It is no secret that retaining, or managing talent within an organisation is one among the top challenges that businesses face today. Especially, if you are a small or medium-sized business, finding the right talent is a huge task in itself; Talent management is therefore a critical factor for an organisation’s growth and well-being.
Whether you are part of the Human Resource / learning and development team, or part of the leadership team, talent management is a skill that’s acquired not just through experience, but also through systematic and consistent practices followed. Here are few tips that could help you in your goals.
- Assessing and Re-Assessing Criteria
Let’s say you started your company last year; you knew your immediate and far objectives, you had a clear picture of what talent to bring in to your organization, and you also had an HR team who was/is actively looking out for talent. But things have changed now, you have learnt from small successes and failures in the past year. Does the assessment criterion for new talent change as a result? Pretty good chance, it does. The talent management team should most definitely re-assess criteria every now and then, and identify talent opportunities that could be tapped for the betterment of the team.
- Keep Your Talent Close to Your Business
Although in most small or medium sized organizations, this practice is already in place, it is sometimes overlooked at big companies. Top talent within the organization can be “nurtured” by encouraging them to work on actual business challenges. This is a way of appreciating their contributions to the organization and providing them a platform for growth.
- Applying Predictive Analytics
Many successful companies and people vouch for applying predictive analytics in predicting whether potential candidates will align with the business requirements and goals. Insights from past selection can be used to develop algorithms that would help organizations evaluate with less ambiguity. If the organizations know clearly what works and what does not work, the expectations between a recruit and the organization are on line.
- Know Your Affordability
You always have resources within an organization that you simply cannot afford to lose. It is important that HR team and the leadership team have a mental talent segmentation in mind, and invest time and efforts to develop and retain these resources.
Do you have any tips that have worked in the past for efficient talent management? Do let us know in the comments section below.
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