As people are integral to the success of any organization, talent management is an essential part of a holistic business strategy. In recent years, HR leaders have learned that an organization’s talent management strategy must be adaptive and flexible in order to meet challenges such as the pandemic and the Great Resignation.
A number of talent management functions have moved online as a result of the acceptance of remote and hybrid work, including hiring, onboarding, team collaboration, and learning and development. Organizations must identify new methods of attracting and retaining talented employees as more workers rethink their career choices.
The overall process of talent management remains largely unchanged regardless of the latest workforce trends or challenges, with a few specific tactics that can be tweaked and adjusted if necessary.
The Basics to Talent Management
To drive positive outcomes for the business, talent management involves attracting, onboarding, developing, and retaining employees. In addition to influencing team member motivation and customer satisfaction, talent management can significantly impact a company’s overall success.
The talent management strategy of HR leaders is constantly being reviewed and improved. In 2022, advancing talent management capabilities including strategic workforce planning, learning, and performance management—is now the focus.
In addition to talent management, Business executives are concerned with placing a high priority on talent availability, recruitment, retention and upskilling for CHROs, according to research from Chief Executive and the Society for Human Resource Management (SHRM). Companies that adopt a talent management strategy with the aim of motivating their employees, improving engagement, supporting customer satisfaction, are closing to meeting their business objectives, and being successful adapting to changing business conditions.
How Important is Talent Management?
It takes a strategic approach to talent management when it comes to creating and keeping high-performing teams, not to mention benefits. Below, we share several benefits associated with talent management:
Enhanced retention and lowered attrition.
To attract quality candidates, employers must brand themselves effectively and follow a streamlined, standardized hiring process. Onboarding, learning, and development, as well as an ongoing feedback loop, can become more effective and engaging as individuals join the team, thus ensuring long term performance success for your organization.
Enhanced productivity may reflect your organization’s bottom line.
Your organization can achieve its business goals by hiring quality workers. Your company is likely to experience an improvement in its performance when it has processes in place for attracting, onboarding, and developing team members. According to Gartner, companies with the highest level of employee engagement have a profitability of almost 25% higher than those with the lowest level of worker engagement.
The productivity of your team increases when each member is engaged and aligned with the mission and values of your organization. Conversely, team members may become disengaged if the appropriate talent management procedures are not in place, consequently having a negative impact on the organization’s productivity.
Enhanced company culture.
Managing your talent means building a team of individuals who share your company’s values and are motivated by your mission and goals. It has been demonstrated by the pandemic that workers strongly believe that their sense of purpose is defined by their occupation, which means that they desire to work for companies that share their values and share their mission. Your company culture can be strengthened through the recruitment and engagement of motivated team members who share your goals.
Newland Associates have been helping organizations with business strategy and talent management for over 30 years. To find out more on how we can help, contact us for a consult.
This is a 3 part series on talent management.