If you work in human resources management, you probably are always looking for new ways to build a better talent management strategy. Attracting and retaining top talent in your business can be quite difficult. Employees change jobs many times in their careers these days – so it may be hard for you to keep your most talented employees. This can lead to high employee turnover, and low development of employee skills.
In this article, we’ll explore the 6 steps you need to take at your business to boost employee engagement with a powerful talent management strategy. Here’s what you need to know!
- Start By Identifying Your Organizational Goals
First things first – you’ll need to define what, exactly, your goals are as an organization. What are you trying to do when recruiting new talent?
Is your goal to boost your average employee retention rate? Is it to increase the profitability of your company by hiring more talented employees? Are you looking to simply create a better, more healthy workplace culture through corporate training and eLearning?
You can’t achieve a goal unless you have one – so it makes no sense to build your talent management strategy until you’ve figured out what your goal may be.
Maybe your goal is to hire more internal employees into management positions. You can make it your goal to have 50% of all new management positions filled by current workers – then focus on interactive training and corporate training to ensure that you’re working towards your goal.
- Develop Metrics For Tracking Your Progress
It’s very important to have some way of tracking your progress when building a talent management strategy. For example, if you think that your workplace culture needs some work, and your employees are not engaged with their work, you need to figure out where you stand currently – and what metrics you can use to track your progress, such as a company-wide survey or feedback line.
- Find Gaps And Opportunities In Your Current Strategy
After you have developed organizational goals and created a metric for tracking the success of your talent management strategy, you’ll need to take another look at your current strategy.
Chances are, you’ll find some significant gaps in what you’ve been doing – and what you should be doing, according to your organizational goals. For example, you may think that you’re doing enough to ensure that employees stick around at your company – but then find that you have not been giving employees significant raises or promotions, causing them to leave and find employment elsewhere.
- Invest In Employees And Focus On Internal Hires
This is one of the most powerful talent management strategies that there is. Your existing employees are almost always going to be your most talented and capable individuals. While it is important to bring on talented employees, it’s even more important to retain them – and to invest in their future of education, and ensure that they work at their full potential.
By investing in your own employees, and preparing them for management positions through eLearning and investments in education, you can ensure that they are motivated, capable, and ready for more responsibilities – which means less risk of hiring the wrong person, and a more loyal, positive workplace culture.
- Take Another Look At Your Workplace Culture
Speaking of workplace culture – this may be a good time to re-examine the culture at your workplace, and do what you can to make your company a more positive place to work.
Positive workplace cultures have been shown to boost productivity and make employees happier and more engaged – which translates directly into higher employee retention rates, and a better talent management strategy.
- Get Executive Buy-In
Once you’ve begun implementing your new talent management strategy, and you’ve begun to see the results in the metrics you defined in step 2, it’s time to get them in front of your CEO, or another high-level C-suite executive.
This allows you to get executive buy-in. If you can prove that your efforts have been successful in bringing in more talented employees – and retaining them – you’re likely to get approval for further changes to your talent management strategy.
This means that you may be able to access more funds for motivated, driven employees – and you can use raises and promotions to ensure that your most talented workers stick around for the long haul.
Don’t Let “Brain Drain” Affect Your Company – Built Better Talent Management Today!
Losing talented employees is a huge problem for most companies. If you can hold onto your talented workers and ensure that they are motivated and loyal, this has a huge effect on workplace morale – and on the profitability of your company.