When it comes to talent management, there is no one-size-fits-all solutions. Finding the right talent, getting them onboard, and helping them grow within the organization requires flexibility, ingenuity, and strategic thinking. Employees are the beating heart of a company, and looking after them has a positive impact on organizational performance.
“These days candidates are looking for companies that will value their whole selves and provide support in achieving work-life balance.” Jennifer Shappley, LinkedIn VP of Global Talent Acquisition
The Three Pillars of Successful Talent Management
Successful talent management relies on a solid strategy with three main pillars, quick allocation of talent being one of them. According to a LinkedIn survey on global trends, internal mobility increases employee retention. So, when an organization moves talent across to new posts or allocates them to new projects, employees are more likely to stay. The other two pillars are a positive employee experience and an understanding of strategy and business priorities on the part of the HR team.
A Cyclical Process
A skilled talent manager has the ability to identify talent gaps, find suitable candidates, help them develop necessary skills, and, crucially, motivate and retain existing talent.
The first step of this process is to establish what is the human capital requirement and write a job description that will help with sourcing and selecting. Next, the manager has to decide whether to find outside candidates or source from the existing talent pool. The selecting process that follows ensures that the right match is found.
Once the onboarding is completed, one of the talent manager’s jobs is to train the new employee in the skills needed to help the business reach its goals. Retaining talent is also the manager’s responsibility. Offering internal mobility or financial incentives are but two ways to reduce employee turnover. However, if the employee decides to move on to another company, the HR manager can use transition tools like exit interviews or retirement benefits.
Taking Care of Your Talent
As many HR managers and business leaders know from experience, when the employees do not feel cared for, they become demoralized. Therefore, productivity suffers and the employee turnover increases, which is very expensive for the company. The solution is to focus on employee retention and motivation.
As the workplace has changed significantly in the last few years, HR managers need to be adaptable enough to embrace the changes. For example, allow a flexible schedule where employees work whenever they are at their most productive, e.g., in the morning and early afternoon.
In order to avoid confusion, set clear short- and long-term objectives and explain in detail what each role within the company entails. Employees are less likely to feel demotivated if they know exactly what their role is and what objectives they are working towards.
Providing training opportunities goes a long way toward talent retention. You can choose to create in-house programs or hire outside training programs that contribute to career and personal development. Also, reskilling employees is key to address talent gaps.
Remember that feedback goes both ways. Provide meaningful feedback during employee performance reviews. Ditch the annual reviews in favor of more frequent ones. Also, ask for their feedback and to contribute ideas. This information will help you know whether your talent management strategies are working. And do not forget to reward the employees who are doing well.
Summing up, talent management is the process of onboarding the right person for the job and helping them grow professionally. Also, it deals with all the aspects of human resources and makes sure that they work towards achieving company goals.
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