Magazine article Talent Development

The Workforce Risk: Assess, Prioritize, Mitigate, and Monitor Talent Risk

Magazine article Talent Development

The Workforce Risk: Assess, Prioritize, Mitigate, and Monitor Talent Risk

Article excerpt

Hiring, engaging, and retaining key talent is a daunting task. Today's unpredictable business environment creates unique challenges-such as attracting and developing talent-for workforce needs. Talent risk management may be a viable tool to combat this talent dilemma, according to Talent Risk Management, a study conducted by the Institute for Corporate Productivity (i4cp).

Talent risk is the current workforce's ability to respond to business demands compared to future talent capability and company needs. Talent risk management is the process of identifying the talent gaps and mitigating the risks appropriately. According to i4cp, "talent risk is an integral part of managing business risk, building resiliency and agility, and positioning for [organizational] growth"

The study found that high-performing organizations, such as Toyota Financial Services and Western Union, are more likely to employ talent risk management than low-performing ones. Increased productivity, knowledge transfer, and market performance were connected to successful talent risk management implementation. …

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