Not so long ago, “human resources” was the go-toterm for describing the broad spectrum of recruitment, retention anddevelopment of a company’s workforce. More recently, “talent management” hasbecome more widely adopted among businesses seeking a fresh perspective bywhich to maximize their most valuable asset – the men and women hired to helptheir companies grow.
What elements constitute the core of talentmanagement? According to organizational development consultant Susan Heathfield,thelist includes:
- Accurate and compelling Job descriptions
- Effective recruitment location placement
- Screening interviews (phone, online)
- Background checks
- New employee welcome and orientation
- On-the-job training
- Setting employee goals and performance feedback
- Career planning and development
- Employee termination
Having a viable talent management system inplace can attract better candidates. Why? It demonstrates that your business“promotes employee engagement and job satisfaction—especially when workers seethat professionalsupport, development, and growth are toppriorities your company."
So what talent management strategies can youadopt to make your workforce more productive and efficient? Here are bestpractices to keep in mind:
Determinekey performance indicators (KPIs). Everyposition within your company should have detailed KPIs in place, so you canhire wisely and then assess a new hire’s performance during the critical first90-160 days of employment. Such KPIs can include a comprehensive description ofthe departmental role, expected deliverables, stated project deadlines, etc.
Keep ahigh profile on social media. Qualifiedjob candidates routinely use social media as a way of gatheringinformation on the most desirable employers. Ifyour business consistently posts fresh, relevant content and engage with yourfollowers, you’re more likely to interest these job-seekers in furtherexploring what your business offers.
Design amethodical hiring process. Manybusinesses falter when it comes to hiring, because they go about the process ina haphazard way. By contrast, a systematic hiring process applies the samerequirements and techniques across the board, thus ensuring a more efficientway of going about this time-consuming process.
Getting support from allkey stakeholders (department managers, co-workers, etc.) can help identify keycomponents of the process. Also, using digital technology to compile andanalyze past and present hiringdata can help frame the approach that best serves your company’s unique needs.
Focus on culturalfit. Everyorganization has its own culture and an effective talent management processensures that only individuals who “fit” into that culture are hired. You mayidentify “a talented individual with tons of experience, but if theirobjectives don’t match yours, they won’t serve your organization the way you need,”notes business writer SammiCaramela.
Cultivate the talent you have. Companies sometimes overlook the potential oftheir current employee roster, seeking instead to consistently recruit newcandidates for open positions. Talent management emphasizes cultivating thepeople already working for you. Look for every opportunity to instill a senseof meaning and purpose in these employees. This may include:
- Granting considerable autonomy on a specific project
- Implementing recognition and reward programs for going “above and beyond” one’s job duties
- Offering first preference with respect to advancing in the organization
- Providing above-industry-level benefits and compensation packages
- Encouraging adoption of flexible work schedules to better fit employee needs
These same talent managementbest practices also achieve the highly desirable goal of improving employeeretention. The men and women who work for you are far more likely to stay withyour company if they feel the work they do contributes to your overall success,if they feel recognized for their hard work and if they can meet their ownprofessional goals within the organization.
Talent management is (orshould be) an essential component of any business’s growth strategy. Whetheryou approach the process using your own internal resources or turn to aqualified third-party talent management provider, it’s vital to improve theways in which talent grows inside your company.