Why a Talent Management Strategy Is Good for You & for Your People
Your people are arguably your most valuable resource, and effective talent management is critical to retaining that human capital, protecting your investment in your employees, and driving your company’s mission forward. But rather than assuming or guessing the best methods for managing employees, it’s best if you can devise and implement a strategic and tactical approach to talent management to help create a clear path to optimized performance.
Just as important, having a talent management strategy in place is perhaps the most important element of promoting a strong company culture and elevating the employee experience — both of which matter when it comes to attracting the top of the talent pool and retaining those employees.
Developing a strategy: key components
Identifying strategic priorities
The first step toward creating an effective talent management strategy is to identify your organization’s larger goals and break those down into more manageable objectives that can be achieved across a particular time period. These priorities will help guide your HR team and ensure all talent management processes align with your overall business strategy.
Connecting priorities to business practices
Once you’ve determined your strategic priorities, you’ll need to examine your current talent management practices. Drawing connections between your organizational priorities and your people-driven practices highlights any gaps and indicates where talent management practices need to be changed or adjusted to optimize performance.
To see the benefits of your strategy, you’ll need to take clear and defined steps towards realizing it through adjusting HR processes and systems. This might include teaching new skills to your human resources team through a learning and development program, examining both leading and lagging KPIs, redesigning workflows, and using a talent management software system. This takes courage. Change always does. But the payoff of implementing new best practices is where you’ll find the most growth, both in your strategic vision and the company’s bottom line.
One you’ve developed a talent strategy that aligns with your business strategy, you can more easily and more effectively improve essential areas of the management process.
Whether you decide to target internal or external candidates, you should be attracting talent that is going to support your strategic priorities and help you achieve your business goals. A talent management strategy will give you a clear idea of the qualities you’re looking for and how you can form a strong employer brand that will help attract candidates with those traits.
Employee development is perhaps the most critical component of talent management, providing long-term payoff when done correctly. Developing current employees not only helps individuals further their careers, but it also can save the many resources that would go into hiring someone new.
Important development initiatives include:
- Having an effective onboarding process that gets new hires up to speed quickly, thereby reducing the time it takes to reach full productivity.
- Identifying and filling in any gaps in skills or job resources.
A clear, strategic plan for managing your talent will assist you in implementing these initiatives to align the company’s goals with the goals of your employees.
Employee engagement is critical to the success of your people and your business, as an engaged employee is willing to put in extra effort towards performing well and contributing to the company.
One of the best ways to boost engagement is by balancing job demands with job resources, and a good talent management strategy will include processes that create this balance, thereby improving engagement levels.
How you engage your employees defines your culture. Make sure and understand what drives your people and create opportunities to build on those. Happy, productive team members are not solely financially driven. Making work enjoyable and fun while recognizing the contributions of your best performers or “wins” goes a long way towards the ultimate success of your business.
You want your employees to stick around and keep driving productivity. A talent management strategy will give clear direction in how you approach retention, keeping your employees happy, satisfied and helping to move your company forward. Good retention rates can be achieved in many different ways, but perhaps one of the most critical is to avoid challenges such as burnout.
Employee burnout can have a catastrophic effect on your business by ruining retention rates. To avoid this, you’ll need a strategic plan to tackle long-term stress. When you incorporate a plan to mitigate the causes of burnout, such as time pressure and poor work-life balance, into your strategy, you’re setting up your employees and your business for success.
Talent acquisition and management with Empower Partnerships
When you partner with Empower Partnerships, you’re not just getting ordinary staffing solutions. We take a focused and holistic approach to finding you the talent you need, and then we help you develop and retain your people as well as your employer brand. From job listings to succession planning, together we can create and implement a talent management strategy that’s going to uplift your most important resource: your people.