In the post-Brexit era of uncertainty and market turmoil, short term impacts have already been felt and concern is rife about the longer term implications for organisations. Maintaining a high performing company in these conditions is tough. Now more than ever, leaders need to spend time considering how to keep employees operating at their best during times of real and/or perceived turmoil.
Interestingly in the latest annual global study on assessing organisational risk by British multinational AON, reputational and brand damage was ranked as the biggest risk for organisations, and failure to attract and retain talent was in fifth place. Both brand management and talent management are key terms which inextricably link both marketing and HR team, but many of us would go further to argue that they should be used by leaders to unite and motivate the entire organisation. Here is the rationale.
In 2013 researcher Marian Thunnissen and colleagues reviewed academic and practitioner studies and summarised that the main purpose of talent management is to ‘attract, develop, motivate and retain talent ’. At the same time, conventional wisdom drawn from academic studies and practical experience shows that there is a strong relationship between employees being satisfied at work and the overall success of the organisation as depicted in the following diagram.
implications can be immediately drawn for both HR and marketing teams who clearly have a role to play, but in reality, everyone in the organisation has a role to play; a positive organisational culture is essential for achieving success.
A recently published study by Constantine Kontoghiorghes from the Cyprus Institute of Technology, found that it was critically important that an ethical culture existed within the organisation for effective talent management. By outlining the role of culture and ethical behaviour this study points out very clearly that effective talent management requires practices, systems and skills that go beyond human resource management and affect the whole organisation. As outlined by Kontoghiorghes, “open communications, knowledge management, and support for creativity, in addition to facilitating system adaption, make work more meaningful and autonomous, and thus motivating. It is not by accident, then, that numerous studies have linked these high performing organisational characteristics to employee motivation, satisfaction commitment and retention.”