The 4 Pillars of a Powerful Talent Management Strategy

Talent management strategy

The 4 Pillars of a Powerful Talent Management Strategy

What are the main components of your organization’s talent management strategy? Even if you can rattle them off with ease, it’s always a good idea to revisit the core elements of your talent management system to ensure that they’re in line with the most effective business practices to maximize performance, drive engagement, and boost retention.

Are there any areas in your organization that could use a boost through targeted talent management solutions? Take a look at the list below to find out.

1. Planning
For HR professionals, this pillar encompasses everything from succession planning to handling compensation. LinkedIn Pulse contributor Tony Loyd recommends analyzing whether you’re offering the right combination of recognition and rewards to answer any compensation planning concerns you may have. In terms of succession planning, you can encourage your managers to hold stay interviews with their people to ensure that the right employees are being developed for future roles.

2. Talent Management Strategy and Recruitment

The importance of attracting, selecting, and onboarding the right candidates cannot be overstated. After all, your people are the pieces of your company’s puzzle, and ensuring that they’re the right fit is what will make your company efficient and profitable for the long haul, according to Chron. Make sure that you offer the benefits that your target employees want most in order to drive attraction.

3. Engagement & Retention
While there are many tactics that drive employee engagement and retention, one of the best ways to support these two initiatives is to ensure that you have an effective performance management system in place. This is an area that nearly all organizations could use some support in, so consider facilitating stronger feedback between managers and employees through performance software.

4. Development
Most learning and development initiatives lead to win-win outcomes for both the employer and its associates. Employees benefit by expanding their knowledge, skill-sets, and strengths; and organization can promote from within and enjoy higher levels of productivity and engagement, according to a recent news article.
While maintaining an effective talent management system is consistently challenging, there are tools available to help both line managers and HR teams to maximize outcomes and sustain continued improvement in the areas your company considers most important.

HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Talent Management Software, click the button below!

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