Here’s a brief overview of the six principles of talent management.
Alignment With Strategy
Consider the type of talent the organization needs based on its corporate strategy. If a company seeks to improve technological leadership, it may onboard technical talent or encourage employees to develop tech-related skills. Because corporate strategy changes over time, it’s also important to adapt and revamp your talent approach.
Talent departments must ensure consistency across talent management systems within the organization. For instance, employees can undergo feedback and performance appraisal on a quarterly basis—but this process must be consistent with related positions across the organization and its subsidiaries. Similarly, compensation must be similar for the same position. Otherwise, some employees won’t feel valued due to unfair treatment.
Employees are more likely to stay with an organization that helps them develop and learn new skills. As such, companies must provide opportunities for growth through career development programs, job rotations and new assignments. According to Harvard Business Review, professional development is the best way to improve company culture. In fact, 93% of employees said they would stay at a company longer if it invested in their careers.
Many organizations hire based on a person’s “fit” to their culture. They have core values and principles and assess individuals based on whether or not they embody them. For example, a company that values creativity may prefer candidates who have a track record of pursuing creative endeavors and projects. Likewise, they can also implement training programs and activities that remind employees of corporate values—so they will live by them.
Employer Branding Through Differentiation
What is your unique selling point for attracting and retaining top talent? Why would people want to work for your business? To stand out, employers must differentiate themselves from competitors and increase brand awareness in local communities. Some examples are launching campaigns in universities that emphasize unique long-term opportunities, benefits and promotions.
Balancing Global and Local Needs
For organizations with an international presence, talent management could seem complicated. Managers and HR teams may need to adjust their processes based on the cultural and behavioral norms in a particular country.
As a result, companies may opt for different levels of autonomy to balance global and local needs. A U.S. company may provide a greater degree of autonomy for talent departments in South Korea or Japan because of the vast differences in work culture. Similarly, companies such as Starbucks and McDonald’s have staple items like frappuccinos or chicken—but they also introduce products tailored to local tastes.