Many businesses today are now realizing the value of investing more into their talent management strategy. They are beginning to piece together the ingredients that truly support and make a business successful in their industry. And those include:
- Investing more capital into improving technology to support employee enablement, training and succession opportunities
- Identifying broken processes and improving them with proven methods
- Aligning employee goals with company strategies and goals
- Increasing transparency significantly
- Providing employees a voice to be heard so positive changes can be implemented quicker
- Investing in automated, cloud-based modules to support processes, employees and the greater talent management strategy
With all of these pieces top-of-mind, companies will not just reach their goals, they will surpass them. An employee population that feels happy, secure and empowered will impact every facet of business operations positively. Creating a productive talent management strategy is an essential lifeblood for employers to attain and retain top talent and to meet objectives and goals.
What is Talent Management Strategy
A Talent Management strategy is a construction of ideas, methodology and processes that help interconnect employee interests to align with greater business objectives and goals. It’s also used to support:
- Learning and succession planning for employees
- Enhancing the recruiting to onboarding for new hires
- Building a company culture worth working for through proper performance evaluations
- Growing employer brand
- Attaining and retaining top talent
When an employer has all of these processes aligned with one another, they flourish.
How one can proactively attract a diverse workforce
Attracting a more diverse workforce is becoming important because businesses are realizing that in order to really attain the best talent out there, they will need to appeal to a vast amount of people. Employers can implement a talent management strategy with proven methods to attract a more diverse workforce. Some talent management practices they should consider to implement to help improve diversity include:
- Blind resume screening
- Building a diverse talent-acquisition team
- Ensuring inclusive keywords in job descriptions
- Emphasizing value-based hiring
- Finding niche job boards to seek out nontraditional candidates
By implementing strategies directed at improving diversity, employers and employees will find themselves building a culture they enjoy working for, which will help improve overall operations significantly over time.
How a talent management strategy provides a competitive advantage
After successfully implementing a winning talent management strategy, employers will enjoy numerous fruits to their labor by aligning their interests with their employees’ goals, ambitions and influences. With this harmonic collaboration and access to the right HR automated solutions, employers will build their competitive advantage over their competitors by:
- Simplifying the recruiting process for applicants significantly
- Creating the perfect onboarding program for new hires to be successful
- Aligning employee goals with greater business strategy and objectives
- Continuing education for employees to learn and grow new skills
- Strategizing succession plans for promising employees as well as for future movement
- Strengthening employer brand by improving talent management processes and giving employees access to technology
- Developing a culture that attains and retains the best talent
How to Build a Talent Management Strategy
When designing a new talent management strategy, employers will need to think about what every workflow will look like within their processes of:
- Recruitment and applicant tracking
- Performance management
- Learning management
- Succession planning
Figuring out how to identify and improve workflows is no easy task, however. For each process under the talent management umbrella, businesses will need to run through a number of steps to be successful.
Steps to fix/improve a talent management strategy
Building and improving a talent management strategy should begin with the steps below.
1. Identify business strategy, priorities, objectives and goals
- Think about what the long-term goals are
- Consider whether there are new directions to go
2. Pinpoint business motivators and what challenges are being faced
- Think about both internal and external challenges
- Industry changes?
- Compliance changes?
- Technology issues?
- Change in employee behavior?
3. Plan a Gap Analysis
- Future trip where you need to be and evaluate where you currently are
- Identify risks of not addressing gaps
Example: A business wants to shorten its application process significantly for interested candidates. They will need to identify the areas in their process where candidates get hung up on the most, find the gaps and address it. They may have identified that their online application is asking candidates for too much information which ultimately turns them off from even completing the forms. After identifying the problem, employers can address it and improve the process.
4. Focus on defining HR priorities and objectives
After challenges and goals are pinpointed, align with the HR department to create SMART goals that help center the employee population with employer goals. SMART is defined as Specific, Measurable, Achievable, Realistic/relevant and Time-bound. When measuring the successes of their talent management strategy, businesses should include both the implementation and effectiveness ratings.
5. Measure results and be transparent
As processes are updated over time, it’s important that employers continue to measure the effectiveness of them to make sure their changes are indeed working or not. After evaluating the results, they should be communicating the successes and needed improvements to help increase transparency.
With access to quality reporting, employers will be able to address changes to their talent management processes confidently and head on.
The InfinityHR Talent Management System
The cloud-based InfinityHR HCM platform offers numerous automated HR modules that increase efficiencies and help promote a transparent work culture. Each module is scalable and unique to the requirements of the company that owns them. The talent management solutions available include:
- Applicant Tracking System
- Performance Management
- Learning Management
- Succession Planning
Each individual module streamlines the flow of data to help administrators and employees perform their essential tasks easier and faster. With over 300 partners integrated with InfinityHR, clients are able to sync their technology with numerous HCM platforms, ERP systems, payroll providers, insurance carriers and other third-party applications to enhance their processes even further.
The full InfinityHR HCM platform
Aside from the talent management modules, InfinityHR also offers cloud-based modules in “essential HR” processes. Those include:
- Core HR
- Employee self-service (Employee Portal)
- Workflow Management
- EZ Sign (electronic signature)
- Employee Record Management
- Benefits Management
- ACA Compliance
- Payroll Processing
- Time and Attendance
Schedule a demo to see how the InfinityHR cloud-based HCM platform can improve your Talent Management strategy, HR Management and Payroll Processing processed today.