By: Kirk Theriot
Organizations that outperform their competition know that strategic talent management is essential in building the right workforce necessary for precise business execution.
A number of studies reveal that well over 60% of industrial organizations find it extremely difficult to engage, develop, and advance their workforce. In fact, many have no talent management strategy at all, despite all that is known about the importance of developing a well-trained workforce. Many small business HR departments are simply ill-equipped to establish a company culture that nurtures talent and promotes high-performing employees on a consistent basis.
Without a plan, organizations often react to immediate and urgent needs rather than proactively procuring and nurturing a well-rounded talent pool. However, to drive optimal levels of success, business leaders need engaged, high-performing employees at every level. Through employee-focused incentive programs, talented people are mentored and coached to reach their full potential, which supports both the employee and the employer. Making your company a talent factory will allow engaged employees to rise up the ranks of the company to master new challenges and opportunities.
The key to transforming a workforce into greatness is to align your talent management plan with your company strategy.
Talent management, when handled strategically, is based on the organization’s mission, vision, values, and goals. This enables employees to participate in the overall direction of the company where every employee feels as if they are part of something bigger than their current job. People genuinely want to have a lasting impact on their work and their ability to contribute. Giving employees opportunities for personal and professional growth helps to create employee engagement and loyalty. Companies that figure out how to retain and manage quality talent can build workforces that impact the bottom line. Knowing that you’ll have the right talent in place to handle the job, you will able to identify and develop specific competencies that position your company for continued growth.