Ignite Performance Consultancy

Why organisations need to have effective talent management

Reduce Cost of Hiring

It’s more expensive to replace an individual employee than to keep your existing ones. Research suggests, the cost of hiring a new employee can range from one and half to two times the employee’s annual salary, when you factor in lost productivity and management time

Prevent Loss of Great Talent

Many workplace leavers in the UK in the last 3 years have cited a lack of progression or opportunity to progress as their main reason for leaving. Therefore, having a clearly defined talent management approach allows for organisations to be transparent about what it will take to progress and what opportunities are truly available before people even join your organisation. This will mean organisations attract the best talent and once you have it you will be able to deploy people’s skills most effectively for mutual benefit, which will mean you retain your great talent.

Achieve Organisational Goals

Without effective talent management processes and the leadership behaviours that support them, there is a significant risk that your organisations goals and mission will not be met.

The six principles of Talent Management

Alignment With Strategy

Consider the type of talent the organisation needs to deliver to the organisational goals of the strategy. If a company seeks to improve technological leadership for example, it may onboard technical talent or encourage employees to develop tech-related skills.

Internal Consistency

Alignment With Strategy

Organisations must ensure consistency across talent management systems within the organisation. For instance, employees can undergo feedback and performance reviews on a quarterly basis—but this process must be consistent with related positions across the organisation, if everyone is to feel valued and reviews be effective.

Cultural Embeddedness

Alignment With Strategy

Many organisations recruit people based on a person’s “fit” to their culture. If your organisation’s culture is aligned to enable the delivery of your mission and goals then it is imperative to ensure you have a workforce that share your core values. This starts with how you assess fit during recruitment, by seeking evidence of past behaviour that aligns to your organisation’s values.

Employer Branding Through Differentiation

What is your unique selling point for attracting and retaining top talent? Why would people want to work for your organisation?

To stand out, employers must differentiate themselves from competitors and increase brand awareness in local communities by creating a compelling employee value proposition.

Balancing Global and Local Needs

Employer Branding Through Differentiation

Balancing Global and Local Needs

For organisations with an international presence, talent management could seem complicated. Managers and People teams may need to adjust their processes based on the cultural and behavioural norms in a particular country.

As a result, companies may opt for different levels of autonomy to balance global and local needs, potentially provide a greater degree of autonomy for talent departments in some countries and territories because of the vast differences in work culture.

Management Involvement

Employer Branding Through Differentiation

Balancing Global and Local Needs

Employees are more likely to stay with an organisation that helps them develop. As such, organisations must provide opportunities for growth through career development programs, job rotations and new assignments. A study by Harvard Business Review states, professional development is the best way to improve organisational culture.

It is the behaviour and commitment of managers and leaders to the direction of travel that enables a climate where everyone can grow.

What Talent Management consists of

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1. ATTRACT

As the title suggests, the cycle starts with how organisations attract the best talent to work for them, including your EVP (Employee Value Proposition) which clearly articulates what is in it for the candidate to become an employee with you.

2. ONBOARD

As you onboard the employee there is a unique opportunity to create a lasting emotional connection that will cement their loyalty to the organisation. It starts with a great experience following interview – how a role is offered, through to the engagement with them up to their first day of work so they already feel part of something before they get started. This then flows through to their induction as they settle into the organisation, team and their role ensuring they are set up for success as they move into their substantive role.

3. ENGAGE

Having settled the new employee and created the positive basis with them feeling part of the organisation, the engage stage is all about ensuring they have clarity on what it is you are asking them to do and how you expect it to be done. Setting clear objectives and agreeing how and when performance will be reviewed so they are clear on what success looks like and motivated to deliver.

4. PERFORM

At this stage there will be a clearly defined process of how performance is formally reviewed from regular one to ones to six monthly or annual performance reviews. The structured conversations allow for successes to be celebrated, ensuring the employee knows how valued they are and to guide and refocus if necessary, ensuring accountability. This stage is key to continual employee engagement and to be able to manage any underperformance.

5. DEVELOP

Now that your employees are performing it is important to understand any areas of development, firstly for the role they current hold, so they can grow their effectiveness and for their career aspirations. Ensuring structured personal development plans are in place will help to bring clarity not only to what the develop actions are but who is responsible for doing what and by when.

6. GROW

The final stage is all about readiness to progress into the employees next role, this may be a linear progression to manager or leader or a move into another role with a different specialism. This is where succession planning sits and creates bench strength for organisations by clearly defining successors for critical roles, the aim being to minimise business disruption should a critical role become vacant. Download our Succession Planning Guide for more detail.

Talent Management

Why organisations need to have effective talent management

Reduce Cost of Hiring

Prevent Loss of Great Talent

Achieve Organisational Goals

The six principles of Talent Management

Alignment With Strategy

Alignment With Strategy

Alignment With Strategy

Internal Consistency

Alignment With Strategy

Alignment With Strategy

Cultural Embeddedness

Alignment With Strategy

Employer Branding Through Differentiation

Employer Branding Through Differentiation

Balancing Global and Local Needs

Employer Branding Through Differentiation

Balancing Global and Local Needs

Management Involvement

Employer Branding Through Differentiation

Balancing Global and Local Needs

What Talent Management consists of

THE FOUNDATIONS OF AN EFFECTIVE TALENT MANAGEMENT STRATEGY

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