A talent management strategy outlines how you will hire, assess, develop, and retain great talent in your organization. Learn how to build a comprehensive and effective talent management strategy in this course.
- We've all read about companies where people are happy and those where they're not. Companies where people don't feel like there's a future or a way to grow their career, so they leave. That's a company that needs a talent management strategy. Companies with effective talent management strategies are more innovative, more adaptable to change, have greater employee productivity, and retain their key talent. As a result, these companies have earnings 15% higher than their peers.
A talent management strategy is the starting point for any organization to achieve its business goals. In fact, the talent management strategy is set based upon business goals. It's the strategy that guides recruiting and hiring, performance management, career development, succession planning, and learning and development. In this video, I'll walk you through the four steps to build an effect talent management strategy.
First, HR and the business identify what talent they need in order to achieve business goals. This includes what positions and skills are needed to implement the business strategies. In this step, you may uncover new roles needed, new types of leadership required, and new skills and capabilities critical to the business. This step includes forecasting how many new people are needed in each business area and what it will take for these individuals to be successful.
I worked with a mid-sized technology company who decided to focus on selling to a new market to meet their revenue goals. The shift was to sell to large customers instead of small businesses. This required a new type of sales team with the skills and experience to work with large companies. Identifying people with the right skills inside as well as outside the company who could help them achieve this goal was critical. The next step is to identify talent gaps.
Do you have enough people? The right people with the right skills? Do you have leaders ready to step into new roles? Can individuals learn new skills quickly? Your talent review, succession planning process, and performance management processes will give you information you need to identify where you have gaps. You'll learn if your teams have what you need to achieve your goals. Your talent management strategy will address how to close the talent gaps you identify.
Next, you need to design recruiting and hiring plans to bring on the right number of people with the right skills, to fill new roles, and replace those who might leave during the year. Design your recruiting plan in advance to focus recruiting efforts on the right people you need. Finally, develop internal talent to meet your needs. Use your talent review and succession planning processes to identify leaders who can step into new roles or lead larger teams.
Identify what development leaders need to support the business. Build development programs to help employees learn the skills the business needs. Effective talent management is a win-win for you and your employees. You'll have the right people to meet your business goals and employees will be motivated and engaged to do their best work.
- Building a successful talent management strategy
- Identifying talent needs and assessing existing talent
- Recruiting and hiring the right people
- Developing employees to meet talent needs
- Implementing a succession planning process
- Focusing on engagement and retention
- Increasing talent visibility
- Creating a strong HR and business partnership
- Designing a high-performance culture