TPM Strategy #5: Implement Performance Measures and Align Incentives
In Strategy 5 of Talent Pipeline Management, we start building the pipeline that will connect people to careers and allow local businesses to grow and thrive. This is achieved in a couple of steps.
After projecting demand for critical jobs and mapping the potential supply chain, the collaborative decides on the return on investment measures that are most important to them based on the agreed-upon pain paints.
Next, the collaborative identifies their preferred providers, which are the schools and training programs that deliver the collaborative with the most qualified workers.
Finally, the collaborative establishes a way to incentivize the providers who deliver results, which can be financial or nonfinancial. Examples of nonfinancial incentives include priority hiring for program graduates, work-based learning opportunities for students, and access to equipment and the guidance of experienced staff.
Establishing incentives is a crucial piece of TPM as it gives both employers and education providers a stake in the game and encourages continued partnership to co-develop education and work-based learning experiences, creating a responsive and efficient talent pipeline. This performance-based partnership creates a triple win for students, providers, and employers.