Most companies have not graduated from the most basic, least effective forms of talent management, according to “High-Impact Talent Management: The New Talent Management Maturity Model,” a survey conducted this year by Bersin by Deloitte.
The survey, which collected data from 454 global organizations, found that 70 percent of organizations lacked mature, high-impact talent management.
Companies may want to speed up their growth/learning curve, however, because according to the research mature organizations fare better financially. Larger, mature organizations reported a cash-flow-per-employee more than double (2.3X) their less mature peers. And smaller, mature organizations reported a cash flow from operations that were 13 times higher than their less mature peers.
Bersin by Deloitte’s New Talent Management Maturity model outlines how a company falls under the category of mature or less mature. Levels 1 and 2 focus on essential talent activities and critical talent growth, which don’t go far enough. Some 70 percent of the organizations surveyed fell into one of these two categories.
The remaining 30 percent fell into Levels 3 and 4 of the model. These organizations’ diversity and inclusion practices go above and beyond essential activities. These companies see employees and their talents as assets rather than as costs.
Companies in these categories welcome high-level, strategic diversity and talent management practices. They have conversations with employees so that they feel valued. Understanding the employees yields a workforce that is more focused and engaged, and employees are more likely to contribute more of their discretionary effort.
Although this level of diversity and talent maturity takes more work to achieve, it benefits a company in the long run by creating a financially stronger organization and making the workforce feel more valued and engaged.