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It wasn’t until 1997 that the term talent management was properly explained. Since then, the practices associated with it have evolved and are still developing.
In this Process Street article, we’ll take a look at talent management, its strategies, why it is so important, and how you can implement it in your own company.
This article has been split into the below subheadings:
- What is talent management?
- The benefits of a talent management system
- Tips for a successful talent management system to optimize talent development
- How you can use Process Street in your talent management strategy
Talent management is a business strategy that works to obtain a maximum return from the company’s human capital.
Talent management consists of many things, including:
- Applicant tracking systems
- Performance management
- Employee onboarding software
- Learning and development
- Compensation management
- Succession planning
A proper talent management strategy uses all of the above to the advantage of a company, giving it a competitive edge.
Taking the term performance management from the list above draws me to an important point. Performance management is often confused with talent management, meaning the terminology is often used interchangeably. Despite the two disciplines being related, they have completely different goals.
Talent management, on the other hand, takes into account the business side of people management and works with long-term goals. However, it’s true that performance management lies at the core of talent management, along with the other principles listed above.
Having a clear talent management system has its own benefits for your organization, some of which include:
- Recruiting: Applicant Tracking Systems can help you manage internal and candidate communications, organize information and allow recruiters to collaborate better. This is essential as 60% of candidates think better communication during the application process makes a more positive impression.
- Onboarding: Employee Onboarding Solutions can increase productivity, decrease turnover, and ease new hires into their role. Effective onboarding programs increase retention by 25% and improve employee performance by 11%.
- Performance Management: Performance Management Systems can increase transparency and collaboration, make employees feel more connected to their job, help drive succession planning, and boost the effectiveness and frequency of feedback. With 86% of executives and employees citing the lack of collaboration and proper communication as the cause for workplace failures, these systems can be a lifesaver for your organization at some point.
By this point, you are probably certain that you definitely need a talent management system in place. You need a strong strategy to develop the talent of your employees. Below are 9 tips, as mentioned on the Greenhouse blog, on how to create a successful talent management system for your company.
Tip #1: Name your organizational goals
This is a simple rule, yet it is often forgotten. Before planning your talent management strategy, make sure you know your organizational goals, values, and where you are heading. These will influence your decisions as you try to stick to what you stand for. Never forget the importance of a clear brand vision, to find the right people to join your team.
Tip #2: Translate goals into human assets
Even though most of the factors, including performance and potential, are measured in numbers and statistics, HR managers must never forget the human element. You must learn to view goals as a measurement of human assets. For example, some jobs need to be done and may require more people than you initially expected them to. Re-evaluation of your choices is needed for you to think everything through before making the final decision. Of course, you are not obligated to do it all on your own, so get the current department managers and team members to also have a say.
Tip #3: Identify future obstacles
You need to identify future obstacles before they become a problem. It is always better to save yourself a headache and have a plan B, C, or D ready in case plan A fails. There will be challenges in the way, which you must be ready to face. If you can detect them to get ready beforehand, it will make your life easier. Don’t let, current issues develop either. Address them right here and now, to make sure they are dealt with properly.
Tip #4: Adapt to international employees
If you are planning to hire people on an international scale, or you have different departments based globally, it might be a good idea to adapt your strategy for international employees. This will include anything from translating documents to other languages (try online translation services such as The Word Point), to making sure you have a translator at your meetings. Of course, English is the language of business, and so qualified employees will often be fluent.
Tip #5: Hire the right people
As discussed later in the article, hiring the right people is very important for the well-being of your company. You must make your job listing accurate including all the primary and secondary elements that describe the open job position clearly. In addition to that, when assessing potential candidates, you must keep in mind the values and the culture of your organization. Go back to tip 1 and check whether the person sitting in front of you corresponds with all the traits of your business. They may have perfect qualifications, but skills and experience are not enough to fit in.
Tip #6: Invest in current employees
A good alternative to hiring someone outside is to look on the inside of your company. Internal hiring is a great option, saving you money as external candidates usually expect 18-20% more in salary on average. This may save you millions in some situations. Moreover, internal candidates are the people who you can trust thanks to your experience with them. You can also be sure that they fit into your company’s culture and know how things work. Don’t dismiss this option right away and carefully consider what may be more suitable in your case.
Tip #7: Measure success
To build an effective talent management strategy, you will need to have a barometer to measure success. This means monitoring your activity, to see any change (whether positive or negative). More often or not, you will find that you need to change up some things during the process to see improvement. Make sure to track retention levels and turnover, especially among high-performing employees. This will provide you with a useful measuring stick. You can use special software for tracking any number of metrics. Visit some software review sites and see which program suits your needs.
Tip #8: Gain executive buy-in
No matter how passionate you may be about talent management, all your efforts could be in vain if you don’t get the support of executives. This is why once you get the numbers, you must be sure to get them in front of your CEO. Your bosses must see strong, revenue-driven metrics to prove that your strategy is working. Moreover, you must back up your point with extensive research. Instead of focusing on emotions, try to drive the conversation through money and get down to less significant points at the end.
Tip #9: Mix it up a little
Last but not least, don’t be afraid to mix it up a little sometimes. Talent management is the vehicle you take to success, so your strategy must be uniquely your own. It’s okay to tweak it up and experiment until you find what fits your company best. The point is for your competitors to start imitating your work culture rather than the other way around. Strive for creativity and you will find it in the most unexpected places. Then, implement these ideas in your organization and watch your performance improve exponentially.
Now that we’ve discussed all the peculiarities of good talent management systems, we will look at 6 talent management strategies that are proven to be effective. You will then find out how Process Street can help you implement these effective strategies.
Process Street is a top business process management software, that provides super-powered checklists for you to productively, efficiently and accurately manage your business operations. In this instance, we are talking about operations focused on talent development, for you to employ the best talent management systems. Check out the video below, giving you an introduction into Process Street and how to use the platform.
Practice #1: The power of job descriptions
Never underestimate the power of job descriptions. Simply including a ton of buzzwords will not work well to attract the talent you are looking for. You are representing your company, so the success of your company depends on you and that job listing. Make the job title clear and on point. Include such things as the overall duties and necessary skills. Don’t forget about the work relationships, tools, equipment used, skills needed and benefits provided.
If you need some help writing a perfect job description, why not try our Job Description Template.
By using this template, you can be sure to get your job description right, to attract the best, most fitting talent for your advertised position.
You can edit the above template so that it caters specifically to you and your job description. Below are some job-specific templates we have ready for you to jump in right away.
- Accountant Job Description Template
- Copywriter Job Description Template
- Customer Service Manager Job Description Template
- Customer Service Representative Job Description Template
- Editor Job Description Template
- Graphic Designer Job Description Template
- HR Manager Job Description Template
- IT Manager Job Description Template
- Marketing Manager Job Description Template
- Receptionist Job Description Template
- Sales Manager Job Description Template
- Software Developer Job Description Template
- Web Designer Job Description Template
- Web Developer Job Description Template
Practice #2: Assess candidate cultural fit
While most candidates will fit the requirements listed in your job listing, not all of them will fit with your company’s culture. This is something that you can’t easily define, but if you have been working in your company enough time, you will intuitively know what it is and whether a certain person fits this culture. Think of the different aspects of your business that give it individuality and separate it from others on the market. When assessing potential candidates, check their tone of voice and the language they use. They should be passionate about what your company does and share your company’s values.
At Process Street we recognize the significance of company culture. We believe that diversity and inclusion is an excellent place to start for your business culture to blossom. This is why we have created the below free templates, to support you in creating diverse and inclusive values.
Practice #3: Become a coach
A coach is a mentor, who is always ready to help and give advice in difficult situations. You must learn to become a coach to your employees. Mentoring and educating employees is important for thier well-being and maintaining employee happiness. Give feedback for their work and provide them with advice and helpful tips. Don’t lash out at the smallest mistake. Everyone makes those and you should instead explain how to correct errors and make it right.
Process Street can aid you in your coaching duties. You can design checklists for a given business operation, so each step is recorded and can easily be carried out by the given employee. All the employee has to do is run through the checklist, and tick off each task on its completion. All tasks are sent to the employee’s inbox to help them manage their workload.
Our checklists have features, making them superpowered when it comes to managing business processes. These features include:
Practice #4: Training and development opportunities
This practice goes hand in hand with the previous one. Providing your employees with constant training and development opportunities is a must if you want your company to grow and evolve. If you don’t do this, you will most likely start losing talented employees if they find themselves bored or uninterested. This is why it is so important to hold meetings once in a while and ask your workers what areas they would like to improve. Likewise, if there is someone who needs improvement but isn’t actively seeking advice, it is up to you to hand them the tools to accomplish what they are struggling with.
Our platform is a place for you to record your business operations in a checklist form so that any employee can easily hop in and carry out a given process. Think of Process Street as your training companion. Setting up checklists that your employees can easily follow reduces your workload as a mentor.
To exemplify this, check out our MailChimp Merge Tags Template. For an employee who has never used the MailChimp Merge Tag feature before, this template will walk the employee through the process of using merge tags. By the end of the template, the employee will be a MailChimp Merge Tag expert, all thanks to a simple checklist.
You can design your own templates like the above, for any – that is right, any – business training or development process.
Practice #5: Rewards and recognition
To make your employees happy, you want them to feel important, recognized, and appreciated. While training is a primary tool in employee management, rewards are perhaps the second in this matter. You don’t necessarily have to give something big, so even small gifts can go a long way and make a big difference. If one of your departments has passed the profit targets, then you should immediately consider some kind of reward. If a certain employee has exceeded expectations, they must also be recognized and rewarded in some way. Anything from simple gift cards to paid vacations can be a perfect way of recognizing your employees’ success.
Performance reviews are a great way to acknowledge and recognize employees’ achievements. Check out our Employee Performance Review Checklist to help you get started with your rewards and recognition strategy.
Practice #6: An honest career path
It is never easy to cultivate an honest career path for your employees. In fact, in larger companies workers tend to feel more engaged when they think the sky’s the limit to how far they can go. But you must always make sure that your employees realize that career advancement is never a guarantee. Don’t make any promises, but remember to provide them with all the tools they may need to achieve what they want in their career. After all, it does depend entirely on them and how much effort they put in.
Process Street is a great tool that can help your employees reach their potential. Our checklist approach to business processes helps employees:
- Get tasks right every time
- Pay attention to small details
- Concentrate on more stimulating tasks by automating mundane, repetitive tasks
- Obtain greater work engagement as it is easy to view the percentage completion of a given process. This means employees obtain a sense of accountability for their work
Find the best talent management systems for your business today
In this article, we have:
- Defined what is meant by talent management as a practice
- Looked at the benefits of effective talent management systems
- Considered useful tips for your talent management systems to optimize talent development
- Explained how Process Street can be used as a tool to help you with your talent management strategy
All in all, every business must have a talent management strategy. It doesn’t matter whether you are a small company or a large brand – managing your talent properly is crucial for the “healthy” functioning of your enterprise. Follow the advice in this article and you will be on your way to find the appropriate talent management strategy for your business.
Are there any tips and tricks you use in your talent management systems, which are not mentioned in this article? If so, let us know in the comments below. Who knows, you may even get featured in one of our upcoming articles.