Talent management is an organized process that organizations follow for recruiting, developing, and retaining their top talent. This involves finding out where the best candidates are located, attracting those individuals to open positions within the organization; providing training to help them grow, and creating opportunities for growth across upskilling and reskilling.
The goal is to ensure that you’re meeting your vital strategic goals while ensuring that your people are happy, engaged, and ultimately successful.
According to a study by the Society for Human Resource Management, about half of the organizations still need a formal talent management plan. Among other organizations with one, nearly 50% say it needs to be improved.
So, the question arises: what are talent management best practices? Let’s find out!
Here are the 8 talent management practices for 2023 that will contribute to the success of any organization:
1. Promoting the Organization’s brand
Employers are increasingly investing in their corporate image and how they present themselves to potential job applicants.
The key to making sure you’re seen as an employer of choice is to develop a company culture and persona and ensure prospective employees recognize and are attracted to that.
Top-tier employees often have several options, so presenting yourself in the best possible light is crucial. To stand out from the crowd, consider creating a company culture and persona — what makes your company unique? What do you offer that others don’t? How does your company fit into the industry? Prospective employees might ask these questions when looking for a new position.
Google receives over 3 million resumes annually and has become one of the most desirable employers. Why? Because the company invests heavily in the workplace environment, offers excellent career development opportunities, and gives people a chance to learn and grow.
2. Setting recruitment goals.
When you start looking for a new hire, there are many things to consider – including how much money you want to spend on hiring, whether you want to hire someone locally, and even where to find the best talent. But one thing you shouldn’t overlook is defining precisely the end goals of your recruitment process.
An excellent place to start is to ask yourself why you’re looking to fill the role. Do you want to expand globally? Are you trying to solve a specific problem? Or maybe you want extra support to speed up development projects. Whatever your reason, ensure you know exactly what you want to accomplish.
Once you understand your goals, you can begin thinking about the type of person you want to attract. What does the ideal employee look like? How they fit in your culture?? And most importantly, what does the job entail?
If you still need to define criteria, now is the time to brainstorm. You might ask yourself questions such as, Does the person need experience working abroad? Do they need to be bilingual? Will they need to travel frequently?
This information will help you define your ideal candidate and narrow down the potential hires. Now you can focus on finding those individuals who meet your needs.
3. Promote Internal Hirings
Internal hiring is becoming one of the best examples of talent management practices. According to the Bureau of Labor Statistics, the number of internal promotions increased by 6 percent last year. It means that hiring managers are taking advantage of this trend to promote talented team members internally instead of externally.
Internal hirings account for almost 36 percent of all total hiring, as employers consider internal hiring, along with employee referral, an important source of high-caliber talent.
Why should you consider promoting a current employee? There are three main reasons:
- It saves money. Promoting within the organization allows you to save money on recruiting fees.
- It increases productivity. By fostering an existing employee, you give them a chance to prove their worth.
- It builds loyalty. Employees appreciate being promoted because it shows that their work is valued.
It also helps build a strong relationship with the individual. When you promote someone, you show that you trust their abilities and believe they could contribute to the business’s success.
4. Streamlined Recruitment for positive candidate experience
The best way to attract and retain great employees is to provide a positive candidate experience. It includes everything from ensuring you have a strong onboarding program to clear communication about the next steps along the journey.
Companies must consider the entire recruitment cycle when it comes to attracting top talent. Not just during the job posting phase but throughout the hiring process as a whole. In fact, according to a recent study conducted by CareerBuilder, a candidate with a referral has 3-4 times higher chances of getting hired as compared to a candidate without a referral.
Companies should also keep in mind that active and passive job seekers are out there. While many people don’t want to admit they’re looking for a change publicly, others are happy to let recruiters know if they’ve found something better.
In addition to being aware of the different types of applicants, companies should also make sure their job postings accurately represent what the position entails. The modern practice of talent management emphasizes that job descriptions should include key responsibilities, requirements, and qualifications. They should also describe why those requirements matter and how the person filling the role will benefit the company.
5. A smooth On-boarding Process
The onboarding process is a crucial part of the hiring process. An effective onboarding process helps reduce turnover rates and increase employee satisfaction. A well-designed onboarding process includes training materials, orientation sessions, performance reviews, and ongoing coaching. This type of support should continue throughout the entire tenure of a new hire.
A study found that nearly 70% of new hires with structured onboarding programs are likely to continue working at the organization for up to three years, compared to just over half of those without a structured onboarding plan.
While most companies focus on onboarding new hires during their first 90 days, new research suggests that you should consider having ongoing onboarding support throughout the employee lifecycle. A study conducted by the Harvard Business Review found that new hires who received ongoing training and mentoring had better retention rates than those without such support.
6. Performance-based Employee Assessments
Talent management best practices acknowledge that no two people are alike. Every person has unique skills, knowledge, abilities, experiences, and interests. As such, it’s essential to assess each employee based on their strengths, weaknesses, and potential.
To do this effectively, you must understand what motivates your employees and why they work the way they do. You can start by asking questions like, What are their goals? How does their current role contribute to those goals? Do they enjoy coming to work? Are there areas where they could grow professionally? These questions help you identify specific behaviors and attitudes that can be improved.
7. Re-analyzing the Employee Benefits
The best way to improve employee satisfaction and retention is to make sure you offer various benefits that meet their individual needs. It includes health insurance, retirement plans, paid time off, flexible work arrangements, tuition reimbursement programs, and much more.
When it comes to benefit packages, there are many different ways to go about it. You could offer one benefit plan for everyone, or you could customize plans to fit the specific needs of your employees.
8. Strive for a Positive Work Environment
A company’s work environment can make or break its talent management strategy. If your organization has a positive work atmosphere, it will only matter if you implement a robust onboarding program or provide competitive pay and benefits packages. Your team members will not be fully invested in your success and are much more likely to leave if they feel overworked or stressed out while at work.
When company culture includes respect, acknowledgment, and a healthy workspace, they become partners for long-term success. Companies that strategically invest in their workforce reap the rewards of loyal and focused employees.
In today’s fast-paced world, where companies compete fiercely for talented individuals, businesses must have a strong talent management strategy. By investing time and resources into this process, employers can ensure that they can attract, engage, and retain the right talent for their organization.
Frequently Asked Questions
Q1. Why is Talent Management important?
Talent management is essential to any business because it helps organizations attract, develop, retain, and reward top performers. It also allows them to create a productive workplace with high morale and low turnover.
Q2. What is Talent Management?
Talent management refers to all the activities involved in managing human capital. It covers everything from attracting, developing, retaining, rewarding, and motivating employees.
Q3. How should I approach Talent Management?
There are three main approaches to talent management: strategic, tactical, and operational. Strategic talent management focuses on creating a vision for the future of the organization. Tactical talent management involves implementing a set of practices to achieve organizational objectives. Operational talent management focuses on improving existing processes and systems.
Q4. What is the most critical aspect of Talent Management?
An organization’s talent strategy is one of the most critical elements of its success. A well-defined talent strategy helps align people, processes, and technology around the needs of the business. Successful organizations understand that talent is the lifeblood of every organization. As such, it must be managed effectively.
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