development, more flexible work arrangements and technology that supports 24/7 workplace connectivity.
One of the biggest HR related costs facing global companies is the cost of recruiting top talent. As global competition for top talent increases, organisations often turn to poaching from the competition rather than promoting internally. But is this a smart move? According to the Bureau of Labor Statistics  in the US there is a 66% failure rate for senior leaders hired from outside within the first 18 months.
To stay ahead of the curve, companies need to invest in their own talent, adopting a talent model where HR blends globalised talent practices with localised flexibility to attract, retain and manage the workforce appropriately. In this context, one question to ask is “Does my current HCM systems provide Talent centric functionality to support this strategy?”
Let’s look at some of the key characteristics of a truly integrated, global Talent model.
Global Design with Local Customisation
“Glocalised” Talent Management is the practice of using global processes to incorporate local requirements (usually legal or culture related) in order to retain and develop internal talent, without losing a global view. As more companies put emphasis on cultural fit rather than skills or education, a system to support the cultural differences is essential. Most SaaS (Software as a Service) based systems offer the ability to add local step outs to support the global processes – e.g. using a global performance programme that caters for local goal setting. Or incorporating the need for culture specific training into the global training and development programme.
Empower your Line Managers
Widen management involvement by shifting ownership to line managers to take responsibility for their teams’ talent development. The right system will offer management the ability to drive measureable results through an increased focus on local succession planning, leadership and talent development. In this model, employees themselves can play a bigger part through taking control of their career paths through personal goal setting and participating in career development programmes.
Globally Integrated Talent Management
An integrated Talent Management system should provide management with a single, global view of employees. This is enabled through easy access to top talent pools, the ability to drill into employee performance and career history, to assess whether employees are paid for their performance, as well as viewing their development path and their retention risk. It should be easy to identify talent in France that is suited for a position in Spain, or an emerging talent in the US, earmarked for a position in Canada.
Technology has significantly changed the way global businesses are run, and still offers significant potential for change. It is time to utilise those possibilities to unlock the full potential of your internal talent.
Bruce Jennings is the UK Workday practice leader and has more than 12 years of consulting experience in HR Transformation and HR applications. He recently returned to Deloitte from Aviva where, as Group HR Transformation Director, he was accountable for the global deployment and maintenance of Workday, the first European-based deployment of Workday outside of the USA.
Cristene van Jaarsveld
Cristene van Jaarsveld is a Workday consultant with more than 15 years HR and Marketing transformation experience across Online, Telecoms, Media, Technology and Retail industries.
 Engaging the 21st Century Workforce - Global Human Capital Trends 2014 http://www2.deloitte.com/global/en/pages/human-capital/articles/talent-acquisition-revisited.html