What are Effective Talent Management Strategies?
Effective talent management isn’t something you create and forget about it. What works can change over time. To boost your odds of recruiting and retaining top talent there are some effective strategies you can employ.
Focus on key employees: To maximize the return on your talent investment, it’s best to focus on the three or four critical roles within your company. The jobs that keep your business humming along and growing. Those are the roles you want to keep filled.
“When I talk to small business executives, I start by understanding what are the critical roles that create the disproportionate amount of value,” said Field. “Typically, they say about 2% of roles create upward of 80% of the value.”
Field said to ask yourself what those positions those are, do you have the right people in them and who is going to be the next person in those roles.
Develop the ones you bring in: Recruitment is only half the battle; retainment wins the war. Small business owners can’t afford to lose key workers, especially if they’ve invested time and money in finding and training them. Developing critical employees can reduce turnover, at least in the roles that matter most to your business.
“Your talent strategy has to include how you develop these individuals and how do you get the right people in the roles in the future,” said Field. “Are we making sure leaders in critical roles are getting the right career, leadership and management development?”
It’s also important to have ongoing conversations with employees in those critical positions to ensure they are engaged and have the development and tools they need.
Always be on the hunt for talent: Whether you are fully staffed or don’t have the budget right now to fill open roles, it’s important to be looking for talent. You don’t want to settle because you need to fill a position fast. Build a pipeline of potential candidates who would be a good fit. Those are the individuals you can target when you’re ready to hire. Recruiting is an ongoing task, not a one-off when a job position opens.
Be open-minded: When it comes to identifying talent it’s important to cast a wide net. Don’t let preconceived notions or biases get in the way of hiring someone. The COVID-19 pandemic has opened the talent pool, with many businesses still operating remotely. That provides you access to workers previously out of your reach because of location or time constraints.
“Small business owners might have confirmation bias where they look for somebody exactly like them,” said Vibhas Ratanjee, a senior practice expert at Gallup. “You want a level of control, but you really want somebody with different ideas and perspectives. Be open to the diversity of talent.”
Key takeaway: When it comes to talent management it pays to focus on the key employees who fill critical roles in your organization. Develop them, keep them engaged and think creatively when it comes to finding them.