Your organization may have a talent management strategy but do you know if your organization is effectively implemented? Here we share seven steps to implementing an effective talent management strategy.
Create a talent management strategy that will support your business needs. Here are three questions to ask when identifying your organization’s business objectives.
- Does your business have goals for the next year? Next five years?
- Are department initiatives support your organization’s business goals?
- What marks business success long term?
Once your business objectives are identified, match your employees to the goals.
Match your employees to your business objectives by partnering with HR leaders. Ask questions that include:
- Which roles are crucial to meeting each goal?
- What does a successful employee look like in these roles? What skills or behaviors do they possess?
- How many people will be needed for these roles?
Diagnosing issues with your talent should be regarded.
What are your talent obstacles? It’s essential to gather metrics and descriptive data on where areas your talent strategy may need help. Here are examples of descriptive data:
- Exit interviews, employee surveys
- KPIs to identify underperforming departments and individuals
- Assessment tools help mitigate misalignment with business objectives and employees with their roles, where applicable
- Connecting with HR leaders and teams to highlight the biggest obstacles to retention, hiring, and performance.
Now with talent obstacles highlighted, decide where the focus needs to be.
Start small, with small steps in working on your talent management strategy.
Identify the areas that need the most help. Not only can you progress in the areas that need it the most, but executive leaders will also be more supportive towards other areas of your talent management strategy that may be more costly. A space to consider is regressed/underperforming areas on your current talent strategy.
You’ll see significant efficiency gains through minimal effort when working on the areas that need the most help.
Knowing this, create a plan of attack.
SMART is a system that will help develop solutions.
- Specific. Be detailed on the solution and the reasons it is being implemented.
- Measurable. The solution must make sense and be connected to your highlighted talent management issues.
- Achievable. Review with your teams and departments to ensure the goal is not only measurable but realistic and achievable.
- Relevant. Solutions should address more than one goal and department.
- Timely. Solutions should have a timeline. The dates should be realistic, reasonable, and reachable.
Connect with key stakeholders to collect information for your talent management strategy. Stakeholders may offer valuable ideas and approaches and help implement critical parts of your strategy. In addition, identify areas of opportunity and where technology could help.
While companies sometimes start solving talent issues from scratch, technology can help speed the process, streamline processes, and offer data-driven solutions that can provide long-term stability. With technology, you can:
- Have a consistent and stable employee onboarding
- Create and offer performance management
- Create programs or certifications to develop your current team
- Use data-driven metrics to find top talent
- Create teams/groups that align with your business strategy and goals
- Create strategies to mitigate low engagement and attrition
HR Tip: Compare software that helps with hiring and onboarding; this helps your organization achieve better results at a lower cost. Implement a talent management strategy for business success.
ABOUT NEWLAND ASSOCIATES
Having over 100 years of combined experience, we’re people experts, helping organizations with their talent management needs. Align management and business outcomes with predictive analytics, contact us to learn how.