So many internal, external, and societal factors influence the success and failure of nonprofit organizations. It can be complicated to figure it all out and truly determine what will aid in the success of your organization and what can also hinder or harm it. Over the past month, we have taken a close look at four indicators that positively influence success when managed and carried out well. These “4 Ts” of organizational success are transformation, technology, transparency, and talent. Transformation is focused on making changes and staying active in improving the organization. Technology assists in transformation through implementing updated systems that help in keeping pace with modern, business world trends and needed processes. Transparency helps organizations to collaborate better, increase trust amongst stakeholders, improve engagement and service offerings, and enhance efficiency. To learn more about transparency, visit here. For our final post in this series, let’s get a deeper glimpse into how talent and its management is yet another performance indicator vital to nonprofit success.
As Beck and Company’s Certified Public Accountants and Business Advisors, we understand that being successful in transformational practices, technological advancement, transparent practices, and talent management in addition to all the other tasks that need attention as an organization can present challenges to time and money. We are here to help with the financial pieces of these undertakings so you can focus on your areas of expertise in furthering your organization’s mission and success. Learn more about our accounting, controllership, and CFO services for nonprofits here. We can assist you with these important aspects of success so you can focus on the four performance indicators that need your attention and other important tasks.
Why is talent management a top consideration for success?
The reality is that initiatives in transformation, technology, and transparency will all fail without the help of the people that make them possible. Skilled workforces must be developed and maintained. Without the right people in the right positions, achieving success is nearly impossible. Managing talent has the power to make or break an organization. This revolves around the importance of recruiting the best employees, developing them and the talents they bring to the organization (in addition to utilizing those talents well), and retaining them over the long term. An organization must have a good hold on what their current skill shortages are, must be actively seeking this out, and must be constantly in tune to potential skill needs.
What factors should be involved?
When managing talent, it is necessary to explore a variety of factors involved in the process. These include incentives, rewards, and compensation structures. This is complicated by the fact that budgets are always limited. These budget constraints are reality, but they cannot be the sole indicators of decisions related to talent acquisition. As an organization, you must believe in the power of people and that they offer the biggest benefit of all to the organization and do what is necessary to find the needed talent and skills to succeed in the digital age, reward their successes, and retain them over the long term.
The process of talent acquisition starts by taking a look at critical capability gaps that exist in your organization. It also necessitates taking a good look at existing skills within the organization and how to best use those. What should you look for in acquiring leaders and skilled laborers for your organization, both current employees and future additions to the team?
- Team building, coaching, and mentoring skills
- Foresight and adaptability skills
- Operational knowledge of the organization as a whole
Remember that having technical skills alone is not sufficient. Talent must reach beyond skills to attitudes, overall organizational buy in, leadership and people skills, ethics, integrity, and professionalism. Develop internal talent, train staff well, use talent wisely, and create a culture and environment that is positive and has incentives in order to be successful in using and finding the best talent for your organization’s sake.
Contact Beck and Company CPAs to learn more about the performance indicators discussed this month and to find out how we can help in your overall nonprofit success.