All successful organizations, no matter how large or small and regardless of what industry they are in, invest in talent management to select and retain the best person for each job. Organizations that confidently execute scientifically precise processes are the resilient leaders of most industries. Currently available technology can close the gap between desired performance and accurate hiring selection and retention, enabling hiring managers and recruiters to recognize the best person when they walk through the door.
Accurate hiring selection is essential to retain top performers. Employees who fit into the values and culture of the organization are more engaged, and remain with the organization long-term. They require less management and become the leaders and go-to people for both internal staff and clients.
Organizations that take a strategic approach towards talent management are
- 33% less likely to lose critical-skill employees,
- 18% less likely to lose top-performers, and
- 18% more likely to be financially high-performing
- They are also 4.5 times more likely to have a high level of employee engagement
From Watson Wyatt/World at Work, 2008, 2009 & 2010 “Global Strategic Rewards Report.”
As these high-performing organizations realize the compounding benefits of strategic talent management year after year, they are in a position to gain, or at least maintain, market share.
An integrated talent management process such as Strategic Talent Management offers, gives organizations the ability to capture, analyze, and report on talent information. This approach empowers managers and employees alike by providing tools that can be used across the entire talent lifecycle. This covers recruiting and hiring, onboarding that makes the new hire productive and innovative succession planning and organizational alignment that allows for a clear and consistent future.
Empowering managers and top talent through science and technology may allow us to someday displace “recruitment and retention” as a typical CEO’s number one concern. Here are questions to ask about your organization’s talent management processes:
- Do we have clear measures or parameters on our culture and management style to determine “fit”?
- Do our talent management processes routinely result in hiring Top Performers? Or at least, do they provide the development direction for improving performance of a new hire?
- Do we have an effective on-boarding process? What is the percentage of new hires who leave us within 6 months of hire?
- Do we know what a poor hire actually costs us? Conversely, do we have clear measures on how a Top Performer benefits the bottom line?
- What is our “brand” among potential employees?