It’s 2018, and you have begun to realize the need to go beyond general HR strategies to develop a plan for better managing talent.
If this is you, you are definitely not alone. According to Glassdoor, 76 percent of hiring decision-makers say attracting the right candidates is their number one concern as they continue into this year. Understanding talent management strategy can go a long way to not only ensure the company attracts and hires the right people, but also retains them for the long haul.
What is Talent Management Strategy?
At its core, talent management strategy is creating a plan for acquiring, hiring and retaining talented employees. However, companies can choose to accomplish these tasks in a lot of ways, depending on factors like time in existence, company culture, and industry focus. These factors can also make developing a strategy a bit complex, but there are always steps to take regardless. Here are five steps HR professionals can seek to establish a successful talent management strategy:
1. Assess Your Company’s Culture
Before any strategy can be developed, owners should assess what their company’s culture is and the impact it has on the work environment. Company culture does not only determine how those internally perceive the company, but interested candidates can be swayed depending on it as well. Does the company have a culture of innovation and putting employees first, or one that does not encourage promotion or flexibility? Owners should know this information going in to either increase the good or rectify what is not working.
2. Select and Promote Company Goals
What are the company’s objectives, and how are leaders expecting to get there? To manage talent, workers have to be informed of what the company expects of them to reach the goals set forth. This step also goes along with core principles leaders desire for all workers to uphold. Everyone can move in a unified front if all are aware of the full expectations and the vision for the company.
3. Make Feedback a Regular Staple
Workers can only get better if they are constructively informed of what they are doing right, and what they need to improve on. Encouraging managers to keep lines of communication open regarding performance can help to keep workers on task, and they should also make the performance review process more of a partnership instead of an event to dread. Continuous improvement, and creativity are concepts that should always be instilled in staff throughout the review process.
4. Ensure the Accuracy of Job Descriptions
Unfortunately, there are times when employees thought they were hired for one job only to find they are expected to complete tasks they were not aware of. Job descriptions should always be updated and factual with the latest requirements of the job. This action will prevent poor hires, and ensure that new employees know what is expected of them to perform at their peak.
5. Measure and Train
How are employees performing? How are current retention strategies working within the company? Owners need to make metrics and continuous measurement a priority to assess how workers are navigating through their tasks and if they are satisfied with the support the company is providing. Also, nothing is more critical to talent management then allowing opportunities for training and development. Workers should always be encouraged to learn something new or further sharpen the skills they do have.
Strategic talent management is not easy, but it is a factor that has to be a priority for business owners. Human capital is one of the most essential resources for a company, and taking measures to increase the acquisition and retention of stellar talent is a necessary step to continued business success.
Struggling to Find and Manage Talent?
Chanell Alexander currently resides in Atlanta, GA. When she’s not traveling and trying new restaurants in the Metro Atlanta area, she writes about the latest technology and tools for TrustRadius.