{"id":2194,"date":"2006-09-25T11:38:00","date_gmt":"2006-09-25T11:38:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2006\/09\/25\/talent-management\/"},"modified":"2023-06-28T04:30:31","modified_gmt":"2023-06-28T08:30:31","slug":"talent-management","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/","title":{"rendered":"Talent Management"},"content":{"rendered":"

Michael Lamoureaux over at the Sourcing Innovation blog is at it again\u2026He\u2019s coordinating a cross-blog series on the subject of talent management in purchasing and supply management.<\/p>\n

Don\u2019t miss updates on Procurement & Supply Chain, Subscribe here!<\/p>\n

Obviously, being the head of a company that offers purchasing training and a purchasing certification, this topic is near and dear to my heart. But I promise not to make this a commercial for Next Level Purchasing. I\u2019ll focus on some other aspects of talent management.<\/p>\n

In the book \u201cGood To Great,\u201d Jim Collins talks about \u201cgetting the right people on the bus\u201d then \u201cgetting the right people in the right seats.\u201d But I\u2019d like to dedicate this post to \u201ckeeping the right people on the bus.\u201d<\/p>\n

I\u2019ve seen so many organizations lose talented purchasing professionals in the past few years. What is disturbing is that these organizations often lose the replacements of those people quickly also!<\/p>\n

Organizations often seek employees who are interested and able to deliver continuous improvement to the organization. What these organizations fail to realize is that a professional who is interested in delivering continuous improvement to her employer is also interested in achieving continuous improvement in her purchasing career.<\/p>\n

So after two productive years at a job \u2013 after they\u2019ve accomplished some nice things to add to their resumes \u2013 purchasing professionals know they are more valuable. So they want to move up.<\/p>\n

In huge companies like Wal-Mart or ExxonMobil, this is not that big of a challenge. Their purchasing departments have hundreds of positions. Higher-level openings aren\u2019t that uncommon.<\/p>\n

But what about mid-sized companies (i.e., those with $100M to $1B in annual revenue)?<\/p>\n

It\u2019s more challenging because the purchasing manager may report to the CFO. Is it likely that a purchasing manager will make the jump to CFO? Probably not.<\/p>\n

So the go-getter leaves the company after only a few years. And the mid-sized company is recruiting a new purchasing manager every two years. Continuity is always interrupted and the potential for world-class purchasing and supply management is never realized.<\/p>\n

So what do you do?<\/p>\n

Well, there are a few things for a mid-sized company in this situation to consider:<\/p>\n

    \n
  1. If it is important to have a purchasing agent\/manager remain in the position for the long-term, don\u2019t hire a young hot-shot who just saved Ford a billion dollars. That person won\u2019t be happy for very long in a mid-sized company with no upward mobility. You need to hire the \u201cright\u201d person, not necessarily the \u201cbest\u201d person.<\/li>\n
  2. Have a career development plan starting from junior buyer all the way up to VP of Purchasing. Make it foreseeable for someone to move up the ranks.<\/li>\n
  3. If you have a career development plan in place, hire people who have the potential to move up. If you hire people with limited potential, you won\u2019t want to promote them later.<\/li>\n
  4. Once you document your career development plan, don\u2019t change it without careful consideration. If it requires three years of experience for someone to be promoted to a supervisor\u2019s role, one of your talented employees gets those three years of experience, and then you change it so that four years of experience is required, what\u2019s that talented employee going to do? That\u2019s right \u2013 go somewhere else before that additional year expires.<\/li>\n
  5. It is your company\u2019s responsibility to train your workforce to be world-class performers. If you have an open management position and feel that none of your buyers is qualified for promotion, it is your fault for failing to develop them. Talented people won\u2019t stay in your organization for long if they keep getting passed up for promotions.<\/li>\n
  6. Nothing is more damaging to morale (and, therefore, to productivity) than hiring from the outside when you could have promoted from within. People need to feel valued. If they don\u2019t feel valued by your organization, they probably will go to an employer who does value them.<\/li>\n
  7. Reward employees for their educational achievements. Accomplishments like earning the SPSM Certification make a purchasing professional more valuable in the marketplace. If you don\u2019t reward them, they are probably thinking about how much more money they can get elsewhere. On our \u201cSPSM Certification Success Stories\u201d page, there are interviews with people whose employers gave them generous pay increases shortly after earning their SPSM\u2019s. Smart move. SPSM\u2019s know they\u2019re more valuable in the market. If they don\u2019t get rewarded by their current employers, they\u2019re probably going to seek those rewards from new employers.<\/li>\n<\/ol>\n

    I hope that these tips help you retain your talent and deliver improvements on a continuous basis.<\/p>\n

    Recommended Reading<\/strong><\/p>\n

    Sourcing Innovation For Enterprise-Wide Contracts<\/a>
    \n    Tactical vs Strategic Purchasing<\/a>
    \n    Positive Purchasing News<\/a>
    \n    European Procurement Survey<\/a>
    \n    Qatar Newspaper Features SPSM<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Michael Lamoureaux over at the Sourcing Innovation blog is at […]<\/p>\n","protected":false},"author":12,"featured_media":4024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"\nTalent Management - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Talent Management - Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"og:description\" content=\"Michael Lamoureaux over at the Sourcing Innovation blog is at […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2006-09-25T11:38:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-28T08:30:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-034.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Talent Management\",\"datePublished\":\"2006-09-25T11:38:00+00:00\",\"dateModified\":\"2023-06-28T08:30:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\"},\"wordCount\":808,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Procurement\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/talent-management\/\",\"name\":\"Talent Management - 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