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How to Develop a Talent Management Strategy

When hiring people, you should employ staff who can achieve the goals you set out to grow your company. Once they are a part of your team, invest in them through motivation and creating a positive culture.

What is Talent Management?

Talent management encompasses everything involved in attracting, engaging, motivating, developing and retaining high-value employees. And a talent management strategy is designed to support organizations through every stage of the recruitment and retention cycle, from attracting talent and developing talent to engaging and retaining high-quality staff as valuable resources.

Here’s how you develop a talent management strategy; 

1. Evaluate Your Company Culture

You need to understand how your current staff views you and what they say about you. As potential employees apply for a position at your company, there’s a high chance they’ve probably done their research. Evaluate your employer branding and company culture to see what you can improve on to increase your chances of attracting the right talent.

2. Have a Clear Process For Encouraging Staff

How you encourage your current staff will set precedence for the rest that will come, and they will be the same people who will influence the new people you hire. To manage talent effectively, you need to encourage staff through education, training, and developmental opportunities. It is also essential to identify your employees’ strengths and skills. Training as this will help you give the appropriate tasks to the right workers.

3. Support Existing Staff

When managing talent, it is crucial to support your existing staff first and ensure they are ready for succession planning. Doing this means you’ll be able to identify up-and-coming talent already within the organization and reduce the risk of being left without a proper replacement. Nurturing your top performers’ replacement will not only save you time but will save you money as well. According to research, external candidates usually expect an average of 18% to 20% more in salary.

4. Have Clear Job Descriptions

Creating a descriptive job description helps you attract the right employees. They’ll align with your company culture, and this also helps your managers have a guideline they can use to gauge performance and assess employees’ strengths and weaknesses. 

5. Pick Unique Candidates

Everyone wants a polished resume. Even if several candidates blow your mind, ideally, the right candidate should also have a personality suited for your organization’s culture. Invest in people who not only have skills but who seem keen on learning and expanding their knowledge. In other words, they should be teachable. 

6. How Many People Will You Need to Get the Job Done

Once you know your goals, you need to establish the number of people you’ll need in each department to get the job done. Keep in mind that talent management is a company-wide effort. This means you’ll need help from your management, who should be able to let you know if some people need to be transferred to other departments based on their strengths or if you need to create new positions.

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