Seven Ways to Win Talent War

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International management consulting powerhouse McKinsey & Co. lists the following keys to winning the talent war for gifted young managers.

July 01, 2004

 

International management consulting powerhouse McKinsey & Co. lists the following keys to winning the talent war for gifted young managers, taken from a survey of 6,900 corporate officers, top executives and Gen-X managers in 56 companies. McKinsey calls them the talent imperatives of the 2000s:

[1] Instill a talent mindset at all levels, beginning with senior management. This mindset must be reinforced with accountability for the strength of the talent pool at every level.

[2] Create 'extreme' employee value propositions (EVPs) that deliver on your people's dreams. An EVP is a compelling reason for a talented person to want to work for your firm.

[3] Build a high-performance culture that combines a strong performance ethic with an open and trusting environment. Company culture is the critical element of most EVPs.

[4] Recruit great talent continuously. The most aggressive companies are always on the prowl for talent and ready to pounce when the time is right.

[5] Develop people to their full potential. Effectively conceived stretch jobs, coupled with informal feedback, coaching and mentoring are enormous developmental levers.

[6] Make room for talent to grow. Move under-performers, whether it's to a new position or out of the company.

[7] Focus on retaining high-performers. Demonstrate that you value and appreciate talented people. It's part of your EVP promise. High-potential people need to know they are vital to your future.

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