Talent management is a key factor in modern organizations. It is heavily linked to many aspects of effective functioning, like engagement, promotion or motivation. Unfortunately sometimes it seems a bit complicated to impact these correlations and steer them into our desired direction.
However we must not give up, instead we have to rely on scientific approaches of this topic. One of these is the approach of Thomas Chamorro-Premuzic, whose book „Talent Delusion” gives us a great understanding and methodology to apply an effective solution.
According to the book first of all we have to understand the definition of talents and so be able to identify them in our company (there are some well-defined methodologies and the High Potential Report which can help identify talents). In order to do this we have to be familiar with the four rules set by Chamorro and if you had doubts about the connection between business and talents, here is the point where you have to get rid of these thoughts. Talents are as strongly bound to business as sales, because already at their intercompany identification 3 out of the 4 golden rules are about performance – and business is performance. Of course in a science-backed approach the most important and challenging aspect is the measuring of this performance of employees, but that is another story. Now let’s see the whys!
The first rule is kind of obvious as it states that talents are usually generating the 80% of the incomes in a company. This is a special application of the famous 80-20 rule, but it is valid for talents as well. These employees are the key people in the organisation and because of the fact that resources are usually limited, we have to focus and invest into these top performers.
The second rule is also very clear. It says that talents can do more and/or better. They have the ability to show an above-the-average performance that is very visible and distinctive. Of course performance always fluctuates around an average so there will be moments above the line for everyone, but talents can do even more, even bigger peaks.
It is the third rule where it becomes a bit tricky, because it points out that when someone can fulfill a task without serious efforts then it is also a sign of talentedness. So it means that if we see someone delivering average (but adequate and NOT bad) results without too much work, then the person must have a great potential inside.
The fourth rule…
That is the one you have to uncover for Yourself and serves as a point of motivation and exploration if You are really interested. If You would like to read my interpretation about the fourth rule, you should follow us to read that in the next part of this article.
Until then we should emphasize the relationship and the learning points.
Unlike in many organisation, talents are to be found via constant and accurate performance management (you can ask for consultancy to find a customized solution) and not via feelings or favoritism, or – and that is even more typical – by simply pointing out employees working in the company for ages. Monitoring performance (ask our consultants for customized PES – Performance Evaluation System) and applying the above mentioned rules are the key processes and so everyone can do the first steps in talent-management, where an inappropriate selection has the same, costly outcomes just like in hiring.