by Lara Scalvinoni, Associate Manager in Excellence Education
Regardless of the service or product offered, the secret to a good company lies in the people who work there. That is why effective talent management is absolutely necessary.
Talent management is a comprehensive HR process that covers the entire employee lifecycle and refers to all the actions needed to hire, retain, develop and transition a high-performing workforce.
Effective talent management is forward-looking. In fact, the question is not only whether a person is suitable for their role, but also for the company as a whole. For this reason, employees must work towards both their own goals and the broader company goals.
So what are the phases that make up the talent management process? We identify four, each closely integrated with the next.
- ATTRACTION
The first phase consists of identifying and attracting talent. It is the first point of contact with potential employees, where you must create a positive and convincing impression of the company and the available positions.
What are the most common mistakes that can be made in this step and the strategies to avoid them?
- The target candidate is not well identified: it is essential to define the profile of the ideal candidate considering company culture, skills, experience, education, work environment and motivations.
- The ads fail to motivate and/or reach the candidates: they must reflect the company brand, contain clear information on hours, salary and benefits and be published on the right channels.
- There is no strong and targeted mission: this must inspire and create an emotional bond with the candidate.
- There is no clarity on the benefits for the candidate: in addition to essential benefits such as vacation days, you can focus on options such as working from home, coworking spaces, extra-work events and training opportunities.
- Current employees are not considered: it is important to collect positive reviews from employees and share them on public platforms, using them as ambassadors of the company brand.
- RETENTION
After attracting and acquiring top talent, you need to keep them engaged and motivated to stay on the team.
When you talk about retention, you also have to talk about turnover, which is the movement of employees in and out of the organization. When it becomes persistent and continuous, it is called dysfunctional turnover, which can lead to financial suffering, production delays and damage to morale.
But why do talents leave? And what strategies can be put in place to avoid it?
- Communication barriers: to eliminate them, you need to encourage a policy of open dialogue that allows people to share their thoughts without fear of backlash.
- Limited feedback: to counter insecurity and dissatisfaction, you can organize regular individual check-ups and remember to ask if you need further assistance or guidance.
- Feeling undervalued and unappreciated: a little recognition can help promote job satisfaction, from a “thank you” and “great job” to rewards such as bonuses, gift cards, training courses etc.
- Few growth opportunities: it is necessary to define career paths and action plans with clear milestones, offer training opportunities, both internal and external.
- Little flexibility: to prevent burnout and general dissatisfaction, it is necessary to maintain a healthy balance between work and private life. For example, smart working and corporate wellness paths can be valid allies.
3. DEVELOPMENT
Investment doesn’t stop at the hiring stage. If your team doesn’t continue to improve their skills, it’s difficult to grow your company. And if you don’t develop talent, you’ll have a hard time retaining it. How do you do that?
- Create personalized development plans
Every development strategy starts with a personalized plan. While some skills are universally useful, others should be as unique as your employees. Ask yourself: what are their long-term aspirations? What steps are needed to achieve them? What skills will they need to succeed? - Establish performance metrics
Without benchmarks along the way, employees are likely to stray from their path. By agreeing specific KPIs and measuring their progress against set milestones, employees will be more motivated to reach their goals. - Establish mentorship programs
To help employees reach their development goals and share knowledge, assign them a mentor. This can be a more senior member of staff, or you can encourage them to sign up for external workshops and training sessions. - Offer new and challenging opportunities
If an employee always does the same thing, there will be little room for continued growth and the discovery of hidden and untapped talent. Opportunities can then be offered that encourage the team to develop its skills. For example: brainstorming sessions between different teams, team building or corporate hackathons in which groups look for creative solutions to common problems. - Reinforce learning with constructive feedback
Instead of waiting for annual performance reviews, schedule regular meetings with employees to ask them what they are learning, what they like, and what they don’t, and provide constructive feedback and morale boosts.
4. TRANSITION
The final stage of the talent management process involves transitions. Whether it’s retirement, termination, exit interviews, team restructuring, or promotions, these transitions need to be managed.
When employees leave the company, you want and need to maintain a positive reputation with current team members, customers, and prospects; so, make the process as smooth and friendly as possible.
When positions are reorganized and promotions are offered, employees who have excelled and are ready for a new challenge need to be recognized for reaching the milestone. They need to see a clear career path within, or they won’t look outside.
So, in conclusion and in summary, what are the benefits that an effective talent management strategy brings to the company and its employees? Here are some of them:
- Putting the right person in the right place
- Having happier employees
- Retaining top talent
- Filling critical roles
- Increasing business performance
