3 Components of a Sound Talent Management Strategy
Retain high potential employees by implementing the right talent management strategy
By Leila Kojouri
Great talent can be hard to come by, but even more challenging to keep. In order to retain high potential candidates, a plan of action should be implemented involving three key components: Recruit, Reinforce & Reward, and Retain.
In the hyper competitive world of business, retaining top talent is imperative for survival and success. It may sound simple, however, a well-devised, strategic approach is vital to retain your human capital. This approach should be all-inclusive, fully leveraging talents and collective strengths of each individual employee. By developing high potential talent-related metrics, organizations can better manage the employee life cycle, from recruitment through retention.
Employees thrive when working in a state of continual “stretching,” or the exposure to various development opportunities promoting career advancement. This integrated developmental approach includes coaching, strategic rotations and promotions in the companies culture. Another central part of this approach involves building trust. Maintaining an open dialogue is a critical component of retention and serves as a great method with which to build trust between peers and business units.
Accountability is another crucial part of a sound talent management strategy. Managers should be held accountable for their employees under their supervision. Senior leadership should also be involved in this cycle, especially when it comes to performance review. High performance should be acknowledged at least once monthly, quarterly, or on a sales-based frequency. Encourage and reinforce positive behaviors by applauding and rewarding them accordingly.
Take steps to ensure you’re allowing for oxygen in every candidates life-cycle. Everyone needs room to breathe so they can grow and hone their different skill sets, helping your organization’s value proposition to bloom and blossom. The best way to do so is to create value for such talent by reinforcing their desire to continue delivering within the organization.
The Center for Creative Leadership’s (CCL) Learning Model suggests that talent development comes from three key components:
- On the job training through challenging assignments represents 70% of development
- Candid feedback from coaches and mentors represents 20% of development
- Courseware and training represents 10% of development.