Business leaders today face unprecedented challenges when it comes to hiring, promoting and retaining talent. The two critical elements of competitive advantage today comprise of current talent and investment in future talent. To effectively execute strategies required for future growth companies need engaged employees, not just talented employees. To that end talent management is no longer the sole responsibility of Human Resources.
Talent management a useful term to describe an organisations commitment to hire, manage and retain talented staff. This includes the attraction, identification, development, engagement, retention and deployment of talent. Not only do organisations require a planned strategy for talent, they also require a system to measure their return on investment.
Your talent strategy will be very unique to your individual business and will directly impact your employer brand. A good talent strategy will drive a high performance workplace, increase engagement and ensure your staff are developed through learning and development initiatives.
It is important that your talent management strategy incorporates your total workforce and not just your “high- potential” groups (although these may require additional attention). Getting everyone across your organization performing at their peak is optimal.
Your talent management strategy should be based around your future business needs, ensuring your talent pipeline will be capable of meeting business challenges in the future and not just today.
For HR to design a good talent management strategy, they will need to have an excellent understanding of the long and short term strategies of their business, to ensure their talent pool can deliver on those strategies both today and in the future.