Why Invest in Talent Management

A businessman is looking at 6 doors from which to choose for top talent

Do Your Leaders Invest in Talent Management?
Among all the investments you can make as a leader to grow your company, don’t, for heaven’s sake, neglect to invest in talent management…attracting, engaging, developing and retaining your top talent.

Businesses Should Invest More In People
Business leaders all seem to acknowledge that an organization’s success depends largely on the skills and level of engagement of their employees. And yet leaders do not consistently put their money where their proverbial mouth is. When choices are to be made among business priorities, investing in recruiting and developing the right talent often seems to fall to the bottom of the list.

Talent Matters – Do Not Make the Same Mistake
Our organizational research found that talent accounts for 29% of the difference between high and low performing organizations.  Here is how to put Talent Management  back where it belongs…as one of the three pillars of a successful business. The other two? A clear strategy and an aligned culture.

#1.  Take advantage of employee referrals
Don’t rely simply on your recruiters to find top talent. Your employees can be a valuable source of job candidates. Because they have lived it, your employees know the workplace culture and can assess potential cultural fit as well as anyone.

Experts say that companies should get near 50% of their new employees through inside referrals. These new hires prove to be the best quality hires…consistently.

#2.  Hold your talent teams accountable for performance
Make sure your recruiters and human resource function understand how important identifying and retaining quality talent is to the company business strategy. How? Make these measures part of their performance criteria and compensation.

They’ll get the message quickly and up their game.

#3.  Don’t settle
Yes, we know how important it is to fill that critical job. But if you settle for less than top talent that fits, the job won’t get done as well as you need and you will likely have to re-fill it soon. Be patient.

Putting quality hires in key positions can make a huge difference in how well their teams perform and in reducing overall turnover.

#4.  Train your interviewers
Anyone who will have an influence on the choice of candidates should be well schooled in behavioral interviewing techniques. Not only do you want savvy interviewers who can probe beneath the surface to predict a candidate’s true behavior on the job; but you also need to follow a structured process that is consistent, legal and fair.

#5.  Be forthright and honest
There is nothing to be gained by presenting the job as something it is not. You are far better off describing the job and culture accurately. All too often, new employees leave because the job did not fit their expectations.

Don’t let marketing slogans affect the way you talk about the work ahead. The clearer you can be the better understanding the candidate will have of the job and the better the hire.

The Bottom Line
Your ability to attract, develop, engage and retain talent that fits your unique culture and strategy can truly be your competitive advantage…as long as you invest in it as the high priority it deserves.

To learn more about how to invest in talent management, download Why Talent Is Only 1/3rd of the Talent Management Recipe for Success

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I continue to be impressed by the level of leadership development and management expertise and quality of advice and facilitation that LSA has to offer. What a smart and client-centric group of great people who really know how to help leaders attract, engage, develop and retain top talent.

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Thoratec

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Director of Human Resources

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