Talent management, a critical aspect of every organization, is often overlooked. While “manpower is considered as the biggest asset for any business” there are only a handful of employers who actually pay attention to managing their human resources. Reportedly, only 1 out of 5 employers are actually concerned about their assets and offer appropriate training and development opportunities to its employees.

Why talent management is important?

Managing your talent pool is very important for your business. Not only because it is a vital aspect for better performance, but retaining your employees also saves you a lot of money and efforts in terms of recruitment and retention. The cost of an interview and the time it takes in the modern times has increased significantly from the early years. Moreover, depending upon the role, the recruitment process for a new staff can be anywhere between intimidating to cumbersome and time & money consuming.

5 tips for improving the talent management strategy for an organization:

1. Know your best talent

Rarely, businesses know about the best talent of their organization. While these top performers are responsible for the 5% of the entire organization, they are capable of delivering 400 times more productivity than any other average performer employer. Such people are important for an organization and you cannot afford to lose them. Another important thing to note about these employees is that because they are rich in talent, they also are ambitious and look for opportunities to grow.

2. Offer them with better growth opportunities:

Your employees need opportunities to flourish and you must ensure that you are helping them to reach their full potential. Training, development and opportunities to participate in better and more challenging projects is one way to make sure your employees feel motivated for work. This also helps them hone the existing skills while acquiring the newer ones.

3. Keep them updated with feedback:

Feedback is one great way to help employees improve but only when it is continuous. A random feedback cannot contribute towards rapid improvements, employees accept that there is a lack of continuous feedback and demand for the same. However, you need to make sure that you offer the negative and positive feedback in a mix and boost the employee morale in all aspects.

4. Evaluate your talent management strategy frequently:

While having a talent management strategy in place is important, it cannot help an organization to use the talent in the best possible way, until and unless it is fully frequently updated. Talent retention rate, the cost to hire, time taken per recruitment process, full productivity per full-time employee achieved or not, the number of promotions made internally are a few factors that must be kept in mind while evaluating the effectiveness of your talent management program.

5. Designated mentorship:

It is important to have a designated mentor for all your employees to learn and develop. The experienced employee of an organization can share their knowledge and expertise with less experienced employees.

Hope this helps you in improving your talent management in your organization to improve performance and productivity.