Quite often, companies neglect the need for a well-defined talent management system. This might be different in some parts of the world depending on the employment rate. It is generally something crucial in areas with low unemployment rates or the high expertise consultancy industry. And it is generally less attended to because it may seem like an unnecessary expense, however, talent management systems offer higher productivity and therefore offset the cost of such systems. This article addresses the need for a robust and detailed talent management system, especially in times such as these where the world has generally been more aware of its existential questions and political correctness is of paramount importance.
In brief, a talent strategy is a plan to manage employees to the effect that the company gets optimum performance from them. It is concerned with obtaining quality workers, putting them in the best positions with the right tools and processes for optimum performance, and engaging the employee to remain committed to providing high-quality services to the company. In essence, getting the right people for the right job and helping them work better. This all, in turn, leads to higher productivity for the company.
Hiring.
Acquisition of top talent is important for a company hence the need for a strong employee evaluation proposition. A properly designed employee evaluation proposition i.e. EVP will include the following: the social, financial, and emotional aspects. It should reveal how it improves the life of the employee, who does the company connect the employee to, are there any chances of promotion, how does it develop the employee, how does what the company does make the employee feel in the grand scheme of life, etc. A study has shown that a 10% salary increase will only yield a 1.5% increase in the chances of an employee staying with a company, proving that financial rewards are not the only way to acquiring or retaining top talent. A sense of fulfillment and achievement in a worthy cause goes a long way to strengthening an EVP. An ideal EVP should consider how it approaches or offers the work-life balance for an employee.
Positioning.
A talent management system requires the collaboration of the executive leaders and the HR department. Alignment of the current business objectives and the recruitment and retention of staff allows for better positioning of employees. For instance, in a case where a business requires organic growth through customer interactions, some employees may be better positioned than others to achieve this objective. Or in a case where a company is digitizing its operations and the hiring of a younger generation of employees is required, given that digitizing means moving faster requiring adaptability and autonomy, the organizational structure can be realigned to a better position, such employees. The presence or absence of some processes can affect productivity. In the case of a fragmented workforce, the recognition of the different cultures in those micro societies is important for the proper positioning of an employee.
Maintaining
A talent management strategy has to include ways of maintaining employee effectiveness and commitment, which in turn maintains high productivity. This can be done through proper remuneration and promotion policies. A clear definition of success will improve this process. A study done by a US company Betterworks shows that a company with clear objectives outperforms the market by 42%. Defining goals also offers a degree of autonomy to employees to act and adapt anyway that achieves clearly stated goals, hence the high productivity. Depending on a business’s current trajectory, some results may be crucial and some additive this also must be made clear to employees.
Employee engagement
Communication. Maintaining communication with employees about personal and company-related progress and position is key to employee engagement. Employees tend to be more engaged when they know their place in the grand scheme of things, how they contribute to the overall output of the company. Such information can also be communicated through the EVP. Having conversations about your employee’s aspirations and passions can unlock potential and improve performance. Feedback given in the right forms can influence overall employee productivity.
In situations that arise in the evolution of the way of doing business upskilling may be required. This is in recognition of the small but effective cultures that exist in the workplace. In cases where the talent gap has to be met with new recruits, homogenization of such things should be undertaken.
Conflict Management. To maintain optimum output, conflicts within and from without should be dealt with definitively. This is especially true for companies who do business in the creative industry. Individuals who belong in the same horizontal alignment of an organizational structure should be given clear-cut conflict management policies.
Exit
Paying no attention to the inevitable fact that employees have to leave the company either through retirement, injury, relocation, or just in a case of “greener pastures” is erroneous for a talent management strategy. The right protocols and policies for leaving employees should be included. Companies may require the services of some of their employees on a consultant basis.
In conclusion, a talent management strategy is more than an HR policy, it is more than just checking the clock books and managing salaries, it is making sure your employees feel cared for and channeling their efforts. In a study done by Gallup, 60% of employees do not believe that their companies care. This is what a talent management strategy addresses.
