3 Steps for a Complete Talent Management Strategy
Talent management strategy
It has to be viewed systemically. There is no value in doing a great job recruiting and hiring top people if you can’t retain them. There is no value in training and coaching employees unless you know what talents and competencies are driving the high performance. It’s only by bringing all the pieces of talent management strategy together into a comprehensive workforce plan that you can realize the immense value it holds.
STEP 1: The first step in your talent management strategy is to develop performance plans for each person you manage.
When creating these individual performance plans be sure to include:
- What specific activities or tasks the person will be doing, and when and where.
- How the person’s performance will be monitored, measured and rewarded.
- How the person will be coached, trained and developed.
- How the person will be compensated and incentivized.
- How the person will be retained.
Spend some time developing your individual performance plans. Be sure to keep an eye on your high performer models to evaluate the success of your performance plans as well, and adapt the plans as needed.
Generally, the traditional human asset valuation methods utilized at HireSmart include the following:
- Cost-based Valuation. This method looks at acquisition or replacement cost. The costs of recruiting and hiring an employee can be assessed. Alternatively the person’s annual gross remuneration can be used as a base.
- Market-based Valuation. The price to be paid in an open market must be a reflection of the value of a person. Value is very difficult to assess, and it does not take account of the value of service continuity in itself.
- Income-based Valuation. The cash inflows expected by the organization related to the contributions of the human asset, calculated as the present value of the expected net cash flows. This is good for individuals whose efforts are directly related to identifiable income (like sales talent).
We can assist you developing a talent management strategy that will lead to long term productivity and performance gains and increased profits. Give us a call today or contact us to begin planning your high performance work system.
After you’ve developed your performance plans, your will want to establish your Human Asset Profiles and track your Human Asset Investments. Stay tuned for more on these topics and look forward to the discussions about next two talent management strategy steps!