The modern workplace evolves all the time and you know that you need to keep up with all of the fast-paced changes that may seem beyond your control. Long gone are the days of the unspoken agreement of loyalty between employers and employees, where employees made it their mission to stay and grow with a company until retirement and employers welcomed such loyalty. The modern employee has come to understand that the days of unwavering loyalty have passed, for themselves and their employers, so employees are now prepared to make a change before one is made for them.
This is where talent management becomes crucial in your approach to attracting, securing and retaining a talented and committed work force in a time where you face many challenges in doing so such as tending to a multi-generational staff, finding and nurturing staff with the right combination of skills and work ethic, as well as dealing with the tenuous nature of the growing lack of loyalty in the employer and employee relationship.
What is Talent Management?
According to the Harvard Business Review, talent management is a philosophy and practice meant to “build systems and cultures that nurture talent and, in turn, improve business performance.” Its core purpose is to ensure that your organization hires the right human talent to align with your market, the skill set that you need and keeping them on staff to help your business thrive.
Given the modern workplace’s volatile – in terms of the challenges of fostering loyalty – environment, ensuring that you find the right talent, and finding it the first time, is essential.
Talent Management Basics
- Develop a Plan of Mutual Alignment. When you set out to find the ideal employee for position, be sure that you have coordinated and strategized with your team, which may comprise your human resources team, the particular department leader and higher level management and executives. By doing so, you can reduce the margin for error and find the right candidate more quickly.
- Recognize Talent Already on Staff. Ensure that your staff remains attuned to you the talent already available within your organization. Nurture committed and adaptable employees and help them reach their potential through offering training that will help them because the ideal candidate that you are seeking. By creating a deep pool of talent who works with those already on top of their game in their position sets you up for easy transitions.
- Retain Your Talented Staff. Keep your talent content with sufficient benefits and perks. Realize that if you recognize a particular staff member’s talent, your competition may recognize and seek it too.