Effective Talent Management Strategies (Part I)
Businesses that want to compete in the global economy and capitalize quickly on new opportunities need to have a strategic talent management process that builds the right workforce to achieve the precise execution of organizational goals. Companies can only attain true success when they are able to anticipate and tap into new opportunities before the rest of the market catches on. This is one of the reasons why an effective talent management strategy is essential for business growth.
An effective talent management strategy is one that’s aligned with organizational goals. This helps clarify job roles for each employee and demonstrates the value of employees to the organization thus increasing their level of commitment and ultimately performance output. To achieve such results, organizational goals must be clearly communicated and understood by every employee.
Managers should be able to access the goals of other departments so they can find ways to support each other and identify areas where they may be unintentionally working at cross purposes. Organizational goal alignment keeps employees on the same page with everyone working towards the same objectives thus reducing redundancy within the organization.
An effective talent management strategy allows the organization to adopt a proactive approach as opposed to a reactive one. Hiring Managers can fill critical talent management needs quickly, address company and industry changes promptly and identify essential skills to be developed in all employees thus minimizing training costs by focusing on key development areas.
Hiring Managers are also able to improve recruiting processes by identifying high-quality candidates using job descriptions based upon the expertise of high performing employees holding uniquely valued company or industry competencies
Essentially, goal alignment strengthens your leadership and creates organizational agility by allowing managers to focus employees’ efforts on your company’s most important goals as employees get to understand more clearly all responsibilities associated with specific goals. It also strengthens accountability by assigning measurable and clearly articulated goals that are visible company-wide.
Let’s take a look at a practical example of an effective talent management strategy.
Case Study: Sunrise Lagoon Resort
Sunrise Lagoon Resort shifted strategic focus and realized it was critical to their success that everyone were aligned and working on the new set of goals together.
Sunrise Lagoon Resort communicated the new brand direction, goals and introduced success factors software modules: Performance Management, Goal Management and Succession Planning to drive the talent management process throughout the organization.
By aligning and communicating goals company-wide, Sunrise Lagoon Resort created an environment of transparency where everyone is working toward the same goals and the end result was impressive, both company- and industry-wide. Guest satisfaction goal, measured by market metrics, rose from 5th place to 2nd place in their competitive set in 2016.
The Resort achieved stronger employee satisfaction results year-after-year. By narrowing their focus and having visibility and alignment throughout the organization, everyone knew the part they had to play in achieving the company’s goals.
Written by Genevieve Craig