Behind every successful business lies an effective talent management strategy. Talent management has long been recognised as essential to the growth of an organisation, yet it is rarely used to its full potential.
According to a McKinsey survey, only five percent of respondents believe their company’s talent management has contributed towards improving company performance. But the survey also revealed a clear correlation between the few companies that do have an effective talent management strategy and their ability to outperform their competitors. We can help you develop a process that helps your business stand out from the competition and supports your business goals.
What is a Talent Management Strategy?
Talent strategy recruiters anticipate the need for human resources and then carry out the process of recruitment from attraction to aftercare. The term talent management is often used interchangeably with HR and recruitment despite fulfilling a different function.
A good talent management strategy does not simply fill roles. It’s an ongoing process to find specialists, then retain, motivate and develop them into future industry leaders. It focuses on finding and nurturing internal talent to fill important roles and helps them achieve their full potential with training and mentorships.
Why would you want a Talent Management Strategy?
Attracting and retaining high-performing employees is critical to your organisation’s growth. A talent management strategy identifies employees’ skills gaps, actively trains them, provides structured feedback and gives them the resources and autonomy to do their job well. A workforce that feels motivated and valued will stay with your company in the long run. Simply put, productive and engaged employees are more profitable for your business.
6 tips to developing an effective Talent Management Strategy
While each organisation is unique, it can still benefit from following some common steps to attract and retain the best talent. We’ve put together 6 tips to build an effective strategy to help your organisation retain its top talent.
Step 1: Identify your strategic priorities
The first thing to do is to determine your company-wide goals. You need to narrow these down into precise objectives and KPIs. If you are focusing on your customers, do you want to prioritise customer acquisition or build long-lasting relationships with existing customers? Are you more interested in improving current products or researching and developing new ones? The answer to these types of questions will influence the skills you develop in your existing workforce. It also helps you write better job descriptions to attract suitable external talent.
Step 2: Translate your goals into human capital
Talent strategy recruiters have to take abstract objectives decided by CEOs and board members and assess how they apply to human assets. This entails deciding how many people you’ll need to achieve your organisation’s goals and whether to create any new roles. It’s best to execute this process in collaboration with the relevant department managers. Don’t forget to communicate your vision, so that your employees and recruits understand the organisation’s overall strategy.
Step 3: Identify the key challenges facing your strategy
Challenges to achieving your organisation-wide objectives can come from internal and external sources. For example, the blurring line between work and home life is a recent challenge brought about by remote working during the pandemic. Other challenges might include a highly competitive job market, changing regulations and adoption of new technology.
Talent managers need to consider new standards of working that encourage engagement and inclusion for all employees. Anticipating potential roadblocks can stop them from becoming bigger problems.
Step 4: Benchmark talent and identify skills gaps
View each employee as a long-term investment and focus on internal hires where possible. You can compare the talent within your workforce by completing competency frameworks and skills audits. You can also offer employees confidential, anonymous feedback from peers, managers and clients. Once you’ve identified opportunities for learning new skills, involve individuals in managing their own training and development journey.
Step 5: Look beyond CVs for a good fit
Some candidates might look perfect on paper, but they don’t fit your company’s culture. Good talent management recruiters hire based on personality as much as skills. Don’t be afraid to create new hiring programmes to draw talented recruits to your organisation’s unique culture.
Step 6: Measure success
You should implement a system to track and measure your progress. There are plenty of software solutions to help you monitor retention levels, turnover and other metrics. Cold hard data will give you the necessary insight to make necessary adjustments in your talent strategy.
Speak to an Expert today
A talent management strategy is an essential process in finding the right staff, nurturing them and decreasing turnover rates.
Are you looking for a talent strategy partner? Find out how our team of experts can guide and support you through building a successful talent sourcing strategy. Speak to one of our consultants today.