Talent management is not just another simple category that falls along the human resource spectrum. It is also an important tool that is used to hire, manage, develop and retain the most talented and exceeding employees in the company. Many companies have a business strategy that falls short in attending to one of the most important assets they have: their employees.
Studies show that emphasis needs to be placed on making talent a strategic priority and that leaders, in acknowledging that the people really matter, should play a vital role in developing the capabilities of employees, nurturing their careers and managing their performance as individuals and as part of a team.
But why should companies invest in talent management?
- Attract the Right Talent: implementing a strategic management plan allows companies to attract the most talented and skilled employees available. This prompts performance and results.
- Improve employee motivation: keeping employees motivated creates more reasons for them to stay and work hard, other than monetary reasons.
- Increase employee performance: having a plan means it’s easier for a company to identify which employees will be best suited for a job and ensure less issues and grievances related to this down the line.
- Better Business Performance: Employees are likely to feel more engaged, skilled and motivated, which increases their desire to work alongside the goals of the company. A shared goal sets a firm foundation for success.
- Retain Top Talent: a well-structured plan creates higher levels of employee retention which saves the company time and expenses in the recruitment and performance management department.
- Improves Customer Experience: A common goal, an integrated team and a systematic approach to managing your employees results in a better overall work performance which trickles down onto improved client satisfaction rates. Satisfied and motivated employees are naturally better representatives for their companies.
Business leaders who understand the importance of implementing a solid talent management plan are already more prepared than their competitors to compete in the global economy and capitalise on new opportunities. They can adapt and change ahead of the curve when it comes to planning and developing a workforce with the right competencies thanks to a deeper insight into the strengths of their employees. This culture of talent recognition and nurturing cumulates into a more integrated workforce, who are holistically satisfied and striving towards a common business goal, which ultimately generates an improved client satisfaction rate and being a step ahead the rest.
“The role of the leader is not to come up with all the great ideas. The role of a leader is to create an environment in which great ideas can happen”- Simon Sinek.