(This is the second part of my series on talent management best practices. Read the first part, if you haven’t already.)
Because of the war for talent, in order for companies to be successful, incorporating talent management best practices has become a focus for many leading companies.
Which of the following best practices from Focus Research does your company currently use?
- You adequately compensate and recognize your employees. If people are not appreciated financially or given public credit for achievement, they will lose their motivation.
- You have a system to measure talent and successful performances, and you use the data to make informed decisions.
- You invest money in your talent.
- You trust your talent to succeed. You show people you have confidence in them.
- You provide continuous feedback. Performance reviews are not be a one-time thing.
- You course-correct as you implement your talent management program. You ask yourself and others what is working and what could be better.
Here are some additional suggestions on improving your talent management from a white paper by Development Dimensions International, Inc:
- Start with the end in mind. Make sure your talent management strategy is aligned with your business strategy.
- Make sure everyone is involved. Good leaders spend about 50% of their time on their talent. HR needs to drive initiatives with support from other senior leaders.
- Know what you are looking for. The Aberdeen Group found that 53% of best-in-class companies have clearly defined competency models, compared to just 31% of other organizations.
- Talent management is not a democracy. Promising individuals should receive better treatment than other employees. High-potential leaders and those who create value should get the training, not everyone.
- “Potential” and “readiness” are not the same thing. Leaders take time to develop and they need coaching and training to reach their potential.
- Software does not equal talent management. While proper software is important, it is only a tool. (Read my article about choosing the right talent management system.)
And some final suggestions as you take on improving your talent management:
- Don’t create too many goals and gather too many metrics. Businessweek Research Services found that “determining the appropriate number of goals and types of metrics was considered the number one performance management success factor.”
- Validated cognitive ability testing provides the best measure of raw potential. Self-reporting can gather key information on motivations and preferences.
- Employees rank benefits as a top contributor to job satisfaction. Make sure you communicate the value of your benefits plan so people understand it.
- Well-established coaching programs using internally trained or external coaches are a key component talent management and development.
If you’re interested in executive coaching so that you can reach your highest potential, Executive Velocity consultants can help you. Contact us at email@example.com.
Photo Credit: RobeRt Vega