The creation of a talent management environment in the 21st century is an important and necessary part of any modern organisations agenda. A shortage of talent, facing an ageing population and a dynamic business environment has all fueled a commitment to a need to focus upon how talent can be attracted and retained within the organisation. To standstill and to be static is a dangerous game and thus firms have to be focused upon adaptability to trigger a sustainable approach through talent. To build a strong, consistent and sustainable talented workforce requires a need to develop employees who can act in the global business environment.
7 Talent Management Best Practices
- Align Goals and Track Everyone’s Progress: Make sure that every employee’s goals are aligned with organizational goals and also regularly monitor progress on goals so that corrective actions can be taken as required. Finally there is need to be able to quickly and effectively communicate any change in focus or priorities. Talent management system allows to quickly communicate changes the impact organizational goals to everyone who has a linked individual goal.
- Conduct Regular Employee Reviews to Keep Employee Performance On Track: Employee performance reviews give employees an opportunity to talk with their manager about what they are doing well, areas for improvement, skill gaps, career plans, goals, competencies, development needs and more. It’s one of the most effective ways to keep performance on track. They also help managers and HR identify low performers and take action to improve their performance, so the company can get the most out of all its resources. Finally, employee reviews make it easier for managers and HR to make critical decisions about workforce restructuring and right-sizing if/when needed. By providing a history of employee performance they allow managers and HR to accurately identify high and low performers and employees with critical knowledge/experience/skills.
- Provide Ongoing Feedback to Maximize Performance: Ongoing feedback helps everyone maximize their performance. It allows for quick corrective action, so managers and employees can address any issues while they are still small. To formalize this process, quarterly or semi-annual reviews instead of just annual ones may be required.
- Invest in Performance-Based Development: Always make sure that an organization is getting value from investments made in employee development. Identify the skill gaps by using employees performance appraisals. Consider which competencies are key to organizations success and try to target training to build strength in these areas. To make sure that the training is efficient and effective as well measuring the change in employee performance ratings is essential.
- Identify and Reward High Performing Employees: This is a very critical step which helps in knowing high performing and high potential employees. Even if a company is not in a condition to provide salary increases or perks during an economic setback providing them with organizational commitment also recognize their contributions through other means as such employees are not worth loosing so acknowledging their performance is essential.
- Have a Succession Plan: Always keep a succession plan ready with the talented employees which help the organizations by replacing the people at critical times of the company during economic setbacks. Even the high performing and high potential employees can also be of great help to the organization.
- Be as Efficient as Possible: Inefficient process are not affordable to an organization during economic setback. System that automate talent management processes have the ability to make the processes efficient as well as cost effective which will in turn result in higher employee satisfaction and involvement.
The development of a talent management culture within the modern dynamic organisation requires passion and motivation and there are plentiful examples of organisations that have developed a talent management culture to promote change. To build a talent management culture requires commitment, a focus on continuous learning and a focus on a commitment to the sustainability of the organisation. As seen in the example below, organisations have to develop the building blocks in order to develop a talent management culture.
Resource forecasting, discussions with employees and an inherent focus on talent planning are central to the development of a talent management culture at the UK supermarket chain: Tesco. With strong promotion opportunities within the organisation, Tesco employees have great promotional opportunities which sees a number of lower level employees work their way within the company in order to gain representation on the board. The talent management culture within Tesco has been developed across all levels and talent spotting exists across the firm not just at the top. With over 26,500 employees, talent spotting within the firm has become a central activity and discussions with employees exist to ensure that employees are driving their own skill development and their own career plans. Talent management within Tesco can be positively reflected upon due to their focus on the individual and their focus on the employee. Employees drive their skill development and feedback is delivered in a simple manner. This focus on simplicity is fundamental and avoids the process being complicated, which reduces interest. Tesco are an example of a talent management organisation and passion at the top stems down throughout.