Better Talent Management Matters
Recent research by Bersin found that organizations with better talent management strategies:
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:
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.
Especially when the employee feedback is delivered consistently throughout the year from peers, customers, partners, direct reports, stakeholders, and leadership.
Development plays a huge role in employee engagement and in effective talent management.
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.
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
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