Hi Friends Today Topic: Building High-Performance Project Talent. It can be easy to forget that what makes an organization excel is not its latest new product, its stock price or a spot on the Fortune 500. Truly great organizations—particularly project-driven ones—stand out because of their people. From the CEO through to the project team member, it is the portfolio of talent that makes or breaks an organization. The people it hires, and how it shapes and nurtures those employees, determines whether it will thrive today and in the years to come. In a 2012 survey by IBM, 71 percent of CEOs responded that they see human capital as a key source of sustained economic value. True talent management demands careful and thoughtful planning. It means establishing an enterprise-wide career track that lets the best and brightest rise to the top, regardless of where they are located on the globe or on the organizational chart. Organizations must also ensure that employees have not only the project management and technical prowess, but also the leadership and strategic and business management skills necessary to get the job done. According to a survey by human resources consultancy Northgate Arinso, nearly 90 percent of leaders said that they believe “securing the right people at the right place at the right time” is critical to delivering their organization’s vision. And 85 percent said the organization’s success would depend on “identifying and retaining top talents. Building a talent portfolio aligned with strategic objectives ensures that the right people are on the right projects. This is critical, particularly for decentralized organizations with project portfolios that cross industries and geographic borders. Executives who weave talent management into the fabric of their organizations are richly rewarded. Organizations in which talent management is aligned to organizational strategy have an average project success rate of 72 percent, versus 58 percent at those organizations with poor alignment, according to PMI’s Pulse of the Profession™ In-Depth Report: Talent Management. This goes far beyond simply hiring smart people. In grooming the next generation of talent, organizations must equip people with the ability to excel within a shifting project paradigm. While the original triple constraint was marked by time, cost and scope, organizations are now focusing on building a talent triangle of technical, leadership, and strategic and business management skills. A new breed of project executive is emerging project managers prepared with the skills and capabilities to deliver excellence today and into the future. Such a shift requires new thinking on the human resources front as well. In a 2013 survey by PwC, 77 percent of global CEOs said they anticipate making changes to their talent management strategies, with 23 percent planning major shifts. At the same time, organizations are in the midst of a project management talent crisis. Four in five organizations report they’re struggling to find qualified project managers to fill open positions, according to Pulse talent data. And those talent constraints will only grow. An additional 1.57 million project management roles will be created globally every year until 2020,according to a 2012 study by PMI. The stakes are high. Not having the right talent on tap can diminish a company’s competitive edge. According to the Pulse talent report, organizations report that a lack of qualified talent has led to a: 1. Decline in quality (31%) 2. Inability to innovate effectively (29%) 3. Cancellation or delay of strategic initiatives (27%) 83% of organizations report difficulty in finding qualified project management candidates to fill open Project Managers positions in the past year. Pulse data shows that qualified project professionals will gravitate to forward-thinking companies with targeted talent management initiatives that include: ■ Defined career paths and skills requirements ■ Identification and grooming of top performers by senior management ■ Regular assessment reviews ■ Alignment between strategic goals, project portfolios and staff ■ Stretch assignments that give young project leaders opportunities to extend their skills, knowledge and network ■ Mentoring and coaching. Organizations needs to adopt CHANGE to SUCCEED. What is happening in your organizations? lets hear Regards, Godfrey Mathebula (PMP)
Posted on: Thu, 30 Oct 2014 17:39:37 +0000
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