As business grows increasingly complex, organizations are realizing the importance of capitalizing on one of their most valuable assets: their employees. Workforce performance improvement, including talent management, is a strategy that an organization implements to hire, train, and retain talented employees. This strategy has been identified as one of the most important focuses for HR departments and an effective means of adding value to a business. While most large companies have implemented systematic talent management practices to ensure that they are maximizing the potential of their workforces, many growing companies do not have a strategy in place. To gain an advantage over more established competitors, growing companies must adopt workforce performance improvement programs based on talent management best practices.
A successful workforce performance approach stems from the organization’s mission, values, and goals. It takes a holistic approach to assessing potential and existing employees, examining all the strengths that each individual offers, and attempting to place workers in positions where they can most successfully advance the organization’s objectives. Talent management places a strong emphasis on bringing out the best in valuable employees through training and growth opportunities, and incentivizing them to stay loyal to the organization by investing in employee satisfaction and retention efforts.
To improve workforce performance, an organization may implement several strategies at various stages of the employment cycle. When seeking to hire new talent, a business should:
- Provide job descriptions that clearly explain the duties and requirements for each position and also align with the goals and values of the organization.
- Seek candidates who would not only fulfill the job requirements, but would also fit comfortably with the organization’s culture.
High-potential employees realize that they are desirable to other employers, so enticing them to remain committed to the organization is an essential element in improving workforce performance. Effective incentives include training and advancement opportunities, a work-life balance, and recognition of outstanding performance. Specific strategies to retain and foster the development of talented employees include:
- Facilitating the transfer of information regarding high-potential employees across the organization so that various departments may identify talent when opportunities arise.
- Providing effective training, coaching, and mentoring for new and existing employees. One training strategy is to rotate high-potential employees through various departments to expose them to different functions within the organization.
- Offering constructive feedback to provide employees with a clear picture of the strengths they bring to the organization, as well as the areas in which they may be able to improve.
- Rewarding exceptional work with compensation and other incentives.
- Identifying key drivers and behaviors impacting the company’s ability to engage employees in their roles. By gaining an understanding of employees’ needs and aspirations, employers may create individualized plans for growth and development within the organization.
Finally, a successful talent management approach will include exit interviews for employees who choose to resign or retire. Such interviews provide HR managers with an honest assessment of the organization’s weaknesses and allow them to implement changes as necessary to retain other valuable employees.
The people who comprise an organization are crucial to its success. By maximizing the value of a strong workforce, a business will improve its bottom line and gain a talent-based advantage over its competitors.
You don’t have to be a Fortune 500 company to attract, develop, and retain the strongest talent in your industry. CBR’s Human Capital Management services help growing companies efficiently implement the management best practices of their more established global competitors. Contact CBR today to start making the most of your talent pool!
(Sources: www.forbes.com, humanresources.about.com, www.forbes.com).