Successful organizations, both public and private, are recognizing their employee assessment and selection process which must be viewed as part of a larger, inter-connected talent management strategy; a strategy where emphasis is not only on attracting, assessing, and hiring top talent, but also on developing and retaining excellent employees.
The Seven Pillars of Talent Management Strategy
- Increasing employee engagement
- Increasing workforce productivity
- Increasing return on training and development investments
- Increasing percentage of HR time spent on strategic activities
- Reducing the cost of HR function
- Increasing employee retention rate
- Reducing time to close a workforce capability gap.
Recasting of the HR Purpose
- What are we trying to accomplish?
- Defining a Talent Strategy - right talent in the right roles
- Integrating talent planning system with business planning system
- Critical insight into employee satisfaction
- Relating Talent and the organization’s bottom line and brand
- A correlative internal culture strategy.
Employee Engagement Levels
- Integrated interests of business and of employees
- Loyalty - Career paths and employee aspirations
Increasing Workforce Productivity
- The imbalance in demand and supply of competencies
- Misaligned objectives
- Hiring the right person for the right position
- Equipping people to increase performance
- Transparency of staff cost and productivity
Reducing the Cost of HR Function - financial metrics
- Cost per hire
- Retention costs.
Increasing Employee Retention Rate
- Bind the critical, but risky talent
- Build the future talent requirements
- Buy the critical urgent talent
- Borrow the short-term skills requirement
- Properly designed compensation and rewards programmes
- Liberate people's intrinsic motivation
Increasing Percentage of HR Time Spent on Strategic Activities.
- Workforce planning
- Strategic People Planning
- Talent Acquisition Planning
- Engagement and Development Planning
- Individual Performance Optimization
- Succession Planning
- Retention Planning
- Compensation Plan
- Translating into dramatically higher levels of fulfillment.
Reducing Time to Close a Workforce Capability Gap
- How to determine “talent gap”
- Gap assessments at individual, team and organizational levels
- Sophisticated data analytic tools
- Rotation and stretch assignments
- External benchmarking and normative data comparisons
Increasing Return on Training and Development Investments
- People development is an endless process
- Senior management Role Model development
- Senior management active as mentors and teachers