56 - The Most Effective Approach to Developing a Talent Philosophy and Strategy with Laura Begg

Your host, Sri Chellappa, talks with Laura Begg. Laura is a senior-level HR talent leader and coach who discusses the importance of having a talent philosophy and strategy in organizations. Laura, with her 20 years of experience in healthcare technology and a master's degree in industrial-organizational psychology, brought a wealth of knowledge to the conversation.

Laura began by distinguishing between talent philosophy and talent strategy. She explained that a talent philosophy is a high-level statement of an organization's core beliefs, principles, and values related to talent management. It serves as a guiding principle for decision-making and actions regarding talent. Conversely, a talent strategy is the practical application of the philosophy, including the development of policies, practices, and decisions that align with the philosophy.

When asked about the process of building a talent philosophy, Laura stressed the need for guiding principles on performance, behaviors, rewards, communication, and accountability. She emphasized the need for buy-in from all stakeholders and cautioned against relying solely on the HR team to develop the philosophy.

Laura referenced a study published in the International Journal of Human Resources that explores the variation in talent philosophies. The study found that there is no one-size-fits-all approach, and organizations can have different perspectives on talent, such as exclusive or inclusive, stable or developable. These perspectives can greatly impact recruitment and development strategies.

To learn more about Laura's work, click HERE.

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Want to learn more about Sri's work at Engagedly? Check out his website at https://engagedly.com/.