Your human capital is definitely the most important asset for your business. They bring in their unique expertise, skills, and personalities to help your company be successful. In return, you reward their services by offering a competitive compensation package, great work office, and additional perks. Baby boomers are loyal to their employers as long as they have a secured and stable position that will allow them to financially provide for their families. It is the not the case anymore with the entrance of Gen Yers in the workforce. Millennials want to be challenged. They want to work for companies where they know they can move up to more complex positions. Companies are often faced with the difficult task of replacing all their top performers because the employees are leaving for other companies which offer them a career, not just a job title. Here are 3 guidelines on how to develop a strategic talent management in order to fill your business needs.
Have an organizational chart of your company
Organizational charts have never gotten much attention in the business world. Managers would rarely go to the next step of drawing up what the organizational structure looks like. An organizational chart is a helpful tool to have when you are projecting your talent management needs. As your business grows, start thinking of whom you want to add to your existing team. Create vacant positions in your organizational chart and share it with your employees. They will have a better understanding how the recruiting of new employees is aligned with the whole organization. An organizational chart gives you a better representation of your existing team. By having a visual perspective on where each of your employees is positioned, it is easier to see where you can move your employees around, whether promoting them to a more senior positions or creating more cross-functional teams.
Always Be Recruiting
Do not wait for your employees to leave your organization to develop a plan on how to meet your talent management needs. One of the motto for recruiters is “Always Be Recruiting”. You want to create your own pool of talent that you can have quick access to in order to address your company and industry changes promptly. Have a channel where potential candidates can drop their resumes off. One very important tip is to nurture a relationship with your candidates. It can be simply done by sending them an email every 3-6 month asking for an updated resume. By showing a genuine interest in candidates whom will be a great fit, you will have a competitive advantage when other competitors are trying to headhunt for the same applicants.
Use the Best to Hire the Best
Identify who your best performers are for each position. Create a job description based on what they are doing the best. You want to make sure that who you hire is able to demonstrate the same traits as your highest performers. I am an advocate of providing an outline of the position rather than a detailed job description. You do not want to find candidates who are forcing themselves to mold into the position. Find out what are the main duties that the jobholder absolutely needs to know how to do. Ask current employees what they believe are necessary to be successful in the position. An outline provide flexibility for you and your employees. For new positions, write your job outline with your company’s core values and culture in mind.
Talent management is not only about recruiting externally. It is about creating a sustainable program for your internal employees as well. Companies who are well-established and successful always promote their own employees first before opening the job search to external candidates. They invest resources and time to train their own employees so that they are ready to take on more complex roles. I always think that employers and employees have a psychological contract. It is an unspoken rule that if the employers take care of the employees, they will do the same in return. Do not take your existing employees for granted. If they feel like you are giving their opportunities away to external candidates, they will leave your organization. Here are 2 ways on how to involve your existing employees into your talent management plan.
Invest Your Time In Your Employees
Your best talent management plan needs to be closely aligned with the company’s strategies and overall business needs. Learn what are your employees’ career goals and see how their career paths align with your business needs. When you engage your employees through goal alignment, they become more engaged and committed to your organization. You may also find out other competencies that your employees have that are untapped due to the nature of their current positions. Do not just ask each employee to fill out a form with their updated skills and their career goals. Put in the time either in a 1-on-1 coaching session or an informal chat to connect with each of your employees. Come up with an action plan where you can support them in their career goals.
Develop a Highly-Skilled Internal Talent Pool
You will often hear companies offering training to their employees in areas that are unrelated to their positions or the business needs. These organizations are strategically positioning themselves to the change ahead of the curve. Keep pushing your employees to improve themselves.You may not have the resources to pay for the workshops or courses. Give them the gift of time. Allow them to take couple of hours off a week to grow professionally. You will end up with an internal group of employees with a wide variety of skills and expertise. As your business grows, these employees will be ready to take on more leadership positions. You will benefit from having the skillful employees who are already living your company’s culture and core values.
As a business, you cannot afford to passive when it comes to talent management. There will always be companies who have more financial resources than you to hire the best performers. Think about what your competitive advantages are. Use your company’s culture and core values to attract employees who value alignment. Nurture your own employees so that they experience growth professionally. Your business is as good as the people you hire to be part of your team.Tags: baby boomers and millenials, Coaching 1-on-1, employee engagement, Fill talent management needs, internal talent pool, Job description, organizational chart, Recruitment, talent management, talent management needs, Training and development