Building an Effective Talent Management Strategy
Businesses have overarching strategies to drive growth and marketing teams develop campaigns that implement strategies and tactics to get results. Likewise, HR should have a talent management strategy on hand to make sure they keep their top talent and attract even more to the company. Below are a few actionable tips that can help your company hire the right people, increase retention, attract ideal candidates and improve employee satisfaction.
- Write out clear job descriptions. This will help both internal employees and job candidates understand exactly what skills and abilities are needed for the role. List out qualifications, experience and responsibilities.
- Provide an effective onboarding program to help new employees to acclimate and learn the ropes. This program can also ensure the employee is a good fit for the company culture.
- Identify high potential talent by assessing who has superior talent and ideal company fit with the culture. This will help with succession planning and ensuring the company’s leaders are a good fit.
- Standardize your review and feedback process, then stick to it. Don’t give one employee an in-person review and another an email review. It causes confusion and could demonstrate favoritism. Likewise, employees in similar positions should be reviewed on similar terms. Don’t hold one employee up to a much higher standard.
- Negotiate and define all job requirements, such as desired outcomes, results measurement, and performance standards. Then, make sure you keep track of whether employees meet these requirements.
- Instate a performance-based learning and development plan. This way, you continue to offer employees training and a way to further their skills while making sure the company sees the results.
- Provide ongoing training and development opportunities that are beneficial for both the employee’s professional development and the company’s needs.
- Make sure your talent management strategy has support from top management. Having them see the benefits of the plan will make it easier to push through with specific tactics with minimal resistance when the time comes.
- Increase visibility of talent management initiatives so that both internal and external audiences can see the effort and investment the organization puts into employees.
- Design recognition systems that reward employees for positive contributions. Learn more about why praise is an effective motivator here.
- Hold exit interviews to learn why employees decide to leave the organization. This way you understand what is driving talent away, and improve from there.
- Conduct regular and consistent performance reviews and development planning that focuses on employee’s career development. Help employees see they have a future with the organization by showing potential for growth and internal promotions.
- Provide sufficient and effective compensation packages. The bottom line for employees is they work to make a living, so companies must pay top talent at least a comfortable living wage. Many companies pay above market for talented employees.
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