5 Tips for enhancing Talent Management in your organization

Talent management remains a hot topic in business circles, but this article goes beyond explaining what talent is and its importance for achieving sustainable results, a positive work environment, or significant cost savings in the long run.

Here, we present five proven recommendations that we regularly offer our clients to effect observable improvements in team management and talent development.

What is talent management in companies?

Talent management is considered a business strategy, which is made up of a series of processes of its own. In fact, in recent decades, large companies have implemented this methodology in their selection and internal development processes without exception.

They often have external support to guarantee results, as it involves a high investment in time and requires high specialisation. At Ideafoster we offer this service that adapts to each company to meet its needs.

To give a more exact definition, talent management consists of making an assessment of the professional skills that a person must have to perform well in the position they occupy. In addition, it evaluates the results obtained and analyzes what aspects can be improved to promote their development throughout the company’s professional career.

However, this management is not only focused on identifying and developing technical skills, but also recognizes the importance of interpersonal skills. These are, for example, the ability to communicate, work in a team, solve problems or the ability to adapt. All of them are highly valued in today’s work environment.

On the other hand, it should be borne in mind that the replacement and rotation of staff is more expensive from an economic point of view than the retention of the most efficient workers. A compelling reason to implement policies and practices that foster employee loyalty and engagement.

General objectives of talent management

The main objectives of managing the talent in your company can be summarised in three: attract, retain, and build loyalty. Therefore, here we can add a clarification to the definition we gave in the previous section. And it does not only refer to the current employees you have, but also to the selection of new talent and their recruitment in the company.

Those organizations that are aware of the importance of identifying and attracting individuals with specific skills and competencies apply a comprehensive talent management strategy. To this end, technical skills, values, and personal motivations will be assessed, so that they can be correctly adapted to the company’s existing culture.

If we go back to the objectives, we said that they are attraction, retention, and loyalty. The first of these, attracting talent, involves recruiting and creating a brand concept that highlights the company’s values, culture, and growth opportunities. In other words, you must sell an image that is as attractive as possible to the candidates of interest. For example, through presence on social networks, with proactive recruitment campaigns or, directly, with the management of the corporate image.

Once the right talent has been attracted, the next goal will be to retain it. And how is it achieved? Although in the next section we will give you several tips, it is about creating a favorable work environment that encourages commitment, motivation, and professional development.

Finally, the third objective of talent management is to build loyalty. That is, to build a lasting relationship that is beneficial to both parties. Together, these objectives strengthen the company’s competitive position within its sector. Why? Because it ensures that you have the right people in place and that you are also committed to the organization’s continued growth and success.

Competency-based processes

So, how is talent management applied for practical purposes?

This takes the form of various actions that affect the relationship between the workforce and the company, and the workforce itself. Specifically, to each professional, since good management will go from the global to the individual to allow the best performance results. We explain some issues that will allow you to visualize it.

Recruitment and onboarding

From the beginning of the recruitment process, the organization must focus on attracting the most suitable candidates for the roles that are available. Remember technical skills, values, and appropriateness in the culture. As for the actions that can be carried out, we have communication and branding; present an attractive and authentic image that highlights your values, your mission and the development opportunities you offer.

In the onboarding phase, known as onboarding, you need to focus on adaptation within the team and culture. Plans must be designed that provide new employees with the information, tools, and support they need to quickly integrate into their new role and work environment. It includes training sessions, presentations about the company and its policies, and the assignment of a mentor to assist in adaptation.

360º Assessment of Competencies

The 360º evaluation gives a complete and general view of each person’s performance. To obtain information, you have to work with multiple sources, such as people at the same level, from the top and from the bottom. Strengths, areas for improvement and growth potential must be identified.

In this way, you can find talent that may have been going unnoticed, design personalized development plans and assign appropriate roles and responsibilities. You can consider having an external company take care of the analysis, so as not to overload the staff.

Leadership Development

Leadership development seeks to identify and cultivate this potential within the organization. To find and nurture it, you need training, mentoring, and project assignment programs that can challenge employees.

With this approach, internal leadership capacity is strengthened and a group of individuals is prepared to take on key roles in the future. In other words, you will be communicating to your staff that there are positions available, and that to access them it is necessary to be trained. In other words, you ensure continuity in your company.

Professional Development, Recognition and Retention

Professional development involves providing opportunities for continuous growth and learning to employees. With them, they will be able to expand their skills and advance in their careers within the company. But you also increase satisfaction and engagement and strengthen loyalty.

Performance recognition is another pillar, as too often employee effort is taken for granted. It is important to show that your work is valued and appreciated. Bet on public recognition, awards, economic incentives or simply give thanks for a job well done. If there is something to improve, specify what and give guidelines.

Finally, talent retention itself is achieved by creating a work environment that fosters professional development, recognition, and a sense of belonging. We cannot overemphasize investing in employee growth and well-being to reduce staff turnover and retain key talent.

5 recommendations for talent management

We have explained what talent management is and how it is applied in companies. Now, we leave you with five tips so that you can successfully implement it in your organization.

1.Thorough research and analysis

Before implementing any talent management initiative, you’re going to need to know what your company’s specific needs are. Working in the same sector or dedicating yourself to the same activity does not make the internal functioning of all organizations the same. Focus on your team and not so much on analyzing the competition.

To do this, identify the competencies and skills that are critical to your success, and also understand the aspirations and motivations of your employees. It’s not simply about mimicking what the competition is doing, it’s about tailoring talent management strategies to the unique needs of your business and your team.

2.Strategic planning

Once you’ve identified your company’s needs and goals, start planning concrete actions that will allow you to achieve those goals. Strategic planning must follow a progressive approach. That is, it starts from specific and local objectives and then expands towards broader and more global goals. With this approach, it will be easier for you to stay on track and ensure that every step you take contributes to the overall success of talent management in your organization.

3.Use specialized professionals!

For the best results in talent management, consider seeking outside help from specialized professionals, such as Ideafoster. Having the experience and knowledge of experts in the field will help you save time, get an objective assessment of your current practices, and avoid overloading your internal team with additional responsibilities. In addition, as professionals, we can help you prepare your team for the changes that are coming, and thus ensure a progressive transition.

4.Involve the entire organization

Managing talent is a collaborative effort that involves the participation of the entire company. It involves all employees regardless of their level or the areas in which they work. This way you can increase the commitment and motivation of your employees, but also ensure that the implementation of management initiatives will be correct and will be maintained over time.

5.Transparent communication at all levels

Inform all stakeholders about changes and improvements in your company. This includes partners, customers, suppliers and even investors. Transparency in communication will help you build trust and commitment, and make all parties feel part of the improvement process. But not only that but offering clear and frequent information about the progress of your internal processes ensures that everyone is aligned with the objectives and knows how to contribute to the overall success of the organization.

At Ideafoster we want to help you. Throughout our history, we have accompanied companies with very diverse situations to identify all the aspects to improve and the business opportunities available. We want to see every strategic objective you have set yourself fulfilled. Analyzing, planning, applying, and evaluating results is what allows us to achieve this.

We enjoy what we do, and we are 100% involved in each project. At Ideafoster we want everyone in your company to feel the same. Contact us now.