Companies with high employee turnover due to employee dissatisfaction and limited career growth are businesses who need a talent management strategy. This contrasts with companies who retain and develop their staff well.
Talent management is more than just an HR Department or the process of hiring new staff members. Instead, it forms the backbone of future company growth and sustainable business success.
What is talent management?
Talent management is a process which focuses on the following areas:
- Finding and hiring new staff
- Career development
- Managing employee and team performance
- Preparing for future growth
- Further learning and development
According to studies by Bersin and Associates, businesses who implement effective talent management are able to see a 41% reduction in staff turnover and a 26% increase in revenue per employee.
A closer look at the Talent Management Process
The talent management process is circular rather than linear. As you move staff through each phase of the process, you’ll find your HR Department and managers working together to ensure a continual supply of top talent.
Let’s look at the talent management process in greater detail:
What is required
Talent managing starts with good planning. Both leaders and HR Department need to work together to identify:
- Type of talent required
- Quantity of talent
- Job descriptions and roles
- Proposing the method of recruitment
Identifying the Talent
Once the planning has been finalized, it’s time to attract and identify your ideal talent. At this point, it needs to be decided if talent is going to be sourced externally or internally.
Should talent be sourced externally, you may look to attract talent via the following:
- Referrals
- Social media including LinkedIn
- Advertisements in local newspapers
- Job portals
Selecting the Talent
Once you have sourced several promising talents, you’ll need to go through the selection process. This includes
- Traditional job interview
- IQ tests
- Personality assessments
- Reference checks
- Work samples
Developing New Talent
When you employ your ideal talent, your task shifts to developing and retaining your new staff.
Developing your new talent will require training them in your company values, mission, and vision. This can be done in your company orientation program.
Besides orientation you can develop your latest employees by providing:
- Mentorship programs
- Career guidance
- Training opportunities
- And more
The goal is to show your existing and new staff that you value them and their skills.
Retain Talent
Investing in both existing employees and new talent should increase your company’s level of staff retention. This can be done in the following ways
- Staff promotions
- Rewards for individual achievements within your business
- Bonuses
- Growth opportunities
- Entrusting employees with special projects
Preparing for Exit
At the heart of talent management lies the aim to see employees help your company achieve its vision and goals. As your staff achieve these goals, you’ll find your leadership team preparing
- Exit interviews
- Retirement packages and benefits
- Internal promotions
The goal is to continue the talent management process by having the talent available to fill the roles of those staff exiting the company. This provides your business with a continual supply of top-notch talent thus moving your company towards its goals.
