?Enterprise assets can be broadly divided into its people and everything else. The latter includes brand recognition, real estate, sales, inventories, supply chains, accounts receivable and other things together constituting the company's physical and market presence. It's the people of the company who use the technology to create the whole business structure and brand; thus improving the life of their fellow citizens. Any enterprise can flourish in business as much as it can use the Talent of its People, optimize their skills and make the most of stimulus opportunities. Talent is defined as having a special aptitude or faculty; having a whiff of creativity; of thinking outside the box; of a unique ability to solve problems. It infuses the human experience with dynamism and creativity. On the whole the firm must be nimble, creative and ready to abandon the old reliable methods when challenged by new paradigms. Routine forms of employee & talent management with people performing the same task year after year with no enthusiasm change, facing new business opportunities and challenges ultimately leading to decline and irrelevance. BPI (bestpracticeinstitute.org) - the Best Practice Institute surveyed 14 dynamic enterprises from a wide spectrum of industries. It identified the leaders in human resource management, and specifically those who initiated transformative efforts to strengthen organizational leadership; enterprises who have succeeded in implementing talent enhancement programs thus integrating vital strategic components into the companies core operating values. The fourteen companies varied as per their business area, expertise and industry. They included Avon; Bank of America; CES Division; Bank of America, Corning Incorporated; Ecolab; GE Money America; Internal Revenue Service of US Government; McDonald's; Microsoft; Porter Novelli; Southern Company, Whirlpool etc.. These companies prepared themselves for success over the short term challenges but also for the company's long term future growth and vigorous health. When these firms felt the Vital Necessity for Change, they turned attention to the question of talent management utilizing the six-phase strategy created by the Best Practice Institute: Business Diagnosis, Assessment, Program Design, Implementation, On-the-Job Support, and Evaluation. The tipping points for action were varied, and included declining growth, a lack of qualified external hires, a need for internal succession planning, and the need to align talent strategy with business strategy. While the solutions were uniquely crafted to the needs of each company and cannot be grafted onto another, they are inspirational for guiding any enterprise seeking to strengthen its most valuable asset — its talent. To learn more from the case studies of these 14 organizations visit https://bestpracticeinstitute.org/ Author Bio: Louis Carter is co-author of the Book "Best Practices in Talent Management" along with Marshall Goldsmith and author of over 8 books on leadership development including Change Champion's Field guide and Best Practices in Leadership Development and Organization Change. He is president of the Best Practices Institute, and a recognized global leader in best practices in business management and leadership.
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