The Talent Trifecta formula is the jumping-off point for a business to find the right direction and neutralize every problem, thereby building up a robust, united, professionally adept staff. Follow the following article of Viindoo to learn more.
Preface
Challenges in Human Resources management are not new to Vietnamese enterprises. However, it seems many leaders are used to “turning a blind eye” to and making compromises with them.
Such concerns range from difficulties in recruiting highly qualified candidates or an unstable staff roster to common, agonizing problems of most enterprises: weak employer-employee relations, peer conflict, staff passivity and idleness, poor performance, avoidance of training or skill testing, etc. They are prone to create cracks, which can destroy an entire corporate system at any given moment.
Recent surveys of the business personnel situations indicate that:
53.3% of employees are those who lack dedication and commitment to their respective company, in which 28.7% contribute little yet refuse to quit (so-called “zombie worker”), according to Anphabe.
The top two reasons for such a lack of dedication and commitment are (i) inadequate salary, bonus, and benefits policy, and (ii) the inability to properly utilize their forte, according to VietnamWorks.
Allocating human resources in the enterprise
- Quit rates are the highest at the managerial grade—department heads or supervisors whose monthly wage is 40–80 million VND (35%), and senior managers whose monthly wage is over 80 million VND (30%), according to Anphabe.
- When a talented employee quits, the loss suffered by the business can be as much as 1-2 years’ worth of that employee's salary (including loss of customer network, brain drain, recruitment, and training cost for new employees, etc.), according to Society for Human Resource Management.
What is the Talent Trifecta formula?
The Talent Trifecta formula is the work of author Dave Ulrich, a professor at the University of Michigan (USA). He was named by Forbes magazine (USA) as one of the world’s top, most influential five management consultants in the field of HR development.
Based on studies and surveys of thousands of businesses, more than half of which are on the Fortune 500, the top elite companies in the world, and including interviews with more than 40,000 business talents around the world, the formula has opened up a new definition of talent. This concept is not only limited to "skilled workers" but must also unite multiple factors, creating value for enterprises.
The Talent Trifecta:
Talent = Competence * Commitment * Contribution
In particular:
- Competence is an individual's knowledge, skills, and ability in response to assigned tasks at the moment and in the future. For employees to show their capabilities, choosing "the right person for the right job at the right time" is necessary.
- Commitment is the degree to which employees are willing to aid the company's success. Many workers are considered “skilled” yet cannot advance to being a talent without enthusiasm and responsibility.
- Contribution is the value an employee creates and is acknowledged for, as they contribute to the company's development. These employees not only are aware of the purpose of their work but also have a clear motivation to achieve high efficiency.
This formula asserts that talent development must adhere to those three factors—competence, commitment, and contribution. They are interconnected exponentially and cannot substitute for one another. Without any of them, a person simply cannot aspire to become a talent. As the sayings go, "talent is a nation’s vitality," and "talent is an enterprise’s life force."
Regardless of the specific scope, the human factor always occupies an important position, significantly contributing to the organization's overall success.
>>>> See More: 7 talent acquisition policies to develop sustainable businesses
Benefits of applying the Talent Trifecta
Many enterprises assume that investment in staff training—such as building a full-time staff system, organizing courses, and building reward programs—would be costly and unprofitable. However, reality proves that this investment brings win-win benefits because businesses will gain much more than they might lose.
According to surveys, enterprises possessing highly specialized, committed personnel can reduce absenteeism by 41% and increase revenue by 21%.
Enterprise
Smooth operation; dynamic, creative workplace
Higher recruiting efficiency; more talents as candidates
Improved revenue via enhanced work quality
Minimum losses; elimination of costs due to mistakes, errors, and waste
Manager
Improved efficiency of assigning to the right person the right tasks in the right direction
Effortless evaluation and development of promising employees, and removal of inadequate ones
Reduced workload and management burden
Capable personnel, ready for important job positions
Staff
Enhanced job performance; minimized errors and pressure
Attractive salary, bonus, and benefits
Opportunities to learn, improve and develop
Opportunities for promotion and career advancemen
The formula for evaluating & developing talent
HR development is one of the key long-term requirements of any enterprise. The challenge lies not only in recruiting the right quantity and quality of personnel for important positions, but also in the policies of evaluating, fostering, and retaining talents.
To actualize a seemingly vague concept like the Talent Trifecta of competence, commitment, and contribution, each enterprise must build its own formulas to help quantify the standards to identify and evaluate personnel, thereby making suitable policies to foster, develop and retain talents.
Develop competence
Establish a standard competence framework for each job position
Assess the competence level of employees from the recruitment process
Track and facilitate all employees to demonstrate their competence
- Foster and develop competence with the 6B toolkit:
Buying: Recruit talents in niches that need development and skill focus, etc.
Building: Train, coach, share experiences, and forge talent through real-world practice
Borrowing: Exchange personnel, utilize knowledge from consultants and partners
Bounding - Binding: Appoint and retain talent with new tasks, roles, and challenges
Bouncing: Eliminate weak factors with negative impact
Nurture commitment
Always focus on internal communication; share vision, goals, and orientations with the whole company
Allow employees to learn, improve and develop themselves
Implement commensurate incentives, salaries, and bonuses
- Let employees actively evaluate their own achievements and work efficiency; stay flexible; improve processes and working conditions
- Build a collaborative working environment and an open-minded culture; promote a constructive spirit
Encourage contribution
- Promote mutual support; be prepared to support employees with health, workspace, and financial issues
- Help employees understand their strengths and weaknesses, their position as well as their roles and responsibilities in the team
- Build challenges; set attractive goals and rewards; encourage excitement and creative spirit
- Spread inspiration; maintain a comfortable, lively atmosphere of dialogue.
Talent planning with Viindoo
When employees only need their jobs for income, go to work in the morning just to be on time, and leave immediately after their shift, even timekeeping and cameras cannot guarantee work efficiency.
When bosses only want employees to take up multiple tasks, receive a low wage, and cost as little as possible, such frugality always fails to turn a profit.
When the whole enterprise cannot find a common voice, all explanations, suggestions, and expectations are difficult to harmonize.
More than ever, businesses need a comprehensive collaborative system to transparently specify job descriptions, monitor progress and evaluate performance, capacity, reward and discipline policy, etc. On this basis, they can hope to balance employees’ and employers’ expectations, creating a united stance.
Let's explore the outstanding features of Viindoo Solution to help apply the Talent Trifecta formula to your business.
Work management & performance efficiency
Consolidate all to-dos, request deadline updates, and always have a follow-up response.
Provide information on progress & results so managers and related personnel can understand what employees are doing and how effective they are.
- Conduct timekeeping; calculate the actual time for the assigned task, thereby forming a basis to calculate and compare the work performance of each employee.
- Report the implementation time and contribution of each employee to each assigned project or task.
Assessment of work competence & performance
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Set a clear competence framework corresponding with the experience and skill system in staff profiles, which helps pick out people suitable for any plan, project, and task.
- Devise a clear roadmap of competence development according to a predetermined framework for each position and training program, as well as survey, assessment, and certification systems in sync with employee profiles.
- Build worthwhile challenges and rewards to stimulate staff dedication and competence development.
Business social network - Communicate, collaborate, and build a corporate culture
- Include a customizable communicative system, divided by channels and chat groups
- Integrate with business email system; track all information on any single interface
- Integrate and control notifications and progress for assigned tasks in the system, which can be tracked from any business interface
- Nurture a space for internal exchange and customer services, which are integrated into the same business interface that is reasonably authorized and easy to use.
In addition to Talent Trifecta, Viindoo Solution offers many more values that help businesses optimize their personnel efficiency. The solution with an assembled module-based structure gives businesses various options to meet their needs, from basic to advanced. Sign up for a trial to experience effective Human Resource Planning features with Viindoo!
FAQs
What role does commitment play in the Talent Trifecta?
Commitment refers to the level of dedication and willingness of employees to contribute to the success of the company. It includes enthusiasm, responsibility, and a sense of ownership towards their work.
How does contribution fit into the Talent Trifecta?
Contribution signifies the value that employees create and are recognized for in their work. It involves not only understanding the purpose of their tasks but also having a clear motivation to achieve high efficiency.
How can businesses foster competence in employees?
Businesses can establish a standard competence framework for each job position, assess the competence level during recruitment, track and facilitate employee development, and utilize tools such as training, coaching, and knowledge sharing.
How can businesses encourage contributions from employees?
Businesses can promote mutual support, help employees understand their strengths and weaknesses, set challenging goals and rewards, and maintain an inspiring and interactive work environment.
