How to build a successful talent management strategy

Advanced organizations know that their greatest assets are their people. However, keeping employees happy and engaged can be difficult, especially when considering available resources and the need to achieve other organizational goals. An organization is only as strong as its talent pool, which is why organizations have increasingly adopted talent management as a central element of their overall strategy. Identifying top talent and cultivating their ability to produce value for the organization is a business imperative.

Talent management, which often includes Talent development, recruiting, onboarding and other facets of the employee lifecycle are essential to keeping top talent happy. Consider the rise of Great resignation, where workers were more likely than ever to leave organizations or the workforce altogether. While reports vary As for whether the Great Resignation is still ongoing, the memory remains. As a result, organizations are prioritizing talent management more than ever. According to McKinsey, many executives say it helps them outperform their competitors.

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Building an effective talent management strategy

Organizations cannot approach talent management initiatives with half-measures. Talent management must become a holistic part of the organization. This means that the organization must identify the metrics it wants to track and create employee assessments to ensure it is accurately tracking the growth of its employees.

Having a strong talent management process ensures that an organization effectively and efficiently minimizes employee turnover, improves performance and ensures employee satisfaction. Here are the steps an organization should take to create an effective talent management strategy:

Establish a solid foundation

To maximize a talent management system, an organization and its human resources team must clearly emphasize the importance of human capital as a key organizational asset. One way to do this is to invest in the organization’s “corporate culture”, in which leaders and the HR team demonstrate to employees how integral they are to the company, how they do part of a larger team and how they and other team members can be comfortable bringing their authenticity to work.

This creates a halo allowing the organization to be known as an “employer brand”. This signals to new hires and future employees that they are joining an organization that has their priorities in mind. This is an underrated but smart way to increase the likelihood of an employee making referrals, with existing employees taking pride in recommending former colleagues, friends and family to the organization.

Create the right organizational structure

Organizations that create and employ staff Chief Human Resources Officer (CPO) positions demonstrate that they take talent management seriously and are willing to invest in the discipline. Although CPOs often lead the HR department, their missions extend beyond that. CPOs are often in charge of organizational culture, ensuring that the organization uncovers and addresses unconscious bias in decision-making processes and other elements occurring throughout the employee lifecycle. By elevating an employee responsible for talent development to the C-suite level, an organization demonstrates that its people are a critical asset.

Enable executive buy-in

Creating a winning talent management strategy requires an organization’s leaders to make the case for investment and demonstrate commitment by working directly with human resources professionals.

Leaders are increasingly aware that employees are an essential part of business success. Savvy leaders understand that strong talent management programs improve KPIs such as employee retention percentages and employee satisfaction and reduce recruiting costs. Done right, talent management is a critical part of an organization’s business strategy that aligns with key business objectives such as revenue, profitability and cost control.

Demonstrate a solid approach when recruiting and onboarding

Talent management strategies begin before an organization hires someone. THE Talent Acquisition This phase is a crucial moment to establish true talent management for an organization. Simple touches like easy-to-understand job descriptions, overall skills development opportunities, and examples of how the organization cares for its employees demonstrate to the right talent that they would join an employee-focused organization.

Each prospect should receive a clear picture of how the organization approaches talent management. This includes what skills the job requires, how employees in the organization acquire new skills or continue to learn more about existing skills, and how they will be judged on their performance and career path.

How the organization treats its new talent during the onboarding process sets the tone for their work within the organization and reflects how the organization treats employees. Even at these early stages, strong talent management practices, such as employee engagement surveys and clear role expectations, can help establish a strong employee experience.

Prioritize employee well-being and career development

Successful talent management requires an organization to demonstrate through words and actions how it cares about its employees. This usually involves creating a positive work environment and communicating a message of mutual respect and equality. Employees are increasingly perceptive about their employer’s contribution to their well-being. It is therefore important to translate any promise into concrete action. There are many ways an organization can follow through, including mental health days, rules regarding after-hours communications, guest speakers, and involving employees in decision-making about benefits and the training the organization should provide.

Boost performance management strategy

Monitoring and improving employee performance is an essential part of any talent management strategy. No two employees are the same; Even the best employees are likely to have one or two skills gaps that their manager can and should help them fill.

Organizations should invest in extensive training programs to ensure all staff have up-to-date skills. Going further, they can offer tailored training to the most promising and best talents, helping them excel in their jobs. It’s also crucial to track results through performance reviews, surveys and more.

Integrate workforce planning into everything

This can be difficult to face, but the harsh reality is that almost all employees will leave an organization at some point. Whether they retire, accept a new role with a competitor, or change fields because they want to pursue a new career, their departure can halt an organization’s momentum or create challenges.

Since many of these departures can occur unexpectedly, it’s never too early to start thinking about succession planning, which is the process of identifying and grooming top talent. to replace leaders who may be leaving due to retirement, career change, or career change. best offer from another organization. Organizations should create strong mentoring programs in which leaders can help create a foundation for those who might replace them if they leave.

Ultimately, prioritizing a talent management strategy is an organizational decision that, done well, will generate a return on investment on all program costs. It is increasingly becoming an essential part of an organization’s overall business strategy. It’s the right thing to do not only to achieve an organization’s goals, but also to ensure that hard-working employees are treated fairly and given the tools they need to succeed in their current jobs and beyond.

Talent management and IBM

From the global labor shortage to the widening skills gap, the battle for talent and skills requires HR leaders to change how they serve the workforce and reinvent how they approach talent recruitment, job restructuring, skills development and employee experience.

On this journey, HR leaders face several challenges: balancing how to manage people, data and technology, while striving to meet growing expectations for experiences and opportunities. improved learning.

Generative AI offers the opportunity to influence business transformation and help it adopt technologies to better serve its employees. IBM helps businesses deliver personalized experiences, apply data-driven insights, and develop effective recruiting and adaptive skills capabilities to build a more modern HR function. We focus on each company’s unique business goals and challenges, dig deep to understand the realities of their workforce, and create strategies that unlock new levels of performance within their business, helping them to realize their vision and develop a qualified and sustainable workforce. With IBM, you can improve employee engagement and productivity, reskill your workforce faster, and reinvent ways of working.

Explore talent management with IBM Consulting

Managing Partner, Talent Transformation Consulting

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