According to research conducted by Bersin & Associates, companies with highly effective talent management strategies, on average, achieve 26% higher revenue per employee and 41% lower turnover among high-performing employees.
Every company wants to have great employee performance. Without it, what’s the point of hiring employees that don’t perform so well and likely increase turnover rates?
Don’t worry, we’ve provided some insight for you.
The top key components in having excellent talent management strategy are:
- Strategic Employee Planning
- Talent Acquisition and Retention
- Performance Management
- Learning and Motivating
- Compensation
- Career Development
- Success Planning
What is Talent Management Strategy?
Talent Management Strategy is a plan on how to optimize and broaden employee performance within a company. This is quite helpful for companies because it allows you to have a game plan to improve and revamp certain areas of talent management within a workplace.
Talent Management Strategy
Here are the following talent management strategies that can work for your business.
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Have an Effective Job Descriptions
One of the biggest strategies in the talent management world is finding detailed job descriptions. Every posting needs to have an idea about what they’re walking into, and In this case, that would be the job that’s being posted.
For potential employees, descriptions about a job are what they look for. This will not only help them but also find the right fit for the position based on the specific qualities you’ve provided.
Before creating job descriptions, remember to apply the following:
- Job title and location
- Overall duties
- Skills required
- Reporting lines
- Tools and equipment used
- Salary and benefits
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Make sure to have a cultural fit
The second strategy you should follow is to have a compatible relationship between employees and an organization. Person organization fit is all about the congruence of a candidate’s own beliefs and values applied with the ethics and values of your organization. This is an essential strategy to apply to your company’s culture.
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Give feedback to make room for development
Another effective talent management strategy is collaborating, coaching, and evolving. This tactic allows you to provide constructive feedback to give to your employees in order to help them out and develop their skills over time.
You want to be an organization that employees can confide and trust in. So managing your talent with this strategy will allow you to assist them in effective talent performance.
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Show employees that they matter
When recognizing and rewarding employees at the right time, it’s important to take advantage of this opportunity because you want to show employees that they matter and that there’s significance to the company that they’re working for.
Motivating engaging and managing your employees with forms of recognition can break the tension of stereotypical company culture.
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Check for continuous improvement
Making room for improvement leads to stronger employee performance. When managing talent, you should consider the idea of your company’s future goals. Hence, all of your employees must be prepared to use their skill sets in order to heighten their potential.
On top of that, it’s best to keep your company organized, upscaled, and up to date with the certain industry that your organization is a part of.
In the end, there’s never really a permanent place for one’s career. Opportunities are everywhere. Every employee should have the right fit for their position and have the right tools to pave the way for achievement.
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Understand the world of company culture
Keeping culture at the forefront will allow your organization to thrive. In order for your employees to develop new expertise throughout their careers, they should also have a personality that can complement their work performance.
It’s been said that it’s not always the amount of experience that you have, but how you carry yourself as a person. Personality plays a major role in company culture and should be preserved. The more candidates you bring in that are uniquely suited for your organization, the more likely you are to have an accomplished team.
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Learn from past mistakes
As a precaution, keep in mind the future obstacles that your organization may face. This strategy is a great way to seek out any issues that may spread into problems in the upcoming future.
When addressing certain issues head-on, be sure to instigate what would be the best approach to resolve such conflict the next time around.
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Research about success metrics
In this type of strategy, monitoring as a way to oversee talent management strategies is a great way to improve success. When tracking turnover and retention levels, make sure to measure the progress with hard data.
This can be provided through software that can help track the number of metrics as well as seeking the best tools that your organization may need for other talent management strategies.
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Put your employees first
When investing internal hires, be aware of the internal shift that goes on within management and development. You should view every employee as a long term investment. This will not only save you a visit to LinkedIn pages but also create a successful program.
( Also Read: What is Talent Management? )
Template for Talent Management Strategies
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Strategize your priorities
It’s better to have a game plan for everything. Thinking about what should be the number one goal for your organization to succeed in talent management strategies will make things easier for you to move forward throughout the process.
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Ask yourself, “what are your talent management priorities?”
When you correlate talent management practices to your strategic priorities, you’re building a successful template that will improve the revenues and turn in rates over time. When incorporating certain practices towards your priorities, you’re allowing your organization to build a better foundation for its talent management department.
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Connect HR with the processing of requirements and capabilities
Another tip to never forget is connecting HR with talent management. Once you process HR requirements towards your talent management strategies, it will become easier for you to oversee what’s going on throughout the talent management process as well as simply maintain certain capabilities better.
- Talent Management Workflows – Establishing the type of workflow for your organization can easily keep track of overall employee performances. With an organized workflow, you can apply the key components to talent management as well as the culture within your organization.
- Software Systems – Always stay up to date with current software when working with talent management. This will easily improve your strategies and keep everything on track.
- Employee Training – Employee training is essential for every job. Once you implement a training program into one of your solutions for talent management strategies, you will not only satisfy workers but also your end as an employer for an organization.
- Metrics for Talent Management Strategy – Another essential to talent management strategy is metrics. This goes hand in hand with software systems and workflows. Whether it’s employee performance, turnover, and distribution rates, metrics play a big part in creating your strategy template.
Example of Talent Management Strategy
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The University of California
The UC System has defined a list of mission and strategic themes to their HR Strategic plan back in 2015. From benefit programs and strategies to employee relations, the University of California provides the idea of administering programs in a fair, organized, and consistent way.
They apply compensation to their staff as a form of a competitive tool in order to drive more organizational results.
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Danone in China
With its Bo Le Talent Management Program, Danone has transformed its HR structure and has kept its consistency with attracting, developing, and retaining young Chinese citizens for potential employment. Bo Le mainly focuses on accelerating build-up in their talent pool as the numbers in the Asian market increase.
With their assistance in talent management with Danone, Bo Le has enabled the company to apply collaborative and continuous processes in order to develop autonomous pipelines.
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Loews Hotels
Loews’ approach to talent management has been transparent. Everyone works towards the same goals and follows various modules such as employee performance and development, to succeed. This has placed their talent management group from 5th to 2nd place in employee satisfaction levels.
( Also Read: The Role of HR Analytics in Talent Management )
Final Thoughts
Remember that it’s essential to find various solutions when it comes to optimizing and broadening talent management strategies. It’s part of how you can effectively create a professional relationship between employees and your organization.
The second thing to consider is keeping up with trends that correlate with your talent management strategies. Think about what software systems and workflows are compatible with your company. Seek what’s the best strategy to apply to your company.
Moreover, it’s a significant move to find and apply the opportunities that talent management strategies offer. This will not only benefit talent management within your workplace but develop higher revenue and professional relationships overtime.
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Aileen Padua is an aspiring social media coordinator. She is currently majoring in Advertising at Fresno State University. With her understanding about the power of social media, Aileen is passionate about preserving and enhancing the image of one’s reputation in the public eye.
