Building an Effective Talent Management Strategy

Talent management entails thoughtful human resource planning to help organizations reach their goals and ultimately, increase business. Talent management comprises various processes including: recruitment, retention, and development. A recent LinkedIn article highlighted key elements of successful talent management approaches:

• Business strategy fit – Successful talent management approaches tightly integrate with the organization’s overall goals, missions, and values.
• HR as a core function – Successful talent management approaches provide the HR function with adequate personnel, training, development, and resources.
• Non-HR managers to breathe and live HR – Successful talent management approaches ensure that every manager in an organization is an HR leader. In other words, all managers are responsible for recruiting and development, not just HR alone.
• Performance development planning – Successful talent management approaches specify both employee goals as well as company goals using the SMART (Specific, Measurable, Achievable, Relevant, Time-based) formula.
• Performance appraisals – Successful talent management approaches conduct performance appraisals regularly and include 360° feedback.
• Training & development – Successful talent management approaches provide training and learning opportunities for employees and measure changes that result from participation.
• Career & succession management – Successful talent management approaches outline employee career paths across the department and organization.
• Generate employee push – Successful talent management approaches motivate employees to push forward in their career to aspire for bigger and better things.
• Reward performers – Successful talent management approaches regularly reward high-performers with salary increases, increased responsibility, special projects, and appreciation.