Why Invest in Talent Management

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 the top talent that matters most.

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 and invest in talent management.

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 alignment research found that talent accounts for 29% of the difference between high and low performing organizations.

Here is how to invest in talent management and 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 solely 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 accountability message quickly and up their game.

3. Don’t Ever Settle
   Yes, we know how important it is to fill critical jobs. 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. Be honest and clear.  The better understanding the candidate has of the job, the better the chances for a solid match.

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 The New Research-Backed Talent Management Recipe for Success