A talent management strategy is crucial for any business. A well-defined strategy empowers an organisation to attract, develop, motivate, and retain top talent, ensuring that it has the right people with the right skills in the right positions at the right time.
Investing in talent management brings important benefits:
- fostering a culture of innovation, productivity, and excellence, driving overall performance and success.
- more effective succession planning, mitigating risks associated with key employee turnover
- building a pipeline of future leaders.
Ultimately, a robust talent management strategy has a direct impact on the ability to grow in a competitive market landscape.
How to create a powerful talent management strategy
1. Identify overall strategic priorities
Before you start planning your talent management strategy, it’s essential to have a clear understanding of your organisation’s priorities and goals, so you can identify how your approach to talent management will support them.
2. Focus on impact
Prioritise the most impactful talent management practices that align with your organisation’s strategic goals, such as employer branding, candidate experience and referrals.
3. Create a strong employer brand
A robust employer brand sets your company apart in the eyes of potential employees, showcasing its culture, values and reputation. A compelling employer brand can significantly impact a company’s ability to recruit and retain the best talent, ultimately leading to long-term success and growth.
4. Provide development opportunities
Offer continuous learning and development opportunities to employees to support their growth, improve performance and boost retention.
5. Build a talent pool
Invest in creating and maintaining a pool of qualified candidates – internally and externally – to meet your talent needs.
6. Continually adapt and improve plans
Regularly review and adapt your talent management strategy to ensure employees have the skills and knowledge to support your organisation’s success.
And if you’re in the tech space, you may want to consider these extra factors…
1. Stay flexible
Offering flexible/hybrid work environments is viewed as essential for retaining high-performing tech talent. Deloitte research shows that 52% of tech talent prefer a remote-first model and a third wish to work fully remote indefinitely. Additionally, 46% of tech employees would consider leaving an organisation that stopped offering the flexibility to work remotely.
2. Highlight your purpose
Top talent is seeking organisations with a palpable purpose. Creating a compelling mission, vision and purpose – and communicating it clearly – is crucial for retention.
3. Optimise predictive analytics
Leverage predictive analytics to forecast employee turnover, identify high-potential candidates, and predict future skills gaps.
Track the impact
Measuring the impact of your talent management strategy is key. These are the top indicators we recommend paying attention to.
1. Alignment with business objectives
Data from the Society for Human Resource Management reveals that organisations with aligned talent management strategies are 5.7 times more likely to have higher levels of employee engagement and retention. Define clear and measurable goals for your talent management initiatives when you create your strategy. These could include increasing productivity, innovation, customer satisfaction or revenue.
2. Talent mobility and internal promotion rate
Assess the movement of people within your organisation via internal promotions, transfers and lateral moves. A higher internal promotion rate can indicate the success of your talent management strategy in retaining and developing employees.
3. Employee turnover and retention rates
Tracking turnover and retention rates will help accurately gauge your organisation’s ability to retain top talent.
4. Employee satisfaction and engagement
Use surveys, feedback and interviews to measure indicators of engagement and satisfaction, such as retention, turnover rate, absenteeism rate, or employee referrals.
5. Return on Investment (ROI)
Measure ROI by assessing the ratio of benefits and costs, using metrics like revenue, profit, cost savings, or value added.
6. Employer brand and reputation
Evaluate your employer brand – and reputation of your organisation as an employer – using metrics such as employer value proposition, employee advocacy, online reviews, social media presence, or awards and recognition.
Tracking these metrics can give you valuable insights into the effectiveness of your talent management strategy and make informed decisions to continuously improve and adapt your approach.
How Kalido can help
Kalido is perfect for putting your talent management strategy into practice immediately. Built with a “right person, right work” ethos at its heart, Kalido’s innovative AI matches people to the right roles and projects based on their skills, experience and certified expertise. It delivers stack-ranked results in seconds, improving matching accuracy and reducing recruiter workload.
Creating a Recruitment Network on Kalido gives you an instant talent pool of high quality candidates. You can also build an Alumni Network to operate as a natural extension of your internal talent marketplace. Sharing new roles and opportunities with people who used to work for you makes it even quicker and easier to find skilled talent for your teams and projects.
Through skill mapping, accurate competency ratings, and an innovative Skills Wishlist, our powerful AI identifies clear pathways for upskilling in a practical way that employees can act on immediately. This empowers individuals to continuously develop their skills and creates a pipeline of talent ready to meet your organisation’s evolving needs.
And on Kalido, all Networks are fully customisable, so you can strengthen your employer brand by making your spaces on Kalido very much your own. To discover more about how Kalido can help your talent management strategy come alive, get in touch at sales@kalido.me.