12 talent and asset management tactics to create value in business

Creating value through better management of talents and assets is crucial for sustaining competitive advantage. Here are 12 talent and asset tactics to enhance your business’s capabilities:

How-To: Cluster similar or related resources, practices and expertise into competency centers to increase efficiency and effectiveness. Centralize expertise in a specific area to enhance organizational capability and performance.

Example: A tech firm may establish a competency center for artificial intelligence to consolidate and enhance its AI capabilities across various products.

How-To: Develop an in-house system for offering targeted training and development programs tailored to the company’s needs.

Example: A large retail chain could create a corporate university to train managers in leadership, operations, and customer service excellence ,etc.

How-To: Empower local managers or teams by giving them the autonomy to make decisions that affect their work directly, increasing agility and job satisfaction.

Example: A multinational corporation could allow its regional offices to make decisions that cater to local market conditions and customer preferences.

How-To: Design and implement reward systems that align with your company’s goals, encouraging employees to excel in their roles.

Example: A sales company might offer bonuses or vacations to top-performing salespeople. A garment factory may implement a profit-sharing scheme where employees receive bonuses based on the company’s quarterly financial performance.

How-To: Assemble diverse groups of talented individuals to work on breakthrough projects, fostering a culture of innovation.

Example: A consumer goods company could create a cross-functional team to develop sustainable packaging solutions. A garment company may form cross-functional teams with designers, engineers, and marketers to explore sustainable materials and create a new line of eco-friendly apparel.

How-To: Merge separate technology systems into a unified platform to streamline processes and facilitate better communication.

Example: A healthcare provider could integrate patient records across all clinics to provide seamless care. A textile conglomerate may integrate the IT systems of various business units into a single ERP system to improve data visibility and operational efficiency.

How-To: Implement systems to capture, distribute, and effectively use the collective knowledge within your organization.

Example: An engineering firm might use an internal wiki to document best practices and technical knowledge. Develop an internal wiki for a fashion house where employees can share insights about customer feedback, design tips, and supply chain best practices.

How-To: Collect detailed customer data and use analytical tools to gain insights into preferences and behaviors, which can inform business strategies.

Example: An e-commerce platform analyzes customer purchase history to recommend products and offer tailored discounts. Use data from online sales and customer interactions to tailor a personalized marketing campaign for a textile brand, increasing customer engagement and sales.

How-To: Identify underutilized assets and find opportunities to sell or rent these resources to other businesses.

Example: A manufacturing company with excess warehouse space could rent it out to another business. A fabric manufacturer with excess production capacity could offer its facilities to smaller designers or brands on a contract basis.

How-To: Structure your organization to support strategic objectives, ensuring that every component is aligned with the company’s mission and optimized for performance.

Example: A software company may reorganize into agile teams to better align with its iterative development process. A clothing company may reorganize to have dedicated teams for online and offline sales channels, optimizing each for their specific market dynamics and customer expectations.

How-To: Contract third parties to handle non-core functions or projects, allowing your company to focus on its strengths.

Example: A small business might outsource its payroll functions to a specialized firm to reduce costs and focus on core activities. Outsource a part of the customer service operations for a textile company to a specialized firm, enabling the company to concentrate on product development and manufacturing.

How-To: Develop products in and for emerging markets, then adapt and introduce them into developed markets at a lower cost structure.

Example: A mobile phone company creates an affordable, durable smartphone for emerging markets and then sells it as a budget-friendly option in developed countries.

Each of these tactics requires thoughtful implementation, considering the unique challenges and opportunities of your business environment. By managing talents and assets effectively, you can create significant value and drive your business towards long-term success.

Implementing the Tactics: A Step-by-Step Approach

1. Assessment: Evaluate current talent and asset management practices.
2. Strategy Alignment: Ensure each tactic aligns with the company’s strategic goals.
3. Execution Plan: Develop a detailed plan for implementing tactics, including resource allocation and timelines.
4. Communication: Clearly articulate the changes and benefits to stakeholders.
5. Training and Support: Provide necessary training and resources to support the implementation.
6. Monitor and Adjust: Regularly review progress and make adjustments as needed.

These tactics have been drawn and adapted from Doblin and UNITE’s works.