What are the best practices in talent management?

Attracting, developing and maintaining talented staff is critical for an organisation to run effectively, and following the best practices in talent management can help busy HR professionals achieve this.  

The working landscape has changed so much over the last few years, and talent management strategies are under more pressure than ever. Yet it is essential to ensure that staff have the tools they need to thrive and enjoy work. From tough recruitment climates to policies and laws, there are many aspects to consider.  

Today, talent management is far more than a recruitment strategy. It is a constant loop of elements that need attending to. 

The CIPD (Chartered Institute of Personnel and Development) splits talent management into six areas making up the Talent Management Loop:  

• attraction
• identification
• development
• engagement
• retention  
• deployment  

In this blog, we discuss these elements and review the best practices in talent management for you to utilise when attracting, developing and maintaining talented staff.  

Attraction

An important aspect to think about when attracting new talent is how potential employees view your organisation. What is the company culture? How reputable is the business? Would they be proud to work for you? 

There are two sides to every job interview: what the interviewee can bring to the business and what the business can provide for the interviewee. Alongside the skills and knowledge required for the role, you need to consider how you can attract talented individuals. 

And, secondary to this is where you will find such talent. They could be active on LinkedIn, using job sites or likely to attend webinars or networking events. Don’t forget, while you can attract external candidates, your current staff may be the perfect fit for a particular role, so be sure to connect with them too. 

Tactics:  
– Increase the visibility of your brand and build a reputation to be proud of 
– Target the right recruitment channels  
– Write detailed job descriptions to appeal to the right people 

Identification

Take a step back and identify the critical roles for your business. Both leadership and specialist roles can be difficult to fill but are essential to keep your organisation thriving. Ask yourself whether your current staff could progress into this role, and if so, what skills they will need to do so. A healthy pool of loyal, internal staff will help you ensure these identified roles always have the best people for the job. Having succession plans in place for your staff to reach leader and management roles will benefit both staff moral and your future business strategy. 

The Resourcing and Talent Management Strategy from CIPD found that 45% of respondents believe that competition for well-qualified talent has increased during the pandemic. This puts more pressure on companies to keep hold of and nurture the talent that they have. 

Tactics: 
– Prioritise internal recruitment for critical business roles 
– Make sure there is an effective performance management plan in place to identify individuals 
– Promote open dialogue with staff so you can understand their needs and wants for the future and how this may reflect business needs

Development

Development strategies will not only help you fill workforce skills gaps but are also fantastic for recruitment and retention. People want to progress, whether with their current employers or when looking for a new job. 

Building on both soft skills and hard skills will help talent grow within the company. And while development should fit company objectives, employees should feel a sense of personal satisfaction, too. 

Tactics: 
– Set regular goals and push employees to achieve them 
– Encourage succession planning, demonstrating routes to progression in the company 
– Offer promotions and development opportunities

Engagement 

Through engagement activities, employees can feel more motivated and happier in their roles. Happier employees tend to perform better, demonstrating that employee engagement is vital for talent management. 

Tactics:  
– Promote networking events and potentially hold them within the company  
– Encourage brainstorming sessions among members of the team 
– Ensure there are opportunities for mentoring and coaching

Retention 

Recruitment can be exciting, involving growing dynamic teams and building an effective workforce. But it also costs time, stress and money for HR managers, and retention is highly effective in reducing this burden. Ensuring your staff are engaged, motivated and loyal will benefit your business and should be a prominent element of your talent management strategy.  

Demonstrating the need for retaining employees, the Society of Human Resource Management reported that it costs a company six to nine months of an employee’s salary to source a replacement. Taking care of your staff is a cost-effective way to reduce employee turnover and improve talent retention. 

Tactics:  
– Offer reward and recognition programmes 
– Send out regular surveys to discover likes and dislikes  
– Give constructive criticism to employees to allow them to evolve in their roles 

Deployment 

How do you effectively deploy talent across the organisation? During workplace planning, make sure you assign talented people to the relevant projects. This forward-thinking attitude will allow you to understand where skills need to be developed or new talent needs to be recruited. Deployment may involve moving employees around, for example, to an office abroad, as well as within your immediate team.  

Tactics: 
– Allow job rotations 
– Encourage employees to lead on specific projects 
– Plan training that is required for the team

Take your talent management skills further

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