Organizations often use talent management to increase performance in the workplace. It is used to onboard, engage, retain and motivate employees to give their best. Talent management done right can help build a competitive company with an edge over its rivals through well-implemented talent management practices that help organizations build a unique culture and stay ahead.
Talent management helps you maximize the value of employees. It helps businesses maximize the value of employees and, in the process, benefit all by pushing the bottomline.
How do you build a reputation for good talent management within the industry and outside?
First and foremost, an organization should have a culture of being geared to do the best for their employees. Create reasons for employees to be attracted to the organization. 91% of employees surveyed by Chandler and Macleod said that they were motivated to stay in job for other purposes rather than money alone.
The best practice for a talent management strategy is first and foremost attracting the top talent.
When you have strategic talent management, you are able to create an employer brand geared towards attracting the ideal talent. It is almost an organic process where the more you build a company culture focused on keeping the hired talents happy, the better it is for performance and output.
1. Be prepared to fill in the gaps created in critical skills and have plans to address the same. This means having highly skilled personnel to take up the roles, giving opportunities to constantly upskill and develop talents, building a bank of specially skilled people that can fulfil these roles.
Upskilling and talent development is not restricted only to technical upgradation of knowledge but covers the whole gamut of managerial skillsets.
The organization will have a continuous flow of employees to fill critical roles, which ensures operations run smoothly and your clients and stakeholders are satisfied.
2. Promote talent from within. It is easier to identify employees that would be a good fit for a vacant role rather than looking outwards, which might or might not turn out to be a good decision. A fresh recruit takes time to find their feet, needs some onboard training, etc. If you have someone that is perfect to do the role in-house, then promote and see that opportunities are provided to move into that position.
It will also ensure that the top talent within the organization stays longer.
3. A well-structured onboarding practices create 69% higher levels of retention. One saves on recruitment and performance management costs in the long run.
4. A well-structured performance management or appraisal system. One can have a performance matrix tool integrated into the system, but a machine can give you certain statistics. The human element has to be added to the whole process for a wholesome picture.
5. Performance feedback has to be two-way. Give an opportunity to the employees to have a forum to discuss their pain points. A quarterly appraisal form of expectations met or not can be introduced. Goals set by the management are fine, but how and why they could meet or not meet the goals can be addressed too.
6. A systematic approach to talent management means that there is organization-wide integration and a consistent approach to management. There is a devolvement of communication into the relevant silos. When systems are more integrated, client satisfaction is higher.