Top Tips for Successful ‘Talent Management’

A recent study has shown that poor leadership and management is costing UK businesses an estimated £19 billion annually in lost working hours*. Another finding revealed that just 20% of business executives believe their company manages talent effectively across all markets and only 23% think their company is good at retaining key global talent**.

With these figures in mind, Advanced has highlighted its top five tips for businesses to develop a successful ‘talent management’ strategy:

  1. It’s not always about the money – Attracting and holding onto the best staff is not just about the salary and perks. As younger generations come up through the ranks, other factors are becoming important: flexible hours, the ability to work from home, the technology they will be able to use, the formality of the workplace, the ‘spirit’ of the company and the level of fulfilment and personal development they will experience.
  2. Empower staff to learn – Employee self-service, social media, bite-size video clips and collaboration/knowledge-sharing forums, have been shown to help employees feel more empowered and confident in their jobs and valued in the broader business.
  3. Align talent management with the business strategy – Improving talent management starts with recognition of the need, then requires that the discipline is brought out of the HR department and made a strategic business priority, requiring a good process. Self-service and KPI dashboards will make employees more aware of their direct contribution to the business and empowers them to develop their knowledge and skills to achieve more.
  4. Have a single, unified approach – Due to its broad discipline spanning across recruitment, retention, staff development strategies, employee engagement, performance management and succession planning, talent management should be tackled holistically, as an integrated strategy with linked processes, systems and outcomes.
  5. Adopt the right technology –The right technology can help organisations take control of their recruitment process, allowing them to reduce time-to-hire and cost-per-hire. 

To read more, download the white paper, ‘Talent management in the mid-market: Harnessing the true power of the best people’

*Global survey reveals talent management challenges for rapid growth market multinationals, Ernst & Young

**Leadership & Management in the UK – The Key to Sustainable Growth: A summary of the evidence for the value of investing in leadership and management development