Your employees are one of your company’s biggest assets, but are you getting the best out of your staff? According to a recent CIPD survey, more than half of employers are using ‘talent management’ in their companies to do just that. But what is it and how can it help your business to grow? Talent management is essentially about making it easier for business owners to utilise existing employees and recruit new employees to help you meet your business objectives. This can be done by discovering and putting to use the (possibly hidden) potential of staff members, either the whole workforce or individuals identified as having the greatest potential. Once you’ve identified the ‘talent’ within the organisation you then need to nurture and retain it by, for example, offering coaching and mentoring, training, formal development schemes, management training programmes and other incentives. Benefits to your business The biggest benefit of talent management is that it creates a win-win situation for both employer and employees. By investing in their future with the company, employees are more likely to feel a sense of loyalty to their employer and that there is a genuine path for personal and professional development ahead of them. This in turn helps you by retaining staff and keeping recruitment costs to a minimum. The Chartered Institute of Professional Development (CIPD) research found that many businesses believe that retaining talent is more, not less important in times of economic uncertainty by giving them a productive workforce and a competitive advantage over competition. The majority of employees surveyed by CIPD also agreed that membership of talent programmes had a positive impact on their engagement at work. Beware, be fair Due to the limited resources of small and medium-sized businesses, it may not be possible for all employees to take part in formal talent management programmes, but everyone who expresses an interest should be treated fairly and provided with feedback. We recommend that all employees are given at least an annual appraisal, regardless of whether talent management is a feature of the business, to discuss their performance and development needs. Recruitment Talent management isn’t just about getting the best out of the staff you have now, but also those you might employ in the future. If you want to attract the kind of new recruits that are going to help you achieve your goals, you need to find people who share the same values as you, and you need to be an attractive organisation for this kind of person to work for. These qualities should be reflected in your branding and job adverts. Find out how to write more effective job adverts » When recruiting, cast your nets wide; you don’t always have to stick to the usual routes of recruitment agencies and job sites. Many employers are now looking to social media, their customer base, apprenticeships and work experience to recruit new employees. Is it working? Talent management schemes can be monitored and evaluated on a number of criteria. For example, employee turnover and retention are good indicators of employee satisfaction, while appraisals and staff satisfaction and exit surveys can also give you a more in depth insight into how your employees perceive the company. For more information on talent management, the CIPD have created a factsheet with links to further resources on managing potential. Members of the Forum can also call our helpline on 0845 130 1722 for advice and performance management and any other HR or employment law issue.
Your employees are one of your company’s biggest assets, but are you getting the best out of your staff? According to a recent CIPD survey, more than half of employers are using ‘talent management’ in their companies to do just that. But what is it and how can it help your business to grow?