Talent Management is an Oxymoron!

I have heard this buzzword a lot recently and I get it but how do you “manage” talent? Talent can’t be managed, it has to be lead! As soon as one starts managing talent, it will go away. Here are some tips on what “talent” needs to stick around in your business!

Development – if “talent” isn’t getting constant direction and a clear path to the outcome, “talent” will leave you. Look for ways to help them improve their skill sets. If you don’t, they, or someone else will.

Inspiration – if “talent” doesn’t get inspiration, it will quickly deflate. “Talent” needs it to stay on top of the game. Leave those out and “talent” will leave you

Other “Talent” – If you don’t surround “talent” with other “talent” they will quickly disengage and go look for an environment that challenges them to the next level. Special tip – “talent” hates non-performers and wants you to act on them quickly. Don’t ever settle for “C” players if you are trying to foster “talent”

Appreciation – a simple thank you can be enough but “talent” has to know that they are appreciated for what they provide to the business and your success

Vision – “Talent” needs to know what the future looks like or be able to help you determine what the future looks like so they can implement their plans to achieve it! Let them be involved in the planning of the future and give you their prospective on the vision. Make their ideas part of the vision and you have scored big time! They will run through walls to accomplish their “own” vision!

Abundant Thinking – “Talent” wants to know that scarcity thinking is no where in the system. There has to plenty to go around for everyone.

Fair, definitely, but above average compensation is best – I know they say money isn’t always the deciding factor for top “talent” but if you want to lock the best of the best into your business for as long as possible, pay them very well! Don’t use lower compensation based on a weak economy as an excuse for unfair pay.

Remember above all, “Talent” never leaves the business…..they leave the boss.

What other things must a business have to retain top “talent”?