In today’s fast-paced and competitive business environment, you can’t afford to slack when it comes to employee training and development. So you go to talent management. Your employees are your most valuable asset and investing in their training is well-worth the cost. In fact, a recent study found that 87 percent of millennial workers list career development as extremely important. The study also found that lack of development is correlated with many early exits fueling huge turnover costs.
This data suggests that talent management is a hot topic and extremely important for today’s workforce and a company’s ability to keep employees healthy and happy. Companies can no longer afford to get by with basic human resources practices. They must now adjust with the times and begin to transition into a talent management-focused approach. This article will offer ideas for making this transition and giving your employees what they deserve.
8 Ways to Turn Your Regular HR into Talent Management
Begin with the End in Mind
If you plan to effectively implement a talent management strategy, you need to start by considering the end goal. You can’t possibly come up with a talent strategy without identifying the long-term goals and needs of the organization. If you haven’t yet completed this step, consider taking the time to map out a long-term plan.
Align Business and Talent
Once you’ve determined your end goal you’ll want to align your business and talent objectives. This tip can be a challenge for many organizations. Most companies set goals based on specific quantitative targets and fail to consider the idea that their workforce strategy must change as well. Productive employees are what drives the business objectives, so staffing adequately is huge. The leadership in your organization needs to recognize that business objectives go hand-in-hand with talent objectives and the two can’t be viewed separately.
Make the Talent Department a Priority
Typically, the folks in the Human Resources department have a seat at the table when it comes to important business decisions, but listening in on the discussion is no longer enough. Businesses need to consider restructuring in a way that allows talent management professionals the opportunity to have a voice and weigh in on the direction of the company. Organizations need to view talent management as a valued and strategic partner in the planning process. Any disconnect can be detrimental to the company’s ability to achieve long-term goals.
Define the Target Candidate
In order to reach your talent goals, you’ll need to clearly identify the type of employee you want and need within the organization. These days, it’s simply not enough to hire based on a nice smile and balanced resume. Many companies are beginning to move towards multi-dimensional hiring practices. This means hiring managers are selecting employees based on more than just experience. The candidate has to be the right fit in multiple areas including but not limited to: personal attributes, educational and work achievements, technical and professional knowledge, and past behavior. Your organization needs to determine what the company’s “success profile” looks like, and hire according to those guidelines.
Don’t Ignore the Weakest Link
We’ve all heard the saying “you’re only as strong as your weakest link”. When it comes to talent management, this couldn’t be more true! Many organizations think that talent management means only training people to reach the top echelons of the company, but not everyone has that potential and you still need competent people at all levels of the company. Make sure you are paying attention to career progression at all levels of the organization so that no piece of the puzzle goes unnoticed.
Invest in Your Best People
Although it may sound cruel to say, organizations will find their best returns when they invest in their best people. A common mistake many human resource departments will make is to feel pressured to invest equally across the board. While offering adequate training is important for any job within an organization, you want your best people to be rewarded and make their way to the top. This can mean making some difficult decisions when it comes to promotions, but this step is extremely important in developing a proper talent management pipeline.
Don’t be Afraid to Re-evaluate
One of the biggest pieces of talent management is follow-up. Performance review processes are a great way to evaluate an employee’s progress, goals, and performance. It also allows you to make sure you have the right people in the right role. Consider a formal review process where managers can really get a feel for their staff. This step is a critical component of the talent development cycle. Not every skill can be developed, so it’s important you learn to readjust when necessary and make sure your employees are performing at their best!
Don’t Lose the Human Factor
The last thing you’ll want to remember when implementing a talent management program is that purchasing and using a management software can never replace the human element of talent management. While these software systems are extremely savvy in demonstrating effectiveness and spitting out relevant data, a great talent management program will offer a mix of technology and human touch. You’ll still need to use human intuition and analysis to make effective decisions about your talent pipeline.
As you can see, transitioning from a traditional human resources mindset into a more strategic talent management process takes a lot of time and consideration. You’ll want to be very strategic about the roll-out and ensure you have the support of the leadership team. While this process can be very time-consuming it is well worth the time and energy. A successful talent management program can offer a huge return on investment and will keep your employees productive and energized year-round. If you’re looking to implement a more effective process, consider these helpful tips and enjoy the many advantages of a streamlined process!