Strategies for successful talent management

Talent management is a crucial business function. Failing to do so, result in reduction in productivity, decrease in revenue, and deteriorating work culture. On the other hand, finding right talent which fits in an organization’s culture, performs good, and stays loyal to the organization, is an extremely challenging task.

Successful and growth-oriented organizations have a well-planned talent management strategy. This strategy helps them to recruit, develop, and retain talent, which meets organizational goals and business interest.Established companies have HR managers who oversee talent planning, while at start-ups CEOs take care of it. A dedicated resource responsible for this is a better option.

How do companies do it? Some top credentialing organizations have defined best practices for it. Following are some strategies which help companies do it successfully-

Recruiting the right talent

There’s no dearth of talent. However, there’s lack of talent that fits right into a company’s culture. Hence, it is important to have a recruiting plan.

A good recruiting plan includes using employee referrals and relevant job boards to connect to right candidate.

Some talent management certifications equip with the skills to put this to practice -

  • Employer branding to enhance company’s image and attract top talent.
  • Well-designed interview process which assess overall fitment of a candidate in a company.
  • Streamline recruiting process using technology — from receiving applications to sending job offers

Talent development

Employees are assets to a company. The longer they stay, the more valuable they become to companies. Losing good employees due to lack of motivation in work, is a serious downside for a company. It becomes crucial that employees stay engaged and increase their learning over time. An effective talent development plan includes-

  • Conducting surveys among existing employees to understand the areas where employees want to improve.
  • Providing reimbursement to employees for certifications and skill development courses.
  • Holding sessions with industry experts to motivate employees to learn more and explore areas worth exploring.

Raising talent

While developing talent, it is also essential to scrutinize talent that can be propelled forward and take leadership positions. Appropriate challenges, projects, and avenues must be created to recognize employees and should be rewarded accordingly. In order to do so, following measures are helpful-

  • Occasionally holding team building exercises to lend leadership opportunities.
  • Teaming up with managers to select project managers from team members.
  • Assessing body language, person ability, interpersonal skills, and relationship among colleagues.

Successful talent management incorporates above measures. At some companies, there might dedicated teams to handle the above responsibilities. Small-medium companies usually have a part of human resources team taking care of these responsibilities. For this, companies are always looking for people who can build and execute successful talent management strategies. Talent management certifications help to learn these practices.

If you’re embarking on a career in talent development, these strategies would come handy. If you’re already a talent management professional, implementing these strategies would help scale talent management programs effectively and raise productivity, better employee performance, and eventually increase bottom line of the company.

Originally published at https://www.inpeaks.com on July 20, 2019.

Human Resource Professional. Passionate about Human Resources. Writing has always been a passion with strong interest in talent management & HR Industry.

Human Resource Professional. Passionate about Human Resources. Writing has always been a passion with strong interest in talent management & HR Industry.