It seems like it is becoming more difficult to attract and retain talent as the workforce becomes more populated with Millennials. However, with Millennials comes a more diverse workforce—a workforce that “matches the market.” Identifying, leveraging, and developing the talent within this workforce demands a unique set of leadership skills and behaviors. Research from the Center for Talent Innovation (CTI) spotlights 5 ways in which leaders can get a grasp on their talent management systems.
- Be a more inclusive leader. CTI research shows that leaders who possess inherent and acquired diversity are measurably more innovative. Employees at organizations like this are 60 percent more likely than their counterparts at non-diverse organizations to have their ideas developed, and 75 percent more likely to have their ideas actually implemented. Encourage your leadership team to promote inclusive behaviors among all levels of your organization.
- Nurture sponsor connections. A strategic workplace partnership between those with potential and those with power helps leaders “match the market.”
- Leverage the potential of protégés. No one person can have all the answers and knowledge of today’s business world. Collect several protégés in order to have an expert for each aspect of the workforce related to your organization.
- Crack the code of executive presence. Performance, hard work, and talent get recognized and promoted, but there is another factor that gives candidates leverage towards advancement: executive presence. According to CTI research, executive presence constitutes 26 percent of what leaders say it takes to get to the next promotion. Executive presence consists of three parts: gravitas, communication skills, and appearance. Give your employees more frequent and clear feedback on their leadership abilities so that they may crack the code of executive presence.
- Recognize women’s value. Although women are slowly rising in the business world, it is still occasionally a battle for women to remain ambitious and positive when compared to their male counterparts. Try to sustain the ambition of your female employees by meeting their needs as they progress toward leadership.
Managing talent within your organization is becoming a more complex process as the workforce becomes more diverse. Acknowledging and accommodating this unique generation is one talent management key that can’t be ignored in this modern business world.