Top 5 Practices for Effective Talent Management

Staff should be chosen for their potential to progress within a company and be able to add value when the business evolves.

Read on to find out more about:

• How to spot talent and when you have identified those with certain skillsets
• How to manage them efficiently.

Talent: Individuals with the ability to have an impact on a company, through strong performances within the workplace or with a development potential. They possess the skills and drive that, if nurtured, could make a difference within the organization.  

Talent Management: By identifying the talent within a business, companies will be able to develop and engage the individuals who have shown potential to add value to an organization. Albeit that be in their current position or with projections for the future.

These interpretations highlight the importance of identifying the potential of individuals within a company. It is becoming increasingly apparent that there is a correlation between talent and business performance, with one in four organizations globally revealing they plan to refine their overall talent management strategy, according to a study by Right Management, highlighting that talent managers and HR professionals are instilling in senior management the understanding that talent is the primary source of accelerated business performance.

This has been demonstrated through the benefits to hiring and retaining employees with beneficial skillsets. It is more important than ever, during a time of complex and dynamic business methods, to meet and excel employee expectations in regards to personal development.

As the dynamic of the workforce evolves, there is more competition for opportunities and progression within companies. Therefore, a long-term solution needs to be ingrained into the company psyche. Find out how you can develop and retain these employees, and which systems you will need to adopt to optimize the management of talent whilst measuring the investment return.

The 5 practices for effective talent management

1. Monitor progress

Communicate a plan that the whole workforce will understand, demonstrating what the objectives are and how they are going to contribute to the driving force of the business. Make sure that all the employees understand what is expected of them within their roles, this will ensure clarity within the talent management scheme. Training and support should be offered to the right people and their progress should be both measured and monitored.

2. Employment and business strategy

The business strategy should dictate the direction of the talent management, so that the right people with the necessary skills for future roles are considered. For example, Procter and Gamble believe that, “Business decisions and talent decisions as one.” By understanding the business needs, talent can be hired and matched to future development plans for the company.

3. Develop existing talent

Employees’ proficiencies, personal traits, experience and knowledge should be taken into account when hiring too. If is from this information that you will be able to identify those with the most potential. More emphasis should be placed on growing existing employees into new roles and as there are now spending restrictions on most company’s recruitment processes, it makes more sense to concentrate on utilizing employees existing skillsets.

4. Placing people in the right jobs

According to the late Douglas Bray, Ph.D., a leader in the field of industrial and organizational psychology, “If you have only one dollar to spend on either improving the way you develop people or improving your selection and hiring process, pick the latter.” Clear career direction will allow companies to invest in the right people, and those employees will understand the path the company has set out for them, taking talent into consideration.

5. Invest

Focus the company’s resources into individuals who are going to create value within the business. Too much time is wasted on trying to train up an entire workforce. Concentrate instead on what the employees will bring to the business, assess their potential and then capitalize on this asset.

Many organizations utilize the talents of their own staff instead of outsourcing certain skillsets. It is now not sufficient to attract employees without progression potential. Creating a strategy to develop, manage and retain the individuals within the organization is of upmost importance. The investment in staff needs monitoring, by measuring the quality of employee output, it will be evident whether the asset is effectual.