Managing a talented workforce has become a challenge in day to day business. Organisations are looking for various diverse strategies to retain their employees but how many of us as HR professionals are accomplishing our goals of Talent Management. Do we even measure appropriately who are the talented employees that we would like to retain and what steps should we take to prevent him/her from leaving the organization??
As an HR professional, you have the day-to-day experience and knowledge it takes to create the ideal talent management strategy. What many HR departments fail to do is engage the Top management and secure executive backing for their strategic initiatives. By gaining executive level support, however, you can raise your profile—and that of HR as a whole—within your organisation.
Following are six key points that you can take to the executive table. They will not only help you think strategically; they’ll also provide some valuable approaches to become a leading talent management organisation.
1. Lack of Talent
It’s easy to get complacent in today’s economy, when hiring people doesn’t seem so urgent, staffing activity is relatively low, and there are plenty of resumes floating around. This basic disparity cuts through to all industries, all skill areas, and all professional fields. It’s a demographic reality, and there are things you can do now to prepare.
A winning employment brand, a clear and efficient recruiting process, and the proper use of technology: these are the things that can help set you on the right path to the right people. Beyond attracting and hiring individuals, you must understand who your ‘A’ level performers are, understand the role they play in your organization, and be prepared to build career paths for them.
2. Identifying talent starts at the top
Attracting, developing, and retaining talented people is the stuff of competitive advantage. HR leaders have a strategic role to play in the years ahead, arguably one equal to that of any other executive leader in an organization. The impact of your decisions and the success of your strategies has as much of an effect on the bottom line as the activities of any other department—because without you, there wouldn’t be any other departments.
Set the course for strategic success by partnering with hiring managers. Seek to understand their needs and offer guidance in strengthening their talent pool. Take an active role in enforcing the quality of their selection decisions. You should also forge the link between business strategy and talent, serve as a thought leader in understanding what it takes to attract great talent, facilitate the talent review process and help leaders execute action plans, and become an architect of the development strategy for the company’s top managers.
3. Talent management
The implementation of a talent-focused strategy must start at the top. Among the highest-ranked companies, improving the strength of the talent pool was found to be among the top three priorities for senior executives. Talent management isn’t the only driver of such performance, but it is clearly a powerful one.
Talent management is a broad mandate. What does it mean for you? It means finding the best processes and systems that support the broad corporate objective of hiring and retaining only the best people. It’s a question of selecting and implementing software, identifying the most productive sourcing channels, and creating a feedback loop that links employee performance to the selection process. It’s about formulating a comprehensive hiring forecast and an analysis of how you can keep your workforce fully staffed.
4. Employee Turnover involves Money :(
Employee turnover has significant costs for every company. Organisations can dramatically reduce employee turnover by improving the quality of their selection decisions, developing a strategic retention strategy, and implementing a competitive and creative salary and benefit structure. If you’re able to source, screen, and select better people in the first place, you will see benefits in the form of increased retention rates.
5. Diversified Workforce is available
It is increasingly evident that the appropriate management of a diverse workforce is critical for organisations seeking to improve and maintain competitive advantage. One of the bigger budget items for every organisation is the amount it spends on headcount: salaries, benefits, training, development, and recruitment. It’s your investment in human capital. In order to get a healthy return on this investment you need to understand what it takes to foster a productive work environment. It’s called the “employee value proposition” (the EVP) – those things you offer to employees to make their employment engagement work for them.
Failing to do this can result in lost commitment and productivity, time wasted on conflicts and misunderstandings, and in the worst case, money spent on legal settlements. Seek an environment where all employees feel included and valued, where you maximize commitment and motivation, and where you spend fewer resources on training, turnover and grievances.
6. Workforce planning
It may seem to be a perfectly logical step, but HR simply does not tend to create accurate workforce plans. Anticipating that a key position will open up between two and four times during the year… shouldn’t you build a pipeline to fill that position? Suspecting that a few of your top employees may receive promotions… wouldn’t it be smart to line up replacements to succeed them?
Employee development, too, is critical. Unfortunately, most companies don’t do it well. Companies need to fundamentally change the way they develop people by accelerating development and making it happen every day. It means creating a better, more deliberate match between people and their jobs to optimise both development and performance. It means encouraging frequent and candid feedback and mentoring.
Organisations that will succeed and move forward through demographic change and ongoing talent shortages will make talent management one of their top three priorities— because they understand the costly effects of failing to do so. By gaining executive level support now and building the talent management strategy that best fits your goals, you can raise your competitive profile and rise to become a leading talent management organisation.