The Key to Business Success: Developing a Talent Management Strategy
Unlike talent development, which focuses on positioning current employees to grow and succeed in their own careers, contributing to organisational success, talent management is a process focused on what talent and skills the organisation needs to attain – a more high-level view of how the company can succeed. It involves strategically getting the right talent on board and growing their capabilities in order to grow the capabilities of the business.
When developing a talent managing strategy, there are a lot of different elements that need to work together. The strategy should encompass everything from the hiring and onboarding of new talent to performance management, career development and much more.
We like to think of a talent management strategy as cyclical – an ongoing process rather than a goal that is met linearly. This way, you’re constantly managing your workforce and its efficacy, and constantly analysing your position within your industry too.
Developing a successful talent management strategy: the process
1. Define your business objectives
First things first, look to understand and define the business's goals, both short and long-term.
In order to align your talent management strategy with what’s really needed within the company, you’ll need to first define these objectives to make sure that your strategy supports business success.
2. Assess the current talent within your workforce
If you aren’t aware of where your talent lies, and therefore where skills might be missing, you won’t know what you need to attain in your talent management strategy. Conduct a skills inventory to understand what your workforce is already capable of, and to identify any missing capabilities that, if filled, would lead to higher prosperity.
3. Predict future needs of the business
This might involve understanding business growth projections, as well as industry trends, but trying to predict what future skills and talents might be required is key when planning your talent management strategy. Planning for upcoming changes and transformation within a business or looking at trends, for example in technology advancements, might identify emerging skills that could be useful to your business.
4. Redefine your recruitment and onboarding processes
Once you’ve identified those ‘gaps’ in the skills you have within your business, it’s time to start recruiting. But to attract top talent, you’ll need to create a strong and streamline process, that has strong reputability but also is efficient and effective.
Equally, to keep top talent that you do recruit, your onboarding process should be designed to make things smooth but also get your new, skilled workforce working as quickly and efficiently as possible.
5. Continue to manage performance
Within your workforce, both new and existing, establish clear performance metrics and regular review processes that will provide a place for constructive feedback but also for recognising employee successes. Keep track of performance data to help you do so, as well as to help you keep on top of business success and any changes in strategy that might need to happen.
6. Invest in coaching, learning and development
Broaching the overlap with talent development, to keep growth and momentum look at offering training programs and continuous learning opportunities to your employees to help them continue to professionally develop. Your employees are your business, so to continue to see business success, you need to invest in them. That might be through personalised coaching, mentorship programs or even new career paths to allow for progression.
7. Create succession plans
Look at identifying high-potential employees who could fill key roles in the future, perhaps developing a leadership development plan or program to help employees successfully progress into prospective roles that are needed for business success.
8. Promote employee engagement and retention
After building a strong workforce, the challenge is to retain that workforce, and a good talent management strategy can help. Investing in keeping employees happy and engaged to promote retention is key. Look at your current benefits and initiatives, see where they can be improved or worked on; could initiatives to improve work-life balance, like flexible working hours, be introduced?
You also want to promote a healthy, positive workplace culture where employees feel satisfied and valued, and that starts with your leaders. For example, upholding your working environment and conditions, putting time and effort into diversity and inclusion, developing engaging team building days, encouraging trust, transparency and perspective sharing are just a few ways of building a healthy work culture. Keep on top of your employee satisfaction with employee surveys or other opportunities for feedback.
9. Stay adaptable, and keep monitoring and adjusting your strategy
Your talent management strategy shouldn’t be set in stone. In fact, as it’s a cyclical, constantly changing process. It should be reviewed, monitored and adjusted whenever necessary – whether skills gaps within the business change, retention rates start to fall, industry trends change or future growth predictions are altered. Being adaptable is key to a successful talent management strategy within your business. Listen to feedback and performance statistics and see how you can improve it even further.
In doing so, you can develop a robust talent management strategy that supports your business's growth and success while fostering a motivated, skilled, and engaged workforce.