Home > Good Talent Management Practices for Organizations

Good Talent Management Practices for Organizations

Employee engagement in the United States has experienced a sharp decline since its first annual decade, dropping from 36% to 34% from 2020-21 (Harter, 2023) Due to a lack of engagement in workplaces, productivity rates are declining. The absence of good corporate culture is one of the reasons, which is leading to a higher risk of turnover. This in turn has helped increase the popularity of gig jobs, giving full-time employees the alternative to switch to remote work lifestyles, thus attracting freelance talent.

Companies can’t be mobile and flexible like gig economies but they can make great decisions when it comes to talent acquisition and management. Talent may mean different things and may refer to a combination of knowledge, expertise, emotional intelligence, the ability to speak multiple languages, or having a highly neurodivergent and skilled candidate. It can also indicate increased efficiency, better internal mobility, and optimization of operational expenses without compromising on the quality of output or performance. The secret to success and scaling up lies in not just hiring talent but also in engaging and retaining it (Katz, 2021).

Here are 7 ways you can improve talent management in your organization today:

Identify Your Business Goals

Before hiring new talent, it’s important to determine your long-term and short-term goals. Your values must align with your mission and motivation should be intrinsic. Passion alone isn’t enough and it takes discipline to sustain ongoing efforts. Your business goals will serve as the blueprint to your ultimate destination and influence organizational culture. It will also make it easier to seek the right expertise and search for the right people.

Give Benefits

90% of employees will agree that benefits are the biggest motivator behind their work ethic and it also increases engagement. Employees who are better engaged with the company are more willing to be in alignment with the company’s goals and mission.

A study by the Society for Human Resource Management reported that 90% of employees said that healthcare is extremely important while 83% agreed that flexible work hours are critical to their well-being. Another study by the International Foundation of Employee Benefit Plans revealed that employees performed with high levels of productivity and efficiency when they were offered various benefits such as paid leaves, retirement planning, healthcare, flexible work hours, and health and wellness benefits (Kathy Haan, 2022).

Career Development Opportunities

One of the best ways to improve talent management within your organization is to provide career development opportunities. Create a learning environment in your workplace, encourage positive habits, and provide upskilling opportunities to your employees. Establishing a formal mentorship program is highly advisable as the opportunities enable employees to acquire relevant job skills and experience which in turn benefit the business. Career development programs promote a culture of smart work, maximize efficiency, and promote healthy work-life balance, thus leading to increased engagement and job satisfaction.

Deliver Value

Define your value proposition and share it with the team. What value is your organization providing to the talent? No matter the current state of your talent management, delivering value is always a proven and timeless classic when it comes to winning over people and building powerful workforces. Your talent is likely to stick around for a lot longer besides the lucrative pay if the company’s vision is strong enough.

Build Friendships

Ensure that the leaders of the organization, practice empathy and understand problems from the talent’s perspective. It will enable streamlining collaborations and foster a culture of excellence and discipline in the workplace. It creates a sense of belonging for the employees when leaders interact and socialize with the team often.

Set Boundaries

Set clear expectations for your team. It’s important to give clarity to your employees and let them know when they are underperforming or not. At a foundational level, talent underperforms when it’s bored, disengaged, or confused about what to do. Setting SMART goals and establishing responsibilities from the beginning makes this much easier. Smaller goals help to stay on track, makes tasks manageable, and help in achieving long-term milestones.

Evaluate and Review

Evaluate and review your team’s talent management practices every 6 months. Reviews are not everyone’s favorite topic but it is important. 92% of employees themselves have said that they want to talk about their performance more than just once a year. Daily feedback also boosts engagement by 3x over yearly feedback.

You can also incorporate an effective performance management program in your organization to complement this. (Pollock, 2023)

How can we help?

If you need help with your talent management strategy, look no more.

Cacti Global creates flexible workforce models and provides a variety of reskilling and upskilling programs. We chart out plans and brainstorm creative ways to solve the talent puzzle in organizations and advance careers at the same time. To know more about our talent management solutions, visit our website.