The factors influencing nonprofit organizations are many. For everything from internal to external to societal aspects, it is complicated. Knowing and determining what aids and what hinders success as a nonprofit is not easy yet is imperative to success. We’ve been taking a closer look at this over the past month, and we’ll conclude our series this week with one more important factor to consider. Although so many factors are influential and essential to nonprofits, it is so important to not overlook the impact personnel and the human factor can have for harm or for good. Talent and its management is yet another performance indicator vital to nonprofit success.
Throughout the past several weeks, we have taken a close look at three of the four indicators that influence organizational success when managed and carried out well. Nonprofit achievement depends, in large part, on these four “Ts”– transformation, technology, transparency, and talent. Transformation is focused on making changes and staying active in improving the organization and its nonprofit financial management. Technology assists in transformation through implementing updated nonprofit accounting software systems that help in keeping pace with modern trends and needed processes. Transparency helps organizations to collaborate better, increase trust amongst stakeholders, improve engagement and service offerings, and enhance efficiency through fund accounting systems that are up to the task. To learn more about transparency, visit here.
RBP Methods knows 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 also know that nonprofit accounting software that improves nonprofit financial management is integral and fundamental to all of these four factors. To learn about all of the software product offering options that can benefit your nonprofit, visit here. We can assist you with this software that ultimately has a significant and powerful positive effect on all four performance indicators. As we look at the last indicator, talent, remember that software alone is not enough. Having the right “talent” or people in place will allow them to use this helpful software to assist in their tasks, but ultimately, people really do make the difference.
Talent Management: Why it is 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.
Talent Management Factors to Consider
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 to use the nonprofit accounting software to its full potential 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 us here at RBP Methods to learn more about the performance indicators discussed this month and to find out how we can help in your overall nonprofit success by getting you the nonprofit accounting software solutions and support you need to help in all four areas discussed throughout this month.