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Why Companies Should Invest In Talent Management Solutions

Talent management plays an important role in the recruitment, development and retention of talented employees for most organisations.

For companies this means that talent management must be the business strategy as it includes one of the most important assets for the business – it’s people.

This is why companies need to effectively manage staff to develop their capabilities and skills in order to retain them. Here are some key reasons why companies should invest in their talent management process.

 

Attracting top talent – employment brand reputation

Your company’s reputation with customers isn’t merely critical to the success of your business. It’s also a very major factor in attracting top talent employees to your company.

Your reputation will do one of two things. If your reputation is where you’d like it to be, it's going to make your recruiting efforts a whole lot easier. Unfortunately, if your reputation is poor, it’s going to be a significant constraint to the growth of your company because you won’t be able to attract the type of employees you want with the level of skill and expertise that you need to achieve your company’s goals/objectives.

This is especially true when you’re trying to recruit for hard to fill, senior level positions.

Maintaining a strong employment brand that could attract potential talent will in turn, contribute to the improvement of the company’s business performance and overall results.

 

Employee motivation

Having a talent management strategy in place helps organisations keep their employees motivated which creates more reasons for them to stay in the company and enjoy their work. In fact, 91 percent of employees shared that they wanted more than just money to feel engaged and motivated, as revealed by a Chandler Macleod industry survey.

 

Deliver a Competitive Package

Top companies know that a competitive benefits package is foundational to a strong talent management strategy. According to Unum’s Benefits Buyers Study, 78 percent of workers base their acceptance or rejection of a job offer in part on the benefits package.

For those employees already established in a company, nearly half say that they would stay with their employer because they are satisfied with their benefits. Keep in mind job hopping is no longer a barrier to employment, so employees may be more inclined to consider their options when they're presented with an enticing benefits package from another employer.

 

Continuous performance feedback

A good talent management solution equips companies to enhance and simplify the performance process and deliver continuous performance feedback for its employees.

According to IDC, organisations like GE, Adobe, and Deloitte are beginning to rethink performance management and are eliminating performance ratings as well as annual reviews.

Instead, they have moved to a more continuous feedback process with hopes that it will yield better visibility into true performance and provide improved business outcomes.

This dramatic change in performance management will take time to become mainstream and performance reviews will not quickly disappear, but employers are beginning to look for better ways to more continually track and engage on performance.

 

Increased employee performance

The use of talent management will make it easier for the companies to identify which employees will be best suited for the job. With the right employee in place it can lead to less performance management issues and grievances. It will also guarantee that the top talent within the company stays longer.

 

Engaged employees

Talent management allows companies to make systematic and consistent decisions about staff development. This can help guarantee the employees’ skills and career development within the organisation. Furthermore, employees will feel more engaged when there is a fair procedure for the development, can help to increase the retention rate.

 

Retain top talent

Create an environment that makes your employees feel like an asset to your company. When you truly care for your employees, they’ll care for one another, your customers and your business. Go beyond great benefits. Foster a workplace that thrives on trust and respect for all individuals — and protect that culture every day.

Create an open and honest work environment. Give feedback on work performed and be willing to listen to the concerns of your employees.

Make expectations and goals of the company clear. Well-structured on-boarding practices create higher levels of retention which saves the company on its recruitment and performance management cost in the long run.

 

Improve business performance

64% of employees do not feel they have a strong company culture which can negatively impact business performance.

Study after study establishes a strong connection between financial performance and company culture strength. Many organizations don’t realize just how impactful this connection can be.

Just as all managers need to understand how the can improve and what they need to focus on, employees need to understand what you are doing to improve their work environment.

The right talent management solution can help employees feel engaged, skilled, and motivated, allowing them to work in the direction of the company’s business goals, which in turn, increases client satisfaction and business performance.

 

Conclusion

Investing in talent management can be a great help for a company, but getting the right solution in place can take careful planning, time and expertise to implement across an organisation.

Axiom is a headhunting firm comprised of a network of people who are passionate about technology. We use our knowledge of the industries we focus on combined with advanced technology solutions to provide the most valuable service to our clients.

Learn more, contact us today: [email protected]

 

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