How to Water Proof your Talent Management Strategy?

Talent Management Strategy

The past 10 years have witnessed tectonic shifts in various talent management strategies. Gone are the days of the silo outlook of various core functions of HR—including learning and development, workforce planning, and recruiting and hiring. A holistic cum integrated set of HR and talent management systems are now ruling the roost. But what are the reasons behind it?

Organizations—across the world—are grappling with a rising number of challenges, including talent shortage, fierce competition, demographical and external labor market changes, less utilization of the expertise of the present workforce, poor engagement, and so on. It is now, therefore, all about employees—how you plan, take care, and unite your present and future talent.

It is true that many organizations have gained the success of implementing integrated HR systems and processes. On the other hand, many are working towards this goal by reinventing their HR and talent functions, structures, and capabilities. However, the real challenge is something different—it is all about the way to waterproof your talent management strategy that will lead to necessary outcomes.

The Main Elements of an Integrated Talent Management Strategy

  • Drawing, acquiring, and retaining talent: Ever-evolvingtechnology in talent management and the growing popularity of social media have brought an epic shift in building and managing employment brand and reputation. Do remember that your job networks, channel partners, alumni, and present workforce –all are influencing your ability to draw, acquire, and retain talent. So, it is very important for you to manage all such influencers on your employment brand and reputation and need to listen and learn from them.
  • Workforce planning: You should have a better understanding of the kind of capabilities and skills needed across your organization from a geographic, functional, and level or type of talent. This is precisely where the importance of workforce planning comes into play. Consider the following things during the workforce planning.
  • How to build and take care of technical as well as professional career development
  • How to promote and reward high-potential and high-performing employees
  • Which factors do motivate your talent, how does their work look like, and which skills do you need today and in the future?

     All such things will strengthen your workforce planning strategy.

  • Analytics: While devising your strategy, make the full use of analytics to understand the motivating factors for your employees. Further, analytics will help you find out the culture where your employees thrive in better, their engagement drivers, and so on. Basically, there are four main engagement drivers. These include: gaining Recognition, having a sound work-life balance, maintaining a good relationships at work, especially with your boss and getting appreciation.
  • Nurturing and taking care of talent: The idea of nurturing talent through various learning as well as leadership development initiatives has been doing the rounds for quite some time. This approach; however, should be re-addressed by assessing the way you are following to take care of development and performance, leverage your present talent pools , and creating talent partnerships to make the best use of a contingent workforce.

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