Talent management is crucial for the success of your business.
So how can you apply the best talent management processes to your company - and make the most of your high-performing talent? The international SAP Success Factors HR Software Group recommends implementing a strategic talent management plan that enables organisations to become ‘proactive’ rather than ‘reactive’.
As part of the plan, leaders are encouraged to identify the most important skills for their employees: concentrating mainly on key developmental areas. And by aligning individual goals with corporate strategy (goal alignment) you will have a powerful management tool to both clarify your individual employees’ job roles, and highlight the ongoing value of those employees to the organisation.
Training programs
SAP recommends training programs should be developed and updated to continuously address any problems that may surface in the performance management process. New hires should also have access to training offerings that both complement and reinforce their existing competencies.
And in order to continually drive success, business leaders must do whatever they can to overcome ‘organizational silos’ that prevent the flow of information throughout the organisation. To achieve this, knowledge and experience must be readily available. In many cases, the innovation and talent required to meet the new challenges already exists in the organisation, and just needs to be identified.
Collaboration & Team Work
Another good way to encourage better collaboration and teamwork is for management to make available such useful background details as, for example, employees’ work experience, interests, or any other special skills they may have. Managers and their staff could then use this information to make informed talent management decisions to increase business performance. Of course, the success of talent management in any organisation hinges on the enthusiasm and drive of its leaders.
If your organisation is losing staff at a rapid rate there is generally a good reason for this, and the main offender is usually middle management. A company can have the best core values and principles in the world, but if they are not being adopted and driven by management, they will not amount to much. Active and enthusiastic management is crucial as it reflects the company’s internal culture; and if positive company values are not being practised that can affect all levels of the organisation.
Workplace Culture
Another way to help improve talent retention is to increase employee engagement and job satisfaction. Recent research has shown that for many employees, attaining better job satisfaction and engagement is all about feeling their ideas are welcomed; and that they are being taken seriously. If they can at least in part, influence the direction of their organisation - and have input that is genuinely valued - this is a huge step towards an employee feeling more engaged and empowered.
Of course, keeping your employees engaged and empowered can be quite a challenge in today’s volatile and ever-changing workplace. One good way to monitor your employees’ job engagement levels is to conduct regular and thorough performance reviews, which set and track measurable employee goals.
Another is to engage your employees with self-reviews, rate job performance, and take an active interest in employee performance. By doing so you will not only motivate and encourage your employees to become more engaged; but also reap the benefits with a happier, more productive and stable workplace.
Flexible Work Environment
Another way to improving employee satisfaction and retention is to encourage a flexible working environment. Many companies are now permitting staff to leave the office early for family reasons such as school pick-up, or to regularly split their working week between the office and home. Indeed, several studies have shown that staff can be much more productive when working from home. The good thing is that these business benefits can also extend to better strategic direction and more effective recruitment and retention of key talent.
Flexible work practices are also important when attracting and retaining those employees who are actively seeking a work-life balance at their place of employment. This can also lead to a better workplace culture and stronger employee engagement due to happier, more motivated, energised and engaged staff. And by allowing its people to work flexibly, an organisation can increase the effective communication between staff, encourage more adaptive and innovative thinking, and save money through reduced absenteeism and staff turnover.