Creating a Winning Talent Management Strategy: 5 Steps to Success
Your people are your greatest assets. Even if your offerings are best in class, your company won’t succeed unless you have a team of skilled, passionate employees. Employees who genuinely value your organisation and work hard day in and day out.
That’s where a talent management strategy comes in. By attracting, developing, and retaining the very best, you can steer your company towards unmatched levels of success. Let’s dive deeper into the importance of a talent management strategy as well as the steps necessary to develop one.
Why Create a Talent Management Strategy?
Talent management is a set of business practices that ensure an organisation has the right people in the right roles to help achieve organisational goals. And a talent management strategy is your plan of action for finding and getting the most out of these employees.
A robust talent management strategy addresses each part of the employee experience, from recruitment onwards. It helps you retain your employees for the long haul, keeping their talent in-house and reducing HR costs. Replacing an entry-level employee costs more than 30% of a yearly salary, and that cost only increases for more senior team members.
A holistic talent management strategy also fits perfectly with an integrated talent management system. These tools seamlessly link your recruitment, onboarding, training, succession planning, and more in a single platform. Integration allows HR teams to easily view relevant data for every part of your strategy, so they can better understand the entire employee lifecycle and unlock the full potential of your workforce.
5 Steps to Developing Your Talent Management Strategy
If you’d like to develop a winning talent management strategy, follow these steps.
1. Define Your Talent Management Priorities
First and foremost, think about what you want your talent management strategy to accomplish. Once you know what your priorities are, you can zero in on the talent you need to get the job done. Maybe you’d like to increase your brand awareness. Or perhaps your goal is to expedite the time it takes employees to serve your customers.
Sit down with key organisational stakeholders, from the executive level on down, to discuss what matters most to your company. In addition to identifying talent management priorities, these discussions help get stakeholders on board with your strategy. This is a must, as they will play a vital role in providing you with the support and resources you need to build your talent management strategy.
During these meetings, define your objectives and be clear on what you hope to accomplish with your talent management initiatives. Prove that talent management will steer your organisation towards a better future by diving into the data on the aspects of your organisation you want to prioritise. If the company isn’t adapting its workforce to meet a critical customer need, provide the relevant customer feedback. If employees are disengaged and unmotivated, point to the results of a recent survey. Once you show the problem and explain how talent management can help, buy-in won’t be far behind.
After identifying your talent management priorities, you’ll need to ensure your talent aligns with them — both now and in the future. Take a close look at your current employees and figure out which positions or skills are missing. And ask for insight from both management and staff. They can provide critical information on how many new employees you need to hire and which new positions should be created. This will also assist with anticipating future needs and reallocating your talent quickly to meet them.
2. Develop Internal Talent
You don’t always have to look far to find the talent you need. While a comprehensive recruitment strategy is a key part of talent management, making the most out of your internal talent is a win-win for both your employees and your organisation. By investing in your employees and promoting internally, you can save time and money while still meeting your talent management goals. The average company spends over $1,000 per year on training per employee, but an internal candidate needs far less instruction to get up to speed, as they’re already familiar with your culture and organisational process.
One of the most effective ways to develop internal talent is to provide training opportunities to your current employees. You can implement on-the-job training, educational courses, workshops, and other initiatives — preferably supported by a first-class learning management system — to help your current employees gain the necessary knowledge and skills. Promote coaching and mentorship as well so that employees can gain practical advice and support, learn from the experience of others, and feel more empowered to make decisions.
Remember that retention starts at the recruitment phase, so it’s your job to immediately show candidates that they can grow professionally if they work for you. Convey what you’ll do to help them succeed from the very beginning of their time with your company. They will appreciate your openness about career advancement and be more likely to stay loyal to your organisation. Once they’re on board, ask them for their input so you know where they’d like to improve and what type of positions they’d like to grow into over time.
3. Emphasise Culture When Hiring and Afterwards
Your culture is the shared values, goals, attitudes, and practices that define your company. It’s far easier to retain talent when you have a team of employees who possess passion and the personality traits your company needs to succeed. And your employees will genuinely enjoy coming to work every day because they believe in your mission.
It’s then essential to recruit candidates who fit your culture. Make your organisation’s mission and values a key part of every job description and interview, and include them on your website’s career page as well. During the hiring process, find out about each candidate’s passions and personal values to get an idea of whether or not they align with your culture. Even the most talented candidate can fail at your organisation if they don’t buy into what you’re trying to achieve — and how you’re trying to achieve it.
Don’t stop emphasising culture after the hiring process is over, either. Communicate about your culture often and reward those who live it each day. Ensure that leaders are especially great examples of the culture you want to see and show this in both their actions and their words.
4. Cultivate a Diverse Workforce
A diverse workforce is more important today than ever before. Diverse teams are more innovative, solve problems faster, and make better decisions. You’ll also notice that your employees feel more included, which boosts their engagement and satisfaction. Believe it or not, 67% of job seekers stated that workplace diversity plays an important role in their evaluation of companies and jobs. To reap these benefits, diversity should be at the forefront of your talent management strategy.
Start with your hiring process. Job descriptions should appeal to all types of candidates and indicate that your organisation is one where diversity is appreciated and supported. Broaden your search to ensure you’re not excluding certain groups by focusing on certain platforms or channels. And prioritise diversity in hiring teams to counter any unconscious bias that might be present.
Your organisation should also implement a zero tolerance policy for offensive or inappropriate remarks, whether about race, gender, sexual orientation, religion, or other topics. Ensure all employees know that this type of behavior won’t be tolerated and the consequences they can expect should they engage in it.
5. Measure, Analyse, and Adapt with a Talent Management System
Getting the most out of your talent management strategy takes regular monitoring, analysis, and tweaking. If you don’t know what’s working and what’s not, you’ll never craft a strategy that suits your organisation’s unique needs. That’s why a talent management system that helps your company make smart, data-driven decisions about your workforce is well worth the investment.
The platform you select should feature easy-to-understand dashboards and reports so that you can keep tabs on workforce trends in real time. It should also allow you to track key metrics like retention levels and turnover, giving you the confidence to adapt your strategy as needed. And the best integrated talent management systems include robust security features, so you can innovate while keeping your data safe.
Find Your Talent Management Solution
An integrated talent management system is a must-have part of any effective talent management strategy. While there are many talent management solutions out there, they’re not all created equal.
Acendre is a holistic talent management solution that integrates everything from recruitment to onboarding to performance management — and more. All these components work together to provide you with the data and unbiased information you need to ensure your talent management efforts are as effective as possible. And Acendre automates processes like communication with candidates so you can source, select, and hire high quality talent efficiently.
Best of all, Acendre lets you achieve talent management success without compromise. It adapts to your existing tools and unique workflows, so you don’t have to lose what you love about them.
In addition to its talent management system, Acendre offers talent management services to drive workforce and organisational performance. They provide you with the assistance you need to implement your talent management strategy quickly and put your organisation on the path to improvement right away.
Interested in trying out Acendre? Don’t hesitate — request a demo today.