Why Talent Management Is Business-Critical
As traditional approaches to hiring and maintaining talent have gradually evolved, so has the importance of supporting and investing in people within a company.
The results from a recent McKinsey Global Survey confirm the positive effects of talent management on business outcomes. According to respondents, organizations with effective talent management programs have a better chance than other companies of outperforming competitors and, among publicly owned companies, are likelier to outpace their peers’ returns to shareholders. Organizations must keep pace with changing business needs and rapidly evolving candidate expectations to secure long-term growth and success in any industry.
Even if a company does not have a formal talent management strategy in place, there are many initiatives that can be adopted to attract and retain top talent. Below are three key aspects to consider while looking to hire top-tier candidates:
1. Play the match-maker. Focusing on the collaboration between a seasoned employee and a newly onboarded one can have a direct result on the new hire’s quality of work in the business. A mentor-mentee relationship allows for the sharing of first-hand experience and can be adapted to suit both mentor’s and mentee’s needs. A 2018 LinkedIn study revealed that 56 percent of employees would take a manager-suggested course, proving the importance of more senior executives’ involvement with new hires.
There are a variety of benefits in conducting a strong mentoring program. The transfer of knowledge from established, experienced mentors to mentees for the long-term sustainability of the organization is one of its more evident advantages, but this type of program can also properly prepare up-and-coming leaders to take ownership of their own development. More often than not, both mentors and mentees learn as much from each other in a two-way relationship versus a one-way communication process, contributing to the business’s success from both sides simultaneously.
2. Know your audience. Younger generations look for alternative and more digital approaches to hiring rather than traditional approaches as prior generations do. They often have different priorities and/or expectations. Younger candidates look for companies that invest in their employees with ongoing training or education incentives. They want to work for a company that embraces social responsibility as part of their company DNA. Understanding and working with this in mind can help hire and retain new talent and make them feel like they are making a difference while in the workplace. The aforementioned LinkedIn survey supports this, revealing a striking 93 percent of employees would consider staying at a company longer if it invested in their careers. Candidates are now looking for long-term career stability and expect companies to invest in them and social programs just as much as they invest their time, skills and efforts into their job.
3. Cater to newer generations. Recruiting has changed immensely over the last decade. The rise of social media and mobile applications has pushed recruitment past a ‘post and pray’ method to a proactive sourcing method. Engaging with candidates in a quick and efficient manner can be the decisive factor for a potential candidate. Leadership training programs and new digital assets to boost work productivity play a huge role in the digital transformation of a company. Using digital tools and platforms that younger generations are already familiar with and use on a daily (if not hourly) basis, will help move your company into the ever-evolving digital era, but will also help you find and retain talented and skilled workforce.
While different industries often have varying talent and skillset needs, investing in creative, intuitive and dedicated people translates to investing in your company’s future success. Well-structured onboarding practices can help attract and retain talent, but a key differential is a company’s talent management approach and overall mindset. Companies must deliver a positive experience in hiring and training new employees in order to build a strong company brand that resonates with current and future employees.