Talent management strategy for an agile workforce in a disruptive world
When was the last time your employer asked if you’re satisfied with your job and if you are equipped with the skills you need to flourish? These questions are commonplace at a company with an effective talent management program.
Companies are transforming operations to stay ahead of disruption, whether that’s working remotely or changing business models. However, as organizations shift, talent gaps are even more stark. Companies need to meet the increasing expectations of the employee experience by having an engaged workforce with the right skills in place. A talent management strategy helps achieve this – and drives business results.
Talent management encompasses recruiting, onboarding, performance and goals, compensation, learning, and succession and development. When all those things work in harmony, effective talent management becomes a company’s competitive advantage.
The trends shaping talent management
The lines are blurring between people’s work and personal lives, and businesses are transforming how they operate as a result. A tsunami of trends is shaping talent management strategies to support employee success and well-being, but here are three big ones:
- New technologies have widened the skills gap. Artificial intelligence (AI), data, and advanced analytics require people to work alongside and manage machines productively and ethically. Whether you fill the gaps through recruiting, training (including an assessment and skilling initiative), the external market, or an ecosystem partner, talent management planning should help define and then support the optimal path for an organization.
- Diversity and inclusion also must remain a priority, as both customers and employees demand greater efforts, accountability, and transparency. Research continues to show better business outcomes with a more diverse workforce, so talent management strategies should measure the progress of DEI initiatives and push further action. This includes managing a multigenerational workforce, reducing unconscious bias in recruiting and the employee life cycle, and looking at candidates’ potential, not just their résumés.
- Effective employee management and engagement requires clear objectives in an era of remote work. Employees should know the answers to questions such as “How am I being measured?” and “How is success measured?” Fortunately, digital technologies are providing new ways to track performance globally, and many leaders are placing greater emphasis on well-being, awards, and recognition as part of the larger trend toward a better employee experience.
These three trends won’t slow down anytime soon and they will affect the workplace and the bottom line in ways that require elevating the basics of talent management.
Reaping the benefits of a successful talent management strategy
How do you know if your talent management strategy is working? Measurable employee satisfaction should show that people feel valued and report opportunities to learn and grow. And employee retention rates will show not only whether people want to stay with an organization, but internal mobility and promotion rates could also show that employees are gaining the skills to move into new positions. The outcomes proliferate from there, starting with high-performing employees’ increased productivity and engagement.
In addition, a fruitful talent management strategy will show progress toward a “Business Beyond Bias.” That means using analytics and metrics that can change behavior toward inclusion and reduce unconscious bias from decision-making across the entire employee lifecycle.
With more flexibility, innovation, and personalization for employee preferences and needs, companies will see value in a system that can continually scale and adapt as an organization changes. And with a marketplace that moves faster each day, organizations have little choice but to start thinking about talent management in a holistic manner. Those are the places where people will choose to work and deliver their best.
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Talent management strategy FAQs
Talent management encompasses recruiting, onboarding, performance and goals, compensation, learning, and succession and development. Effective talent management goes beyond traditional processes to deliver talent experiences that enable organizations to hire, develop, and retain the best talent. It can include local and global talent sourcing, a great candidate and employee experience, effective learning and development, an optimized compensation and recognition program, and more.
There are many key components of talent management. They include aligned goals and metrics, a strong employer brand with values that engage employees, and a focus on the employee experience. Effective talent management also encourages a high-performance culture and provides a single-source view of employees.
Talent management processes support the entire employee lifecycle, from recruiting to succession and development. For example, the recruiting process to identify top candidates falls under talent management. It could also include developing a highly skilled internal talent pool as a succession planning process.
A talent management strategy helps identify and fill missing key skills, supports a productive, engaged workforce, and drives business results. As the workforce increasingly expects a consumer-grade employee experience and employers engage in a fight for talent, an effective talent management strategy will provide employers with higher retention and the ability to compete in the global economy. These organizations can more nimbly adapt to new opportunities and disruptions.
The ultimate objective of talent management is to achieve the business goals of an enterprise. To do so, talent management strives for high-performing employees and the retention of top talent. Though different organizations have varying business goals, the best outcomes of talent management include higher employee satisfaction, internal mobility and promotion rates, and a more diverse and inclusive workforce.
A company creates its talent management model to support the goals of the business. How a company attracts, retains, and develops its employees should align with the vision of how and where an organization wants to lead and grow. The model should also account for future disruption or downturns, and how people and new technologies can be redeployed to sustain company growth amidst challenging macroeconomic conditions.