Managing Procurement Talent Crisis– Part 3: Identifying and Retaining Talent

Managing Procurement Talent Crisis– Part 2: Identifying and Retaining Talent
March 21, 2013
Cornerstones of an Agile Supply Chain
March 29, 2013
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In our earlier blog we discussed how the definition of the talent required in procurement has changed and become more demanding. We also discussed the 3 steps that can be considered to devise an effective procurement talent management strategy.

In this last of the 3 part blog series, we will talk about the remaining 3 steps for talent management in procurement.

4. Motivate talent

With talent crisis in procurement, CPOs should be exceedingly careful around how they set performance objectives, motivate people and manage performance in their organizations. Key questions to be considered are;

  • Are the goals realistic and yet high enough to motivate the talent?
  • Does the system for performance motivation andmanagement account for variability within the employee constituency? For instance, for some motivation is higher pay, for some it may be recognition, etc
  • Are there clear incentives for people to differentiate themselves in terms of performance?
  • Can people see themselves having an impact on corporate performance?

5. Utilize talent

  • A good talent dislikes being underutilized and would hate spending time on non-value add activities.
  • The CPOs thus need to break down existing procurement and supply management jobs into component activities and either automating or outsourcing the activities that are the least attractive and/or motivating to truly talented individuals
  • For instance, e-Sourcing and contract authoring solutions can liberate huge numbers man hours from supplier bid solicitation, analysis and contract negotiation processes

6. Equip talent

  • Part of building a strong brand that can attract and retain top procurement and supply management talent will involve creating a work environment that equips the talent with right information and tool to carry out their jobs.
  • For instance, deploying technology to enable employees perform their task faster and efficiently. Thus they can have extra time at hand to innovate, take up classes to enhance their technical skills etc.

Hope you enjoyed reading this blog series. To get a detailed account on talent management in procurement, you can download the whitepaper “The Looming Talent Crisis in Procurement and How Technology Can Help

 

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