The Ultimate Guide to Talent Management [Strategy + Best Practices]

August 17, 2022

By Sheryl Green

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Ever wonder what sets successful businesses apart from those organizations that struggle year after year?

The product or service, pricing, industry, market share, and a thousand other factors can impact business success. However, there is one area that if they don’t get right, they’ll never flourish as an organization.

Hiring and retaining quality employees.

You may believe that your customers are the most important aspect of your business, but who is serving your customers? Without a top-notch staff, your product won’t make it to market, and you won’t have any customers to serve.

With high turnover rates across industries, employers are scrambling to understand what attracts top talent, cultivates loyalty and engagement among employees, and encourages them to stick around for the long haul. If your team is experiencing dissatisfaction, low engagement and productivity, and a revolving door in your HR department, you’re probably wondering this as well.

The good news is implementing a talent management program can help businesses of all sizes and employee engagement levels find a sense of balance.

What is talent management?

Put yourself in your employee’s shoes for a moment. What is your employee experience like? What attracted you to the company in the first place? Was there something they could’ve done that would’ve made you even more eager to work there?

Now think about the onboarding process. Were you provided with the training and support you needed to succeed in your role? Are you appreciated for your unique skills and compensated appropriately? Do you believe there are adequate growth opportunities? How about the workplace culture? Do you feel comfortable voicing opinions and new ideas?

All of these questions factor into your employee’s experience and whether or not they remain engaged in their roles, or become disconnected, disheartened, and dissatisfied with their job. When this happens, they aren’t exhibiting the productivity you’re looking for, and it won’t be long before they’re planning an exit strategy.

Talent management falls into three distinct categories:

  1. HR processes that work together to create the best possible employee experience. We’ll discuss this more in the next section.
  2. Attracting, Developing, Motivating, and Retaining top talent for your organization.
  3. Developing High-Performing Employees

“The purpose of your talent management strategy is to attract, motivate and retain your employees,” says Rameez Kaleem, Founder, and Director of 3R Strategy.

“No one factor, such as pay or perks, will enable you to do this. You need to consider your overall strategy to create an environment where employees can thrive and feel empowered to achieve excellence. This includes your approach to pay, benefits, creating a positive work environment, and providing people with personal and professional growth opportunities.”

As a business owner, manager, or HR professional, it’s your job to provide the best possible conditions for your employees so when outside opportunities knock, they can’t help but say “no thank you, I’m happy here.”

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Source:: HubSpot Blog