As winning the war for talent is reignited in a dynamic and disruptive business landscape, organisations are revisiting and redesigning their recruitment efforts. The talent economy has become increasingly candidate and skill-driven. But with inflationary pressures, there is an urgent need today for HR professionals to reduce the costs of hiring talent, while levelling up their efficacy in bridging the current skill gap.
Talent Strategy
he first step is to revisit the organisational structure and gain an accurate picture of the effectiveness of hiring decisions. Today’s talent strategy has to be a win-win for the organisations and their workforce and this can be achieved with a diversified hiring practice in place that can be broken down into the following three blocks:
Build, Up-Skilling Talent:
Upskilling and internal mobility is vital to retaining your talent. It also plays a significant role in heightening productivity when top performers are identified and enrolled into customised L & D programs to enhance their skills. Organisations must also support skill-building by enabling the democratisation of career growth opportunities. This can be done by outlining critical competencies for each role. This can help employees align their interests to the needs of the business, invest in their upskilling to take on new roles, and expand their current set of responsibilities.
Buy, Hire Talent
The panellists agreed that what you prioritise while hiring plays a significant role in the long term sustainability of your talent pipeline. Although this varies across industries and organisations, an internal assessment plan is vital. While hiring it’s necessary today to focus on LifeLong learners. Such candidates are invested in their self-growth and ready to take on new challenges by developing new skills.
When it comes to reducing hiring costs, campus recruitment and referrals are the most effective. A multi-marketing referral system that incentivises referrals across departments can prove beneficial.
The two components of building and buying talent can be also interwoven in experiments such as the train to hire models of campus recruitment, where skilling programs unique to the business context are designed and are rolled out in campuses. The top performers from these programs are then hired.
Borrow Talent
Today the gig economy for tech talent is growing by leaps and bounds. Given flexible employment models have fast become a mainstay, many highly skilled professionals can be hired on a part-time/contractual basis. Rather than relying entirely on in-house talent, companies need to strategize on how to best leverage such opportunities as they can contribute significantly to achieving business excellence and growth.
Through a diversified approach that has a bit of all three components mentioned above, you can maximise the returns of your hiring efforts. The panellists, however, agreed that even with the best hiring strategy and skilling tools, there remains one critical element that HR leaders cannot overlook: employer branding. It helps to retain your talent and ensure the desired candidates want to work in your organisation.
Leaders today need to continuously strengthen their work culture, to ensure that their recruitment drives are a success and their employees are engaged and productive. This needs to be supplemented with access to opportunities for their growth within the organisations. A resilient workforce invested in their self-growth then becomes the game changer in steering the business to new heights in the current disruptive world of work.
Talent Strategy Framework
A talent management framework gives structure to your plan to meet the human capital and business needs within the organization. It helps you make sure that you have everything in place to successfully execute on your talent management strategy and boost your workforce’s performance.
A good framework outlines different areas of talent management in your organization. It presents activities you can carry out in each area to maximize its effectiveness in your talent management strategy. Ultimately, it can serve you as a checklist when creating or iterating your strategy.
With a proper customized talent management framework, you can increase efficiency within the organization’s talent pool. Rather than guessing what needs to happen, a useful talent management framework gives you an edge on human capital management–you know what you need and how to achieve it.
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Why you need an effective talent management framework
The right talent management framework can help set up human resources and talent management for long-term success. Without a framework in place, measuring the effectiveness of talent management efforts, and identifying opportunities for improvement, can be challenging.
Implementing a coherent talent management framework can help your organization:
- Recruit and retain qualified workers. A successful framework includes a plan to identify and attract qualified workers with in-demand skills, along with steps to retain top performers. Identifying ways to strengthen your employer brand, make the hiring process more efficient, and support team members after they join can help your organization attract and retain qualified workers in today’s competitive market.
- Enhance company culture. Any decisions or actions in your talent management framework should tie back to your company culture, which includes your organization’s shared missions, values, goals, and behaviors. In doing so, your team can attract and retain workers who align with and are motivated by your mission and vision, which will help strengthen culture over time.
- Engage team members. With the right strategy and framework, your organization can take an ongoing approach to engaging team members. This might include distributing surveys to identify areas for improvement and what’s driving engagement. Another option is hosting town hall meetings for workers to give feedback and ask questions about the organization.
- Improve training and development. A key way to engage workers is to offer opportunities for training and development. As in-demand skills evolve, including team member development as a core component of your talent management framework can help you build workers’ skills and drive improved business outcomes as a result. Doing so can also help workers grow in their careers and feel more valued by your organization.
- Improve organizational performance. People are critical to the success of any company and having a detailed, measurable talent management framework in place can help ensure you have qualified team members in the right roles. As a result, this will better position your organization to achieve overall business goals.
Talent Strategy pdf
Functions as a supplement to a textbook for undergraduates studying Human Resources Management
Blends theory with practical guidance, making it easy to begin implementing analytics best practices
Comes with helpful video tutorials for using Excel to manipulate quantitative data
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