Talent management is critical
As organisations are forced to make redundancies in a bid to reduce costs we need to work hard to retain existing talent not only to make sure the business has a pipeline of future talent but to support business continuity and protect the employer and consumer brands.
Businesses which don’t focus on retaining talent run the risk of losing out to competitors who are on the look-out for skilled individuals. Investing in employees and equipping them with the skills to ensure the business is efficient, customer-focused and productive can protect employers against employees opting to work for the competition.
Rewarding Talented Staff
For businesses with high staff turnover it is even more important to retain a talented workforce. Even in a recession, pressure is on for organisations to retain trained, skilled managers and attract experienced staff. Employees can and will vote with their feed if you don’t demonstrate and deliver on your commitment to them.
The right benefits, rewards and training opportunities, for example, are simple and effective steps employers can take to ensure they retain key employees.
Put talent in place for future recovery
Against a background of restrictions on recruitment, reduction in graduate training schemes and cuts in compensation, rewards, benefits and training spend, organisations in all sector need to get creative when it comes to engaging and developing their people and planning their talent pipeline for the future.
Everyone needs also need to plan for the future – and succession planning is key. The right succession plan is vital to develop people and ensure you can add value to employees and the organisation. Capturing and accessing accurate HR data ensures this is possible.
Accurate management information also enables managers to make more effective use of their time by offering an in-depth analysis of people issues and trends. Because the business can target its resources to key areas of development it is in a much better position to manage and reduce costs.
To find out more about Talent Management read our article explaining how retention and reward are vital for organisations to hold on to their most talented employees - click here