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A Revolutionary Solution to a Talent Management Issue

A Classic Talent Management Problem

Searching for a new employee can cost an organization up to 150% of the person’s annual salary. Alternatively, adding mentoring to your talent management process can be seen as a good approach to sustain ones’ talent pool, and given the new technology tools around mentoring programs, it can even be considered revolutionary.
The challenge of managing the cost associated with hiring new employees include: sustaining a talent pool, planning time, advertising, recruiting, interviewing new candidates, and training for the new hire. While many organizations may be naturally inclined to strengthen and change hiring practices, utilizing approaches to strengthen the existing talent pool is an increasingly popular alternative.

The Solution: Mentoring

Companies pursuing mentoring as a solution seek to:

  • Improve an organization’s perspective about what can be achieved from a fundamental shift in training philosophies.
  • Provide options to move employee learning along a creative threshold, by increasing their social engagement.

The benefits of implementing mentoring programs range from increasing effectiveness of the onboarding process for new recruits, to increasing morale and productivity.

The Challenge of Mentoring Program Implementation.

Some organizations have no urgency in implementing mentoring programs, or the role of mentoring is overlooked. With the sense of overtaxing staff resources to manage a mentoring program, organizations have created unnecessary heartburn about the use of mentoring programs as an existing alternative. The most common reason companies are afraid to implement mentoring are:

  • The perceived financial investment
  • Lack of engaged employees
  • The absence of resources and assets to contribute to mentoring in unique ways

Initiating a mentoring program in the workplace can seem like a daunting task, but the rewards of talent retention and overall company improvement make the idea one worth considering. At Coley & Associates, we have carefully crafted our mentoring services to take each organization by the hand during planning and implementation. Our experience allows us to avoid common pitfalls and incorporate strategies for success into the mentoring programs of each client.

By Janet Williams

As Director of Human Capital and Performance Consulting for Coley & Associates, Dr. Janet E. Williams provides Government clients and commercial companies insight on how to leverage resources and maximize services for improvements to company operations. She specializes in mentoring, progressive management process improvements, accountability and control, revenue enhancements, and other organizational change methods. For almost 20 years, Dr. Williams worked in government and head an Emerging Leaders Program for mentoring youth. Janet holds a bachelor’s degree in Accounting from Hampton University a MBA from Troy State University, and her doctorate in Public Policy and Leadership from Walden University.

3 replies on “A Revolutionary Solution to a Talent Management Issue”

Thank you Mikey, for the encouraging feedback, the purpose of this blog is to educate, encourage and inspire individuals to understand their gifts, and aspire to be better today, than they were yesterday. It is nice to see I am reaching an international audience all the way across the pond in England.

I agree completely with the point raised in this article. Why search outside your company if the talent potential is already there! Beyond the short-term fiscal benefits of internal training and promotion, as Dr. Williams points out, there are intangible benefits like increased employee morale and productivity, which, in turn, lead to long-term fiscal benefits.
One issue internal promotion presents, however, is the susceptibility to groupthink due to the lack of an infusion of new ideas and points of view. Somthing to keep in mind.

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