According to Forbes Insights, companies of all sizes and across all industries are facing challenges with managing talent. Many high-growth companies are so focused on acquiring talent that they do not develop the skills to nurture one’s organizational performance. But a talent lapse is damaging to a company’s performance, competitive advantage, and market impact.
The shift from an ad hoc to a strategic talent management program can help in the achievement of its business objectives and in the quest to acquire and retain the right talent.
A mentoring program assigns a senior, experienced executive to meet regularly with one or more promising individuals in the company. Some even put rotational assignments in the mix. Here, high-potential employees see a range of functions in the organization.
Digital Equipment Corporation (DEC) combined a formal mentoring program with their Financial Development Program (FDP). The FDP was a three-year rotational program in which the participants attended weekly training sessions, and were required to enroll in an MBA program. The participants rotated jobs on an annual basis and were required to submit an independent study project as a requirement for graduating from the program. Throughout the program, managers, peers, and mentors reviewed the FDP participants. This highly competitive program allowed the participants to have exposure to many finance and accounting roles and processes within DEC. The participants also had visibility to executive level positions at DEC since they were often asked to present a case study in a classroom setting and were required to present their final independent study project to a senior finance and accounting team.