Your strategic roadmap leads to success only when your team has the skills and desire to follow it. As any sports fan will tell you, a talented team gives you a competitive edge.
You may feel confident about finding talent for your open positions easily, because surveys show between 40 and 60 percent of Canadians are looking for new opportunities. But sifting through thousands of resumes to find the people who fit your needs takes more than dedicated hours and several cups of coffee. A talent management plan is vital to reaching your business objectives.
What is Talent Management
In the late 90s, consulting firm McKinsey & Company coined the expression “talent management” in a paper recognizing that building ‘bench strength’ is essential to an organization’s long-term value.
Talent management evolved from 6 key human resource concepts:
- Employees have a life cycle within an organization.
- Individual abilities, competencies, and motivations enable employee growth.
- Talent identification is possible through a structured analysis of performance vs. potential.
- Talent is an asset affected by changing technology and approaches to information sharing, requiring an upgrading process to remain relevant.
- A shift from pay-for-work to pay-for-talent empowers employees to have input into their roles.
- Managing talent requires forecasting, planning, managing, and staffing, using measurements of employee effectiveness across a broad range of competencies.
Talent management is the process that attracts, motivates, trains, and keeps employees who can and want to perform consistently and at a high level to help your organization. Strategic growth occurs when you have skilled people aligned with the roles that require their talents.
Why Talent Management Matters
A robust talent management system helps your company in several ways:
- Improves organizational design and culture cohesiveness.
- Your strategy will help you identify needed roles, skills, competencies, and diversity requirements.
- Supports role clarity for team members, which helps with employee accountability (and reward systems).
- Talent management will help assess job fit through evaluations, descriptions, and competency mapping.
- Measurement of competencies and additional insights or data can aid with succession planning.
- Boosts employee engagement which fosters collaboration, innovation, and increased performance.
- Alignment within the organization inspires and motivates employees to strive for professional and corporate growth.
With a solid foundation and consistent execution, your talent management program will support your company’s growth plans and build a culture of collaboration and professionalism.
What is the Difference Between Talent Management and Talent Acquisition
Talent management doesn’t happen without talent acquisition. You need to first attract and employ qualified team members, with an acquisition process that:
- Finds potential candidates who meet role and diversity requirements and demonstrate they can and want to grow.
- Maintains positive relationships with candidates for future opportunities.
- Proactively builds a pipeline of qualified people who can meet the company’s needs now and in the future.
- Contributes to the company’s brand as a worthwhile enterprise for candidates to consider.
See how Exceleris can assist you with your recruitment and talent acquisition needs in accounting, finance, and taxation.
Advantages of a Strong Talent Management Program
When you invest in talent management, your company can:
- Attract top-notch talent. Your employer brand attracts skilled team members who become ‘brand ambassadors’ that encourage others to join and build a high-performing organization.
- Motivate your team. Clearly defined roles, visible succession paths, and a generous reward system give employees more reasons to stay engaged and remain with the company.
- Keep specialized roles filled. A talent management system taps the acquisition pipeline for an uninterrupted flow of qualified people to keep your operations running smoothly. Importantly, you’ll avoid gaps that would create additional workloads (and dissatisfaction) for current employees.
- Improve overall team performance. With better alignment between roles and skills, you’ll reduce performance issues and retain more of your top performers. Role development plans that include onboarding, skills training, and advancement opportunities will increase employee retention rates.
- Increase customer satisfaction. Your talented team provides a consistent, integrated approach to business operations which delivers more enjoyable customer experiences. Satisfied customers are more likely to repurchase and recommend your company to others, helping you reach your current financial objectives and pave a path for growth.
Talent Management Tactics
After mapping your talent management strategy, it’s time to follow through with proven tactics that support your framework, such as:
- Standardizing your onboarding process. When you provide a complete and consistent introduction to your company’s goals, values, and personnel, you’ll prepare your incoming talent to hit the ground running in their first weeks.
- Incorporating technology into your employee development programs. Skip the slide decks and keep employees engaged in learning through online, interactive learning management systems.
- Creating a mentorship program. Direct interaction, one-on-one coaching, and collaborative learning can support employee growth and provide a sense of belonging. Thanks to technology, mentors can also connect with mentees virtually.
- Tracking and measuring performance. By monitoring performance metrics or KPIs, you’ll help team members accomplish professional and business goals. Establish a cadence for review and adjustment to keep your talent lined up to reach objectives that may change as business conditions evolve.
- Expanding compensation beyond a paycheck. Financial incentives play a crucial role in talent management, but additional rewards and recognition such as time off, travel vouchers, or dinner coupons can boost motivation.
- Cultivating honest career paths. Although employees may believe that possibilities are limitless in your organization, not everyone can ascend to the C-Suite. Your openness about career paths and commitment to helping team members maximize their potential will earn employee respect and serve the company’s best interests.
- Prioritizing your team’s well-being. In addition to offering a comprehensive healthcare plan, smaller supports like water access, snacks, and scheduled breaks are outward, visible signs that you value the team.
- Engaging in culture-building activities. Building team cohesiveness can occur in various ways, from fun activities like a chili contest at lunch to community give-backs like fundraisers or food drives. Your team establishes deeper connections with each other during these events and learns how to exemplify corporate values through action.
Your company’s ability to meet challenges and seize opportunities for growth rely greatly on the talent, commitment, and performance of your employees. With a talent management strategy, your company will be able to attract the best candidates, retain them, and motivate and support them throughout their career growth with tactics such as continuous training, mentoring, rewards, stimulating workplace experiences, etc.
For your recruitment and talent acquisition needs in accounting and finance, you can count on Exceleris’ team of expert recruiters to assist you. Feel free to contact us for more information.
To learn more about talent management and how to maximize your employee retention rates, read our previous articles below:
- What Is Employer Branding and Why Is It Important When Recruiting
- What is Employee Engagement? A Comprehensive Overview