Leveraging Talent Management For Organisation Success

Talent management covers the processes and systems an organisation has in place to attract and retain top candidates.

Leveraging Talent Management For Organisation Success

Talent management covers the processes and systems an organisation has in place to attract and retain top candidates.

As a strategy, it represents a commitment to hiring and then developing the skills of individuals for a superior workforce.

From the employee perspective, it touches on every stage of their lifecycle working for a company. It begins with their initial position application, which results in them securing the job, and ultimately ends at offboarding when they become alumni.

Companies interested in modern recruiting and the employee experience recognise the many touchpoints a candidate has along the way, and use it to inform their talent management strategy.

Why The Employee Experience Matters

Talent management takes a holistic overview of the employee lifecycle and experience, including:

  • The application process
  • Interview experience
  • Receiving an offer and subsequent onboarding
  • Performance management and goal-setting with managers
  • Career development, training, and promotions
  • Eventual offboarding and transition to alumni

Thinking about these points holistically can make an organisation aware of the bigger picture required to retain the talent they recruit.

Attracting and hiring talent is only the beginning of the relationship. Thereafter, candidate needs have to be met if they’re to stay with an organisation.

Employees are no longer only in it for a paycheck. They’re after professional development and a work-life balance too. In fact, when it comes to employee retention, lack of career development is the top reason for leaving a job, with 22% of employees citing this. 12% cited lack of support in work-life balance, making this the second most common reason.

For recruiting teams that invest in talent acquisition and track metrics such as Time to Hire and Cost of Acquisition, it makes business sense to think about hiring in terms of retention and employee lifetime as well. If an organisation is not looking at ways to retain great employees, they’re probably spending too much on talent acquisition and onboarding.

Take the replacement cost of an employee as an example. Leading Global HR Analyst Josh Bersin suggests it can cost up to as much as 1.5 to 2X the person’s annual salary. That’s accounting for the cost of hiring and onboarding a new person, loss of productivity, loss of engagement in other employees, customer service and errors, time spent training, culture impact, and so on.

Effective talent management tracks the entire lifecycle to reassure employees of the career investment they’re making in working for a company.

Leveraging Talent Management For Organisation Success

Let’s look at some of the best practices an organisation can implement when managing talent to achieve success.

Business Reputation

To attract top talent, the organisation should be a place where people want to work. Social media and job sites allow people to rate companies based on their interaction or experience working there – does your profile send out the right message to prospective candidates? If not, how can this be fixed?

Organisation Branding

A strong brand attracts the best candidates. Does your organisation encourage brand connection right from the beginning when candidates access a branded talent acquisition platform to apply? Are they able to learn about the business while applying for a job?

Candidate Experience

Most candidates don’t become employees. In South Africa, the numbers are around twenty unsuitable applications to every suitable one. Does their application and interview experience reflect favourably on the organisation’s reputation?

Talent Selection

Does your talent acquisition platform or software give you access to the best applicants? Is it providing adequate job board recommendations and matching the required skills for the position?

Employee Onboarding

Decreasing time to productivity through a smooth onboarding process is not only good for employee morale and subsequent retention, but it’s also great for the bottom line with business objectives being met sooner.

Referral Programs

Referral programs continue to be an effective source of talent, helping organisations to pick up and onboard more qualified candidates quicker.

Strategies For An Engaged Workforce

Does your firm have strategies in place to engage and motivate employees? Are they receiving the support they need from managers to perform at their best and is the work environment conducive to them staying?

Development and Learning

Advancing their career through development and learning is a priority for most employees. In particular, 93% of millennials consider it crucial. Ensure that your organisation can support this, or risk losing some of your critical workforce.

Planning For Succession

Having a talent pipeline allows a business to fill top positions faster when they become available. The pipeline can cross departments based on a candidate’s potential career path, enabling managers in other sections to identify talent when opportunities arise internally.

This is also a retention strategy, as employees are groomed for their next big role.

Performance Management

Tracking, and providing feedback to improve performance is essential to talent management. Employees want constructive feedback to help them grow and stay aligned with business objectives.

Eventual Offboarding

At some point in their career, your top talent might leave. This is an opportunity to understand if there are company systems that can be improved to retain talented individuals.

In the exit interview, ask why the valued employee has decided to move on and use this feedback wisely.

It doesn’t necessarily spell the end of your relationship either. Sometimes a regrettable loss can open the doors to becoming a more qualified re-hire in the future, provided that you have maintained a relationship in the time between.

When offboarding an employee, ask them if they’d like to join your alumni program to benefit from the corporate network and support that’s available through this. This way, you can maintain the relationship while the person adds to their skill set and experience, making them an attractive potential candidate in the future.

Technology To Support Hiring Success

Talent management is an ongoing process that begins when an applicant makes initial contact with an organisation. When handled strategically, it motivates, engages, and retains employees, instilling a sense of being part of something more than just a job. Companies can then build a competitive advantage through their skilled human capital.

If you’d like a demo on the &Team talent acquisition platform, designed to help you hire your best talent faster, get in touch with us.