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Why Talent Management Is The Next Big Recruitment Challenge And What You Can Do About It
Posted by Nicky Coffin
The Recruitment Industry trends survey published last month is forecasting accelerated growth for our industry over the next three years; with an anticipated turnover of £28.5 billion by March 2014. Good news then? More jobs and opportunities for all; provided of course your recruitment company has a plan in place to develop its own talent pool.
Having a process in place to attract, develop, motivate and retain the best and brightest people for your business is a smart thing to be doing according to Bersin the Deloitte talent management specialists. Organisational talent management has become one of the most critical priorities in human resources especially in growing sectors like recruitment.
Highly integrated and business-focused talent management strategies directly drive business results. Not surprising when current research highlights that leadership development can increase retention of key staff 20 fold. When companies have a culture based on high performance, strong values and an environment where people know they will be developed the resulting returns are significant.
It takes time to grow and develop your talent pipeline. Your best people want to know where they need to develop and what their future career path could look like. Here are 6 steps to get you started:
1. Hire individuals with leadership potential
Be purposeful about this. At least one in every three hires needs to be able to demonstrate potential and capability beyond their current role. This can come in many forms from; holding leadership positions in school to being a sports captain or a pillar of the local community.
2. Communicate your shared vision and goals
The key word here is shared. Engage your top talent with your vision, showing them where they will fit into your future plans and what they need to do to progress and add value. Not only does this create real buy-in, it also demonstrates there is clear progression and development opportunity.
3. Develop a consistent modularised learning and development plan
Your people must be developed regularly from the start of their recruitment career as a part of working practice, before promotion and when gaps are identified. Development can also include mentoring or working on projects to stretch and develop capabilities.
This would include weekly and monthly performance reviews that monitor, review results against target so that your talent knows exactly where their focus should be to achieve their goals.
4. Value your people and work with their strengths
The latest advanced learning and development technologies have clearly identified the power of working with values. Our values determine what we do in life and are our emotional ‘hot’ buttons. Studies have also indicated that people who have the opportunity to focus on their strengths are six times as likely to be engaged in their jobs and more than 3 times as likely to report having an excellent quality of life in general.
5. Encourage leaders at all levels
It’s possible to be a leader whatever level of experience you have – even if you are just leading yourself. So encourage your team to get involved in projects, incentives or programmes that get them to go above and beyond their day job bringing other people together.
6. Create talent and development reviews
It is no coincidence that our highest performing clients have separate annual discussions with their employees to discuss succession planning or career development. If your best people know that you think there’s a path for them going forward, they’ll be more likely to take the actions necessary and hang around.
I hope you found this article useful. If you would like some more tips like these – join my FREE Webinar ‘The 6 Step System to Convert Your Under Performers to High Billers in 14 days or Less’
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‘Til next time,