Leadership and learning are indispensable to each other.
~John F. Kennedy
Modern management—is it such a new concept? Or have we borrowed and built upon past theorists’ ideas?
Peter Drucker, described as the founder of modern management, defines it as a “multi-purpose organ that manages business and manages managers and manages workers and work.”
In other words, it underpins the web connecting an organization’s people and processes. And over 50 years later, Drucker’s principles remain valuable for any executive.
Despite being a relative term, we can define talent management as the art of enhancing business value through a framework that combines tactical human resource planning and interdepartmental collaboration.
Any way you slice it, with the increasing competition for talent, organizations are looking to talent management leaders to craft an innovative strategy—an overarching approach to support the critical needs of your organization.
So we’ve amassed 4 innovative tactics to help you create a talent management strategy that primes you for success in today’s outcome-driven and employee-focused culture.
1. First, Understand Your Organization’s Goals
What you do and how you do it hinges on everything from your organization’s economic realities to its performance expectations.
Because these directly inform your talent management strategy, your strategy should encompass business, talent, and development goals.
The demands and responsibilities of HR leaders are growing rapidly to keep pace with business.
Often talent management leaders find themselves starting with their own goals and objectives—for a bottom-up strategic planning approach. But this approach risks misalignment.
Instead, start with the goals of your organization and take a top-down approach.
Ask specific questions to better align your HR strategy with the business strategy, such as
- What is the organization committed to delivering?
- How can people help deliver on that commitment?
- Do you have enough people?
- What kind of skills and experience will people need?
- Which roles are the most critical to fill?
Find out how to bring your talent management strategy to life, fast, with PeopleFluent Talent Management Essentials.
2. Prioritize Employee Needs
Retaining great people is a challenge many talent management leaders confront. And that’s not surprising!
Because retention typically correlates with employee experience—and because employee experience can be difficult to measure—it’s often challenging to track and understand how to sustain and improve your numbers.
So where in your talent management strategy can you infuse facets of a positive employee experience? With your employer brand and employee value proposition.
You and many others may think, that’s for talent acquisition. While true, these elements influence your current talent, too.
You can build an inspiring employer brand as part of your employee value proposition by creating a genuine, employee-centric culture. Hallmarks of an innovative employee experience include
Also read: Putting Learning at the Heart of Talent Strategy
3. Develop a Plan for Your Plan
It sounds circular, but the idea is to make sure your talent management plan is the right plan. Strategic preparation will take you from intention to desired outcome.
Before you dive head first into your talent management strategy, ensure you consider what overarching forces will influence your strategy’s success. Think, an action plan for your strategy.
- Find the opportunities in problems – Don’t stay awake at night worrying about the challenges you might face. Focus on those you’re handling right now—try viewing them from another angle.
In what ways could they present new opportunities? Allowing problems to linger will undermine your strategy and credibility. Tactfully identifying problems and addressing them with innovative solutions will improve the success of your strategy and build trust throughout your organization.
- Establish accountability for decisions – While talent management responsibilities mostly rest with HR, the active participation of C-level executives and senior leaders in key talent management processes like succession planning and employee development is critical.
This kind of organizational support informs and justifies your talent management strategy. And makes employee retention a company-wide priority.
- Take responsibility for communication – Successful talent management requires effective communication at all organizational levels. Feeling left in the dark can trigger negative perceptions and adversely impact employee engagement and performance.
Ensuring an appropriate level of transparency around matters that affect your employees, such as compensation policies, improves the employee experience, builds trust, and boosts morale.
4. Make Friends with Metrics and Analytics
Leadership teams across industries are demanding more data from HR. More visibility into talent management. More data-driven answers to questions about ROI and impact.
But insights gleaned from HR data are only as good as the data itself. And raw data isn’t of much value until context and purpose are added.
This is where comprehensive talent analytics come into play, allowing you to shift from information to understanding. Giving you the knowledge your team needs to recognize successful strategies and those you can abandon or need to modify.
Some of the most meaningful metrics include new growth vs. attrition rates, quality of hires, employee performance and productivity, and employee satisfaction ratings.
The metrics you select should speak to key areas of your talent management strategy and to the information needs of your leadership team.
See what successful HR teams suggest about using analytics to give your talent management strategy a competitive edge.
Adaptability is as much a part of life as change. And the metrics you and your team use will fluctuate based on talent management trends, industry changes, and your talent pool.
A consistent measure-learn-revise routine helps you maintain a competitive talent management strategy.
Solidify a Strategy that Succeeds
To make a difference in your organization, HR managers need a strategy that works, and robust talent analytics to monitor true business impacts.
With a solid, strategic framework, your HR team can reach its goals for employee development, employee retention, and every effort between.