Page 213 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

91 TALENT MANAGEMENT

Whatever your business, having the right people in the right roles
is essential for success. Talent management ensures that you have a
steady supply of one of the scarcest, most expensive, and important
resources: the right people.

The idea

Good people are hard to find, and during a time of declining population,
notably in developed Western countries, it is becoming harder and more
competitive to find talented people. The solution is talent management:
attracting, developing, and retaining the right people.

Nurturing, developing, and retaining the most talented people requires
specific, in-depth skills and expertise. The importance of an explicit
focus on talent management was evident in the experience of Mellon
Financial, which developed through the 1990s from a traditional bank
into a strong financial services business. The challenge was to develop
new products and services, cross-sell to clients, and expand into new
markets. This required new skills and a different approach, so Mellon,
under CEO Marty McGuinn, took several important steps to manage
talent within the organization. Centers of excellence were introduced,
where experts devised leadership development tools and programs,
which were taken into each business unit to provide training and
development to individuals. The leadership development program
involved senior management frequently meeting with emerging
leaders one-on-one. The skills that emerging leaders would need were
explained and individuals were helped to develop those skills. The
focus on talent management was an important aspect of Mellon’s
development.

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