Sometimes this is a problem of not knowing where to find the right talent. But more often than not the issue is making your company more attractive than the competition.
In today's talent marketplace, paying people fairly and competitively is only the start. To win over prospective talent and bring them into the fold, companies need to focus on creating a culture that values flexibility and openness to new ideas as well as addresses employees' desire for feedback, growth and development.
Often, companies do a poor job assessing the leadership potential of employees and developing them for more senior roles as they grow. Left on their own, most people will continue to do the work they know, which doesn't prepare them to take on more responsibility.
When companies fail to guide employees to develop skills and experiences needed for roles at higher levels, they end up needing to hire from the outside. This is expensive for the organization and frustrating for employees.
Integrated talent management processes help organizations more effectively achieve their goals because each system is supportive of the others. This requires a common framework within which all programs are developed.
The process should begin with the business strategy and understanding the talent needs of the organization. This type of orientation gives HR a "seat at the table" and allows it to more actively help the organization achieve its goals.
The talent management process which most directly affects a company is performance management. To improve company performance, a few things are critical:
The organization must continually build capability in the organization by focusing on improving individual performance through ongoing development activities.
Employee retention is one of the most important issues companies face. As the war for talent heats up once again, retaining your top performers is critical to business success.
New opportunities are literally at employees' fingertips now. Social media and other online resources, not to mention recruiters, provide a never-ending stream of greener pastures for them to consider as they go about their lives. So how do companies hold onto the talent they want?
Research has shown that simply offering more money is not the way. Yes, you need to be competitive. But beyond that, you need to make your company the more desirable place to work. Research shows these particular factors are linked to employee retention:
(Source: TowersWatson 2012 Global Workforce Study)
Most employees don’t leave their companies, they leave their managers – so this is a critical relationship. Today, we expect a lot from our managers and rarely do we reward them for how they engage their employees. Good managers get to know their employees and assign work with their skills and interests in mind. They respect their employees and provide coaching and development.
Flexible workplace policies also help retain top employees. In today’s global world, we often work well beyond the traditional 9–5. Granting some freedom in where and when employees work allows them to better achieve a satisfying work-life balance.