Talent management: check out these 5 best practices

We all know that talent is a valuable and profitable resource. Talent is not only about a specific skill set, but also includes intelligence, performance, disposition and creativity, and the level of success an individual possesses or is capable of achieving in a particular area. 

 

Being talented is easy, but nurturing it and ensuring that you can bring value out of it is not. For instance, you may have a lot of talent for science, but you may have no idea how to enhance it in order to stand out from the crowd. We know it takes regular practice, guidance and support to bring the best value out of the talent of people.

 

Talent management: check out these 5 best practices

 

1 | Align talent management with business goals

 

If your company goals are defined, you should connect talent management and related activities to them. This is because they directly affect the quality and the quantity of the talent you are looking for.

 

When it comes to a good business strategy, we think about one with clear goals, with clear business needs, types of products or services which bring real value to the customer. 

2 | Plan and attract the right talent

 

Work on identifying where the gaps are, so you understand where there is an urgent requirement for human capital. After you have identified the need for talent, you can start creating good job descriptions for key roles and later guide sourcing and initiate a workforce plan for recruitment. 

 

Analyze whether you can fill these requirements internally or externally. Wherever you are going to find talent, make sure that you carry out healthy research and have different talent pools.

 

3 | Define steps for selection process

 

This phase usually has a lot of steps you need to follow. Additionally, it depends on the number of people you are interested in hiring . You can utilize different kinds of tests to analyze if someone is the right fit for your organization. 

 

You might be interested in:  Classify your employees: the difference between full time and part time

 

4 | Conduct regular employee reviews to check out employee performance

 

A well defined performance management process is key. First, checking out performance regularly is an opportunity for managers to discuss real goals & competencies of employees. 

On the other hand, giving regular feedback helps employees perform at their best. 

 

Managers and HR should identify employees who are not performing well and organize meetings to communicate how those workers can do things better or to know what they need to improve their performance. Finally, documenting the history and activities of an employee helps managers make critical decisions in the future.

 

5 | Measure performance and track activities

 

You will want to set goals, objectives, and define KPIs (Key Performance Indicators) for your team. These metrics will give an overview in the future so you are going to be able to make changes, adjustments, improve processes or maybe change team members from one position to another. 

 

Here are some of the benefits of talent management

 

1 | Improve company performance

 

2 | Stay Competitive

 

3 | Decrease Turnover

 

4 | Increase Productivity

 

5 | Drive Innovation

 

6 | Motivate and Engage Your Team

 

7 | Strengthen Branding

 

Midtown HR is the company behind a hundred happy companies. We are focused on providing simple solutions for payroll and taxes, proposing benefits that really feel like benefits, keeping up with employment law and also helping protect your team.  Let ‘s talk!