Effective Talent Management: A vital Strategy to Organisational Success

Organisations know that they must maintain a sustainable pipeline of talent supply versus demand through the development of identified talent pools to maximise human capital value and minimise strategic risk in order to succeed in the hyper-competitive and best complex global economy. Along with the understanding of the need to attract the right character, develop for the future, motivate, and retain talented people, the c-suite should play a critical role to manage talent as a critical resource to achieve the best possible results.

Effective talent management requires that your business goals and strategies drive the quality and quantity of the talent you need. Research put forth by the Aberdeen Group showed that best-in-class Organisations are 34% more likely to connect succession management strategies with organisational strategies.

Organisations vary in their definition of talent and the degree to which they make the distinction between the ‘talented’ and others explicit. In this decade, the discussion on how to manage and differentiate talent is focused on organisational-level approaches. In this article, I'll explain how organisations can achieve their business goals through an effective talent management strategy.

Facts about Talent Management

1. Scientifically, there is a demonstrated relationship between better talent and better business performance.
2. In this century, the financial value of our companies often depends upon the quality of talent. So, effective talent management increases a company's ability to innovate, grow and adapt quickly.
3. Workforce demographics are evolving.?Organisations wage a new “war for talent” these days.?Therefore, focusing on talent management generates 26% more revenue.
4. In a recent study, more than 60% of added talent management KPI for their C-suite as a way to achieve business goals.

Effective Talent Management Strategies

Organisations have been talking about the connection between great employees and superior organisational performance for decades. So, why the current emphasis on managing talent?

Crucial components of highly effective talent management strategies:

Align Talent Mitigation Strategy with Business Strategy

• Make sure that current and future business strategies are clear and adopted by the employees.
• Underpin the organisation's approach to understanding key business requirements for the future and matching internal talent supply against business skills and capability demand requirements.
• In order to track personal and organisational?goals, you must develop a talent mitigation strategy that is tightly aligned with business objectives. In this way, your talent choices will drive both the?quality and quantity of employees retained. When everyone is on the same?page within an organisation, there will be an increase in productivity that?reflects strategic alignment.

Perform Consistent Employee Reviews

• To have the capable talent to deliver on the strategic intent
• Identification of the key gaps between the talent in place and the talent required to drive business success.
• Link individual and team goals to corporate goals, and provide clear expectations and feedback to manage performance.
• Identification of talent mitigation strategy and follow-up both success drivers and the development of talent to enhance performance in current positions as well as readiness for transition to the next level.
• Business impact and workforce effectiveness measurement during and after implementation

Activate a Recognition System

• Don’t miss an opportunity to recognise your employees. Celebrate employee accomplishments and progress throughout the employee cycle to demonstrate your investment in their career growth and success. Know the signs of the people who can contribute the most to your team.
• Recognition should be incorporated within one-on-ones, feedback, and talent reviews. Including recognition in the frequent performance conversations, help solidify the importance of employee recognition in your culture and organisation. When employees understand how their contributions impact the business (and are recognised for it) they'll be more likely to contribute again.
• To foster the success of your employees, enable them to grow professionally in a productive work atmosphere where they are happy. Let top employees know you appreciate their performance with promotions and other work incentives.

Closing Note

Talent management is currently perceived as a key method of gaining and maintaining a competitive edge. Gaining and maintaining a competitive edge not only depends on the quality of human resources, but also on having an appropriate human resources management strategy. The major objective of the strategy is to set directions and ways that the organisation can utilise human resources so that the attainment of corporate goals is feasible. Measuring and assessing the effectiveness of implemented measures as crucial is as recognising the top talents.