Most businesses treat their hiring efforts separately from their accounting, not to mention their overall organization and goal-setting. Strategizing your entire business should include this one element that can boost your employee retention rates and help you build a more stable reputation in the role of an employer. Talent management is a strategy that encompasses everything from taking care of your employees’ perks and benefits, their compensation, workload, hierarchy, all the way to training, collaboration, and feedback. It aims to help your business find, hire, and retain talented individuals in line with your culture and values, people who will be your brand ambassadors.
To develop such a system, you need to apply your strategic mindset and reform your HR practices from the ground up. The importance of this single system within your business cannot be underestimated, since you cannot afford losing valuable human assets over missed opportunities or misunderstandings in the workplace. Here are a few solutions to keep in mind for your talent management system, and how you can develop it more effectively for your brand to grow.
Form a feedback cycle
Hiring and retaining employees is certainly not all about money. More than ever, employees cherish their freedom to express their opinions, to work with leaders that have a cause at heart, and to grow under your roof, not just continue earning their salary one month at a time. To truly empower business-wide transparency, you should build a feedback cycle that enables and encourages all of your staff to share their thoughts, criticism, suggestions, and ideas.
Add to that, you should feel free to provide guidance, praise, and constructive criticism within that very same loop, and ensure equality in this exchange, so that all of your talented employees can get the chance to improve – yourself included.
Start building your employer presence
Talent management starts with allowing your business to behave like a multifaceted creature that it is – not just aimed at customers, but at your employees, too. Your capacity as an employer greatly impacts the brand development process. To truly allow your business to attract the right talent and keep them happy, you should focus on employer branding as one key aspect of your talent management strategy and overarching brand development, too.
Create the image you want to portray among your employees, and make sure that your employer brand genuinely embodies all those key values you want to see in the people that work within your business. To properly manage your talent, you should be prepared to position yourself not just as a customer-centric entity, but one strongly devoted to its employees. Send a consistent message over all social platforms, your website, and all other job platforms where you go talent-hunting. Your employer brand will do the rest.
Define your goals clearly
Unlike managing financial assets, tools, or anything abstract, you need to treat talent management as a process that is firmly focused on people in your business. That is why you need to rethink how you define goals that drive your talent management strategy. For starters, instead of sticking to numbers and statistics only, you should also think in people: who of your employees is best for which business task? How many people would you need to handle a new client? Do you have a risk mitigation strategy based on your employees’ skills and strengths?
Above all, this is not something you decide behind closed doors, or with a handful of managers who barely ever see your employees in action. The TM strategy only works if you create it with your employees present and suggesting ideas that make sense to them. While you’re defining your TM strategy goals, make sure to think about preventing issues among your teams, too. That’s yet another part of your strategy that matters to your employees and your management team, too.
Make smart investments in employees
One segment of every strategy that most business leaders fear the most is the budget. Alas, too many neglect to address that particular segment of their talent management strategy, which is a mistake you shouldn’t make. Why? Because selecting optimal funds for your TM strategy will help you allocate your budget towards employee training, advertising available job posts, employee bonuses, and setting up team-building workshops.
Your employees should mean more than their salaries. That means that even if they’re happy with the number of zeros on the check, you should always focus on what else you can provide that will ultimately inspire them to stay loyal to your business and bring more clients your way. Plus, when you educate and train your staff, you’ll be able to help them climb the ladder and assume positions that will give them more challenges and help them grow. Today, every single employee craves such an approach over that old-fashioned stagnant career path with no room for improvement.
Nurturing your employees and your candidates, and allowing them to be your brand advocates is one of the best strategies that can transform your business. It’s up to you to define your TM strategy from the beginning and implement it mindfully so that each hire you make and each time you let someone go, you do so in the service of your business and your culture. Keep these handy tips in mind to refine your TM strategy for upcoming years of success.