Talent Management as a Business Strategy

By Connie Gee-Abate, Strategic Initiatives, Greater Tampa Chamber of Commerce

Talent Management is a business strategy to attract and keep top talent to help create a culture of performance where everyone focuses on organizational prosperity. The processes of talent management include recruiting, hiring, retaining, and developing productive and enthusiastic team members who are willing to take on responsibilities beyond their job description. These individuals, sometimes referred to as “A-Players” have the potential to make the organization one of the best places to work, attracting other “A-Players” in the process.

Recruiting sets the stage for talent management outcomes. The purpose of recruiting is to attract and hire as many qualified job candidates as possible using numerous communication channels. There are a variety of recruiting methods including job postings, referrals, school and college job fairs, advertising, employment agencies, executive search firms, the internet, and social media platforms such as LinkedIn. Job postings within the company allow aspiring team members to acquire a new or better position without leaving their existing company. This method builds morale with all team members and is a cost saving strategy that builds employee satisfaction, commitment, and retention rates. If the candidate has the right skills and is the right fit for the job, the time to fill and therefore the cost to hire is minimal. It also eliminates the time consuming and costly on-boarding process. What is usually necessary is supplemental training for someone who already understands the organizational culture and expectations, which strategic workforce planning will already have defined in the training and career development tactics. The internal fill can inspire others to develop their skills to qualify for other positions that will enable them to be elevated within the company.

External recruiting methods such as job fairs and working with career services professionals at local schools and colleges are two of the best methods to identify the right team player before the candidate finishes their academic pursuits. The positions are usually entry-level or offer training programs, but can also be positions looking for candidates with managerial, professional, and technical skills. Recruiting from schools and universities also enables the company to establish a presence on the campuses and develop relationships with key decision makers. Using this method requires an early start since most graduates begin looking for jobs a year in advance of graduation. Some accept a job in the fall with a start date in the summer after their graduation.

Once a candidate has been selected, hired and on-boarded, the next key performance indicator is talent retention, which is measured by turnover rate, the number of employees lost compared to the number of employees.  Numerous methods of retaining talented performers and their knowledge include excellent benefit plans and programs, utilizing effective engagement practices, and fostering a culture of real-time feedback, recognition, and reward. Current job candidates including young professionals also value coaching and career development as key strategies to drive retention. Creating a welcoming work environment and high-retention culture serves as a way for a company to operate more efficiently and effectively.

Career development is usually a part of any training program for new hires and existing team members. The purpose is to sustain an organization’s strategy by continuously improving the competency of the workforce. If there are plans for growth, then well-trained team members are necessary to achieve the goals for growth no matter if they are new or seasoned.  The type and extent of new hire training is dependent upon the level of experience. Many companies hiring college students usually have extensive training programs to compensate for the lack of experience. Hiring inexperienced people for entry level positions and lower compensation rates helps a company develop a strong “promote from within” career development policy. The downside is that the company could end up training team members that take their newly acquired skills to another company, including the competition. Other methods of retention need to be part of the workforce strategy to overcome these potential challenges.

Some segments of the workforce such as millennials look beyond the basics for job satisfaction.  This dominant part of the workforce considers themselves to be individuals with their own point of view (Pollak, 2016), and they look for customization of jobs, hours, and career paths. They like to create their own job titles, have flexible hours, and move around and try different career paths. They value their individuality and expect the same from their employers. If a deficiency is perceived, millennials will take their talent and potential elsewhere.

To overcome some of the challenges of identifying the talent to be developed, some companies have hired in-house head hunters. These team members look for the qualified candidates and bring them to the attention of the decision makers for promotion and advancement considerations.

Organizations that align their talent management with the overall business strategy focus on prioritizing and continuously improving talent management offerings, clearly define career paths, communicate talent management programs across the organization, and measure outcomes. These high performing organizations understand the value of their investment in their in-house talent and realize that it all starts with effective recruiting.

 

Are you hiring? Come to the “Talent Management Best Practices” on June 1st.

The program provides an opportunity to participate in a reverse job fair and meet Tampa’s local academic career services professionals from Hillsborough Community College, Hillsborough County Public Schools, Saint Leo University, Stetson University College of Law, The University of Tampa, and the University of South Florida. Ideal for company recruiters, human resource managers, and talent management professionals. An additional 30 minutes has been allocated for networking after the program.

Click here for additional details.

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About Greater Tampa Chamber of Commerce

The Greater Tampa Chamber of Commerce is a not-for-profit business membership organization that helps promote the businesses and business interests of our members. We come from diverse backgrounds: from small businesses, big corporations, government bodies and the military. United, we become a single, unifying force with the power to shape the future of Tampa Bay.