6 Compelling Reasons to Invest in Talent Management

Organizations often use talent management to increase performance in the workplace. It is used to onboard, engage, retain and motivate employees to perform at their best. Good talent management can help build a competitive business with an edge over competitors through well-implemented talent management practices that help organizations create a unique culture and stay ahead.

Talent management helps you maximize employee value. It helps companies maximize employee value and, in doing so, benefit everyone by improving results.

How do you build a reputation for good talent management within the industry and outside?

First and foremost, an organization must have a culture of being geared towards doing the best for its employees. Create reasons for employees to be attracted to the organization. 91% of employees surveyed by Chandler and Macleod said they were motivated to stay at work for purposes other than money alone.

The best practice for a talent management strategy is to first and foremost attract the best talent.

When you have strategic talent management, you are able to create an employer brand aimed at attracting the perfect talent. It’s almost an organic process where the more you build a company culture focused on satisfying hired talent, the better it is for performance and production.

1. Be prepared to fill the Essential Skills gaps created and have plans to address them. This means having highly qualified personnel to fill the roles, providing opportunities to constantly hone and develop talent, building a bank of specially qualified people who can fulfill these roles.

Skills enhancement and talent development are not just limited to technical knowledge enhancement, but cover the full range of managerial skills.

The organization will have a continuous flow of employees to fill critical roles, ensuring operations run smoothly and your customers and stakeholders are satisfied.

2. Promote talent from within. It is easier to identify employees who would be suitable for a vacancy rather than looking outward, which may or may not turn out to be a good decision. A new recruit takes time to find their bearings, needs internal training, etc. If you have someone who is perfect to take on the role internally, promote them and make sure there are opportunities to step into that role.
It will also ensure that top talent within the organization stays longer.

3. Well-structured onboarding practices create 69% higher retention levels. Savings on long-term recruitment and performance management costs.

4. A well-structured performance management or evaluation system. One might have a performance matrix tool built into the system, but a machine might give you some stats. The human element must be added to the whole process for a healthy image.

5. Performance feedback should be two-way. Give employees the opportunity to have a forum to discuss their pain points. A quarterly evaluation sheet of expectations met or not can be put in place. Goals set by management are fine, but how and why they might or might not achieve the goals can also be addressed.

6. A systematic approach to talent management means there is organization-wide integration and a consistent approach to management. There is a deconcentration of communication in the relevant silos. When systems are more integrated, customer satisfaction is higher.

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