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You are here: Home / Talent Management / Talent Management Critical to Family Business Success

Talent Management Critical to Family Business Success

January 14, 2015 By HRB Family Business Consulting 1 Comment

Talent Management Critical to Family Business SuccessTalent Management is influenced by a number of economic trends, global issues, demographic, generational swings; this business strategy needs to be included in the overall business plan.
 

“It’s Christmas. It’s Christmas what a wonderful season”

Gas prices dipped below $2.00/gallon and Leading Economic Indicators Grow for Third Consecutive Month. Family businesses will grow in 2015. Is your family business managing talent?

The Conference Board’s Leading Economic Index (LEI) increased 0.6 percent in November to 105.5, the group reported. The increase matched October’s improvement and was slightly weaker than September’s 0.8 percent growth.

Released monthly, the index gauges the potential for future economic growth based on 10 leading components, including homebuilding permits, weekly initial unemployment claims, and average consumer expectations for business conditions.

“The increase in the LEI signals continued moderate growth through the winter season,” said Ken Goldstein, economist at The Conference Board. “The biggest conditions tightening, we are seeing the first signs of wage growth starting to pick up.”

The temperature in Raleigh was 62. The economy is heating up and finding talent, keeping talent will become increasing hard. Today finding, securing and keeping employees is referred to as “Talent Management”.

Talent Development.Talent Management is influenced by a number of economic trends, global issues, demographic, generational swings; this business strategy needs to be included in the overall business plan.

In a recent article by Juliette Attwell, she described this war for talent and outlined some new/old ideas. “Buzzwords such as talent mapping, talent retention and engagement strategies have become very popular and all highlight the dire need that companies feel to attract and retain their top people.”

6 of the top career trends that could be seen in 2015:

1. Increase in flexible hours and work spaces – Highly skilled, engaged and passionate employees are a dime a dozen. They also tend to lead very active lives which means that flexibility is a huge draw card when considering job opportunities Social Media Recruiting – more and more companies are harnessing the power of Facebook, Twitter and Linked In to recruit.

2. Continuous Job Searchers – A recent study done (Forbes.com) showed that 85% of employees are already searching for work outside their current occupation while a third of employers expect their workers to job hop. Viewer insights – as the access to technology increases, there is a fundamental increase in companies tracking, plotting, analyzing, curating and storing data about their employees, customers and competitors.

3. A move towards graphic CVs – Infographic CVs are already used to an extent in the creative industry, however we are seeing a movement towards more visually interesting CVs in the general business environment. Tree maps, pictograms, bubble charts, experience timelines and language maps are all very attractive forms of displaying your skills and experience

4. Mobile recruiting – With millennials and Gen-X’s making up 75% of the workforce globally by 2015, the use of smart phones and tablets to look and apply for jobs is as normal as putting shoes on your fee.

A critical point is Family Businesses need to consider and engage in talent management. Third generation, treating people fairly and promising a great culture may not be enough. This generation and the next will require Family Business Owners stretch their comfort zone and consider better ways to Talent Manage.

talent concept

Filed Under: Talent Management Tagged With: Business Success, Managing Talent, Talent Development, Talent Management, Talent Retention

Free Consultation by HRB Family Business Consulting "No charge for an initial consultation. If I can't help you I will find someone who will." — Bernie Scibienski

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