When properly implemented, a well-designed talent management strategy greatly increases an organization’s ability to solve its staffing challenges effectively and efficiently. It can also save a great deal of time and money, especially when you consider that it costs more to hire new employees than it does to develop existing talent. Put another way, attrition is expensive—not to mention its impact on productivity.
Most organizations, on some level, realize the importance of talent management. Many also realize that there is room for improvement. They might not know where to start, or what is included in a talent strategy. This underscores the value of implementing a repeatable and consistent talent strategy framework. Keep reading for an overview of what successful talent management strategies have in common—and how you can develop the right talent system for your company.
Why is Talent Management So Important?
Effective talent management strategies greatly enhance an organization’s ability to solve staffing challenges in a timely manner and empower its employees. According to one McKinsey survey, “99% of respondents who reported their company’s talent management was very effective said they outperform their competitors, compared with 56% percent of all other respondents.” That’s not a typo or error: nearly 100% of companies with solid talent strategies find themselves outpacing their competitors to find success.
Taking a more granular approach, some positive outcomes associated with strong talent management strategies include an increased ability to…
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Identify, evaluate, and attract in-demand talent
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Develop a reputation for a positive employee experience
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Optimize their talent pipeline to minimize future staffing-related delays or disruptions
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Enhance the organization’s overall efficiency and effectiveness
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Reduce expenses related to attracting, recruiting, and onboarding talent
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Provide meaningful learning and development opportunities
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Build—and retain—a strong, diverse, and collaborative workforce
What Is a Talent Management Framework?
A talent strategy framework provides a template for attracting, managing, and retaining an organization’s most vital asset—its talent. While each organization and each talent initiative should be tailored to the needs of the company, using a consistent and repeatable framework enables better and more efficient decision-making.
Many companies opt to use the recommended talent strategy framework from McKinsey, which includes five areas of talent management. So, what are the pillars of a talent strategy? According to McKinsey, they include…
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Finding and attracting high-quality talent
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Providing learning and growing opportunities for employee development
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Monitoring and incentivizing performance
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Optimizing the employee experience
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Enhancing workforce planning and strategy development initiatives
What Does a Good Talent Strategy Look Like?
Creating and implementing an effective talent strategy requires a well-rounded approach that accounts for several distinct elements. Again, this is where a repeatable talent strategy template can save you time and increase its chances of success.
What Are the 7 Components of a Talent Management Strategy?
Gartner provides a customizable talent strategy template you can use to develop your own strategies. According to Gartner’s framework, the must-have elements include…
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Talent Acquisition: Achieving positive organizational outcomes starts with finding the right talent, at the right time. This often means being open-minded to different staffing approaches—including permanent as well as project- or contingency-based employment—or working with a partner like Lorien.
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Employee Experience: Employees who feel like they are valued tend to be more engaged and perform better. Creating an inclusive and productive workplace is a vital piece of the talent management puzzle.
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Performance Management: You can’t improve what you’re not measuring. Identifying and tracking the right metrics plays a big role in how successful a talent management strategy can be. Developing an effective framework for assessing employee performance and incentivizing growth is an important step for any organization.
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Change Management: Whether you have 50 employees or 5000, maintaining effective communication and empowering employees during times of transition helps to keep employees engaged and productive.
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Learning & Development: Empowering employees with meaningful opportunities to upskill and advance their careers benefits both the employer (who ends up with more-skilled employees) and employees (who feel like their development is prioritized by the organization).
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Organizational Design: When recruitment and talent management strategies are properly aligned with the needs, initiatives, and priorities of the business, it boosts the efficiency and effectiveness of the organization.
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Succession Management: Over time, the best organizations are able to develop and refine their own framework for not just identifying personnel needs, but identifying internal candidates for current or future openings as well. Through effective succession management, companies can more efficiently adapt their strategies and align them with the right talent at the right time.
Discover the Talent You Need with Lorien
Whether you’re looking to fill several positions or just one, Lorien can help you to fully assess your needs, evaluate potential solutions, and execute an effective talent strategy. It all starts with the right recruitment strategies, which is where Lorien can help—especially if you’re in the market for high-quality tech talent. To discuss your needs with our expert team, don’t hesitate to reach out.
