Employees are one of the most important commodities to any business, but developing great teams and getting the most out of staff requires the implementation of sensible talent management initiatives. Unfortunately, this aspect is often neglected, resulting in a situation where 73 percent of CEOs have concerns about skills within their teams.
Effective management of talent within an organisation is made up of a lot of different elements, which are aligned towards the same overall goals – realising true employee potential and maximising business results.
In this article, we examine some of the latest and most effective strategies available to business leaders this year.
1. Success Profiles
A success profile is a portrait of precisely what is required in order to achieve success in a particular role within an organisation. A comprehensive success profile will outline the skills, behaviours, personality traits and knowledge required for a new hire to successfully fill a vacancy. Ideally, this should be carried out for every role in the company, so that recruiters know exactly what to look for, regardless of whether recruitment is internal or external.
The use of success profiling can make a huge difference to an organisation’s talent management strategy, assisting with everything from recruitment and on-boarding, to staff retention and workforce development. In fact, according to research carried out by the Aberdeen Group, best-in-class companies are 64 percent more likely to have established clear models for all positions in their business than other organisations.
Success profiles can also help businesses to assess the competencies, backgrounds, skills and characteristics of existing staff, and of potential new recruits. By comparing these to the overall success profile, recruiters and talent managers can gauge suitability, tailor training efforts and coach employees with clear goals in mind.
2. Frequent Feedback
In terms of actually managing existing employees within a business, it is absolutely essential to provide them with feedback or performance reviews. It is only through doing this that leaders can point out areas for improvement, pinpoint areas of strength and help employees to set targets to work towards.
While workplace feedback is nothing new, there is an emerging trend for more frequent feedback than in the past. Traditionally, performance reviews may have been carried out quarterly, or even annually, but the classic workplace appraisal has been abandoned by a third of US companies, including Microsoft, PwC, Accenture and Dell.
Instead, businesses are increasingly using in-person coaching, communications software like Skype, and performance management technology to deliver specific feedback quickly – even in real-time – so that it is more useful, more relevant and more likely to be acted upon. Delivering regular feedback can also be less stressful for employees and can prevent mistakes from stretching out for longer periods, limiting damage to business results.
3. Career Engagement
Another hugely important talent management topic, which has received increased focus in recent times, has been the need for career engagement, rather than more simple employee engagement. After all, this more simple approach is failing, which is why CSO Insights report that 66 percent of US workers are disengaged from their job.
Career engagement focuses on assisting staff with furthering their career. It includes offering staff opportunities for progression, providing them with training in order to develop their skills, and keeping them inspired, so they see out their career with you. Indeed, inspired employees perform two and a quarter times better than those who describe themselves as merely feeling satisfied in their job.
Finally, gamification has been a major topic in industries like marketing for the past few years, but it has now well and truly emerged as a strategy related to the management of talent as well. Key benefits of gamification include making information more memorable and accessible, making tasks more fun and increasing internal competition.
Simulations can be used as part of recruitment or workforce development programmes, recreating realistic workplace scenarios. Apps can be used to help with training reinforcement and performance management, and leader boards can be used to motivate employees, with rewards being provided to those who top the tables at the end of each month.