Top Tips For Talent Management
Posted by Guest Author on September 18, 2013 in Business Start Up Advice [ 0 Comments ]
What is talent management? It is one of those trendy HR phrases that often gets banded about but not so often clearly defined! It is hard to define it concisely and clearly, as it is concerned with a complete spectrum of good people management practices. Talent management can be described as attracting, selecting, developing, promoting, rewarding and retaining the employees to, and through an organisation, to meet immediate and future strategic objectives and business needs. It is usually described in the context of attracting and developing managers and professionals.
It is concerned with investing in people and getting a return on investment. Internally developed leaders become valuable assets as they have developed both the key competencies required along with the organisational values. Organisations face a shrinking leadership pool. There is a competitive war on hiring talent and we’re all fishing in the same pond! The CIPD (Chartered Institute of Personnel and Development) reports that the number of employers reporting a ‘war on talent’ has risen from 20% in 2009 to 62% in 2013. The most difficult posts to fill are managerial and professional posts. The CIPD speculates that the low rates of labour turnover suggest that people are being cautious and staying put in their existing jobs in these economically uncertain times. So you need to think about what makes your organisation different from others and really stand out from the crowd. Effective talent management can help.
Determine Key Talent Requirements
The starting point needs to be to determine key talent requirements based on the key skills that will help the organisation to succeed and how many staff are needed, and where. Good workforce planning techniques will aid you with this. It should be aligned to corporate strategy. You will need also to determine the key skill shortages and the risks that these might have on the immediate and future success of the organisation.
Get A Buy-In From Senior Management
Line managers and HR managers need to work together closely in partnership to attract, develop and retain high performing employees. There must also be senior management buy in and commitment.
Be Creative In How You Market Your Business
Think about creative ways of attracting new talent into your organisation. The ability to attract will depend upon how potential applicants view your organisation and whether or not they share your values. How do you brand and market your organisation? You should endeavour to become an employer of choice. Develop your company culture so that people want to work for you and to stay with you. Word gets around quickly both good and bad. Ask your employees what they value, what is good about working for you and what could be better. Sell the benefits of your organisation and point out the opportunities for training, development and career progression.
Look Within Your Company For Existing Talent
It can be easy to focus efforts on attracting talent into the organisation and this can sometimes be at the detriment of overlooking the existing talent in the business. Develop robust and easy to use performance review processes that measure individual performance and contribution and identify high performing talent. Look after your existing employees, especially your highest performers! Ensure that whilst you are trying to recruit talent you are not losing your best people. Are you developing them? Are you listening to them? Are you engaging with them? Are you promoting and rewarding them?
Review What You Are Offering
Attracting talent is not always about the money that is on offer for the job. Other factors are important as well including flexible working, homeworking, personal and professional development and career opportunities. Companies that provide career development structures are generally seen as the best places to work.
How Are You Advertising The Vacancy?
Think about the mechanisms that you are going to use to attract the best people. Which social media and websites might attract your desired people?
Ask The Right Questions
Assess the candidates and invest time and effort into asking the right questions and conducting the right assessments. Remember you are selling the company as well as recruiting the right people with the right fit for your organisation.
Offer Development Opportunities
Once you have recruited them look after them. Develop them and keep them engaged and motivated.
Prove The ROI
Talent management processes should be measured and evaluated and a return on investment should be provided. Evaluation of talent can be difficult as it is not always possible to separate out the success factors that have made a difference. Turnover and retention data are always good starting points especially for those key groups such as senior management.
We all have potential. This should be recognised and we should all be given the opportunity to develop and progress.
About the Author: Founder and MD of international management development firm MTD Training and successful HR consultancy MTD HR, Sean McPheat is widely regarded as a leading authority on modern day management, leadership and HR techniques.
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