Better talent is worth fighting for – Part 2
Posted Oct 14th, 2015 by Expedite | 0 comments
In part one of this series about talent management, we discussed the importance of aligning talent strategy with business strategy – how to attract, recruit and develop talent, and the essentials of performance evaluation. This article aims to highlight other important elements of a successful talent management strategy.
RetentionThe first priority for an effective talent management strategy is recruiting the most valuable talent and placing it in the right role based on experience and competency. Once you have implemented an effective recruiting strategy, your next emphasis should be on retaining employees. The important thing here is to encourage engagement – an open and honest dialogue between management and workforce. This makes employees feel valued and keeps the workplace motivating and interesting. When you ensure that a retention-based strategy is a part of your larger talent management goals, you’re demonstrating that you care about your employees’ professional growth and development. Employee retention is an integral part of talent management – every organisation needs dedicated and ambitious employees if they want to survive in the competitive, corporate environment.
Succession planningSuccession planning has been described as a systematic process, whereby organisations identify, assess and develop their employees, to ensure they are ready to take on key roles within the organisation. In order to ensure long term organisational success you need a definitive succession planning initiative in place. When your plan is aligned with business goals, you can focus on creating adequate talent to manage your organisation’s growth objectives. Although succession planning is usually managed by HR, in order to translate to business success, it needs to be backed by senior management. It is common practice for organisations to focus their succession planning efforts on ‘high potential individuals’. On the other hand, several companies create a succession plan for employees as soon as they are on-board. There are benefits and pitfalls to both approaches. An emphasis on ‘high potential individuals’ ensures that your organisation is investing in the most promising employees. The pitfall is that you might alienate other employees, which in turn could lead to frustration and low morale.
Turnover – talent leaving the organisationAn effective talent management strategy is a pragmatic way to improve employee satisfaction and retention. High employee turnover can have a detrimental effect on your organisation’s productivity and overall business results. There are several ways to approach this issue and avoid valuable talent from leaving the organisation. It is best to put in place pre-emptive measures that will ensure a happier and more productive workforce. Some of these measures include:
- Consistent performance appraisals
- Goal alignment
- Effective on-boarding
- Consistent recognition & rewards
If you are a service provider in the HR industry and can address these challenges then contact: email@example.com