A company’s ability to hire, develop, and retain highly skilled employees plays a huge role in its ability to meet virtually any objective, especially those related to its capacity for innovation and growth. Without an effective talent management strategy, however, an organization may find itself spinning its wheels, unable to make its next big move.

At Lorien, we understand that effective talent management is the backbone of a successful business. Our tailored recruitment solutions are designed to ensure you have the right people in the right roles at the right time, whether you're looking for permanent hires or a more flexible, project-based workforce.

After all, the importance of talent management is tough to overstate, even in the simplest terms. As McKinsey notes, “too many organizations don’t consider the talent required to implement different ideas.” It could also be argued that they don’t have a flexible-enough mindset to consider different types of solutions, like permanent vs. contingency- or project-based hires. 

Put another way, all too often, companies’ ability to effectively attract and retain talent is a  bottleneck, hindering their ability to remain agile and successful. Keep reading for a brief overview of why talent management is important, and how Lorien can help you find the exact talent you need, right when you need it.

 

What Is Talent Management?

Companies with an effective talent management process enjoy many advantages, mostly centering around their ability to optimize the different stages of the employee lifecycle—from determining staffing needs to attracting and retaining the best available talent.

There’s more to it, though. Rather than being a one-off activity, talent management is better thought of as an ongoing strategic framework. Thinking of it this way better accounts for some of the additional components of talent management, like tracking certain performance milestones or developing existing talent through up-skilling and promotion.

Lorien's holistic talent management services are crafted to optimize each stage of this lifecycle, ensuring your organization is equipped to meet its current and future demands. We don’t just fill positions—we provide strategic talent solutions that align with your business objectives.

What Is the Primary Purpose of Talent Management?

There are several different objectives of talent management, but they all lead back to one core concept or purpose: aligning the organization’s talent with its short- and long-term business objectives. Through the development and implementation of an effective talent management framework, companies strengthen their ability to acquire and retain the right talent at the right time, setting a firm foundation for success.

It’s important to note that creating and implementing a talent management strategy is not simply a one-time thing. Instead, companies’ strategies must be flexible. Talent management strategies work best when they are regularly re-evaluated, ensuring that they align well with the current priorities of the business.

What Are the Benefits of Talent Management?

An effective talent management framework provides several benefits for organizations that get it right, including the ability to…

  • Improve business performance and outcomes by aligning the right talent with the organization’s most important priorities.

  • Reduce costs by retaining and retraining existing talent, rather than returning to the drawing board and facing the high costs of employee turnover.

  • Empower existing employees to feel confident, thrive in their roles, and increase their loyalty to the organization.

  • Strengthen their capacity for effectively finding—and securing—high-quality talent by understanding and optimizing each stage of the employee lifecycle, elevating the overall employee experience.

Why Do I Need a Talent Management Strategy?

Another way to think about the importance of an effective talent management strategy is to consider the potential outcomes of not being able to meet staffing challenges in a timely manner. These include…

  • High Employee Turnover: When employees don’t feel properly valued by an organization, they are less likely to be loyal in the long run. Today’s employees expect companies to invest in their growth with meaningful learning and development opportunities to increasetheir skill sets. When they understand why employees are leaving, companies can take concrete steps to improve the employee experience and increase loyalty.

  • Decreased Overall Productivity: Even if it doesn’t take long to find the talent needed to fill a specific position or role, the processes of onboarding and orientation can still disrupt productivity. Effective talent management strategies help to minimize disruption and ensure business continuity, even during times of change. 

  • Failure to Meet Business Objectives: When companies find themselves constantly needing to fill open positions, it seriously limits their ability to achieve organizational objectives. It also puts extra, undue pressure on their budgets, since hiring new talent is so much less cost-effective than retaining current employees.

  • Reduced Profitability: Without effective talent management strategies, it’s difficult for companies to reduce employee turnover and maintain high levels of productivity. In other words, making appropriate and timely staffing decisions has a direct impact on the bottom line.

  • Reduced Employee Morale and Loyalty: For today’s businesses,  great company culture is as important as ever. It energizes employees, helps with employee retention, and makes it easier to attract new talent when needed. When companies’ talent management strategies are lacking, it leads to what can feel like an endless cycle of hiring and rehiring, a costly and exhausting exercise.

Of course, some employee turnover is natural—just as the occasional goal may be missed. The key is for organizations to better understand the reasons why employees are leaving, as well as the biggest obstacles preventing certain objectives from being met. Such understanding provides the foundation for effective talent strategies and improved decision-making. 

Find the Right Talent at the Right Time with Lorien

Effective recruitment and talent management strategies form the backbone of any organization—especially one that may be looking to innovate, yet has trouble finding the perfect talent for their exact needs. 

Whether you need one or more specific roles filled with highly-qualified permanent hires or would benefit more from a contingency-based workforce, we can help. Learn more about what makes us one of the very best recruitment agencies around on our website, or get in touch with us today.