5 Tips for Better Talent Management

Better Talent Management Matters
Recent research by Bersin found that organizations with better talent management strategies:

• Achieve 26% more revenue per employee
• Have 41% lower turnover

Our own organizational alignment research found that talent management accounts for 29% of the difference between high and low performing companies in terms of revenue, profits and employee engagement.

The Definition of Better Talent Management
We define talent management simply as the ability to attract, develop, engage and retain talent in a way that aligns with your culture and aligns with your business strategy.

The Goal of Better Talent Management
We believe the goal of talent management is to create and sustain organizational excellence through people — specifically by attracting, developing, engaging, and retaining the top talent that makes sense for your specific business strategy and unique organizational culture.

When you manage your talent effectively, it can differentiate your company from the competition in both good and bad times; when managed ineffectively, inconsistent and unaligned talent management approaches can grind your company to a halt.

5 Best Practice Tips for Better Talent Management
Here are five best practices to leap ahead of your competition through your people:

1. Alignment of Individual Goals with Your Overall Business Strategy
   Assuming you have crafted a clear business strategy that is well understood and agreed upon throughout your organization, translate the overall strategy into the critical few actions needed at every level and the behaviors needed by every employee for the plan to succeed.

   When employees recognize that what they do and how well they do it supports the goals of the organization, they are more engaged in their work.

2. Ongoing, Meaningful Feedback
   A critical aspect of managing talent is managing performance. The best companies have learned that the annual performance review is far less effective than more frequent and timely feedback.

   Especially when the employee feedback is delivered consistently throughout the year from peers, customers, partners, direct reports, stakeholders, and leadership.

3. Development Opportunities
   Employees who have ample opportunities to learn and grow know that their company values them and is willing to invest in their continuous learning and career development.

   Development plays a huge role in employee engagement and in effective talent management.

4. Helpful Technology
   Multiple options now exist to support HR in their role of optimizing the effectiveness of employees.

   From help in recruiting the right talent, identifying skill gaps, assessing performance and potential using simulations, monitoring progress against identified behavioral goals, and addressing development needs, technology is a tool that can greatly benefit HR if implemented correctly.

5. A Workable Succession Plan
   Don’t let your company be hampered by high level, key vacancies. Continually identify your most strategic roles, review who your most critical players are, and be sure you have qualified candidates when you need them.

   Identify and develop your high potentials so when positions open up, you can fill them properly.

The Bottom Line
For companies that rely on their people to succeed, business results depend on designing and implementing a better talent management strategy.

To learn more about how to take your talent practices to the next level, download 5 Key Succession Planning Trends and Lessons from the Field