It is commonly believed that business growth is achieved by only strategizing and selling better. What is often missed, is the fact that the strategy of an organization is only as good as its talent pool.
Talent management is an organization-wide, all-inclusive strategy for hiring, training, and retaining top-performing employees. In today’s competitive world, having a talent management system in place is indispensable. When the organization faces an economic downturn, an effective Talent Management system is what will help you weather through it.
Read on to know more about 7 Talent Management best practices that can help you save your organization from a downslide:
- Align individual and organizational goals and effectively track their progress
Aligning the goals of an individual with those of the organization is an important talent management best-practice. It is the responsibility of the companies to make sure that their employees are all focused on contributing to their success. You need to ensure that everyone is working on the right things such that the organization is pushed further ahead in the direction of its goals. Leaders need to step in and take corrective measures as and when sufficient progress is not being made.
Quickly and effectively communicating any change in priorities or strategies is equally important. Changes that impact the goals of an organization need to be communicated to everyone whose individual goals are linked to those of the organization.
- Conduct regular employee reviews to keep employee performance on the track
The value of a well-defined performance management process is three-fold.
First, a performance appraisal is an important opportunity for employees & managers to discuss goals & competencies, challenges and development needs if any. Getting regular feedback helps employees perform at their best.
Second, appraisals help managers and HR identify those who are not performing well and take corrective action for the same.
Finally, documenting the history of an employee’s performance helps managers and HR make critical decisions such as workforce restructuring and rightsizing, as and when needed.
- Provide ongoing feedback to maximize performance
Regular feedback helps everyone maximize their performance. Managers and employees can quickly take corrective actions when things start to go off track. Ongoing feedback makes performance appraisal faster and easier for everyone to complete. Having quarterly or semi-annual reviews is more effective than the formal, annual ones.
- Invest in performance-based development
Use your employees’ appraisals to identify gaps in their skills and offer the right kind of training that they need. The Learning and Development department should spot areas where employees individually have scored low and offer training to each accordingly. Similarly, they need to look at the overall scores and identify the critical competencies lacking in the employees. It is important that you also extract value from such training by measuring the change in employee performance as against the appraisal process. That way you can measure the effectiveness of your training without any testing or evaluation.
- Identify and reward high performing employees
Know who your high potential and well-performing employees are. You may not always be able to reward them with salary hikes or bonuses – but demonstrating the commitment of the organization towards such individuals will help in the long run. You could reward them with initiatives that will help them move up in their career, perhaps even prepare for a promotion. Acknowledging their performance and potential will help retain such employees.
That was not so difficult, was it? Learn more on how to effectively manage your organization’s talent pool from the best in the industry. Fill in your details for more information on Executive Development Program in Talent Management by XLRI Jamshedpur.