How to gain a competitive edge through strategic talent management
To outperform competitors and achieve strategic objectives, it’s clear that you need fully engaged, highly skilled employees who can drive success. But how can you make sure that you have the right people in place — especially in a competitive job market?
The answer lies in developing a robust talent management strategy: a plan to attract, hire, and retain people with the skills your organisation needs.
Senior Human Resources Business Partner, Marie Cosma, specialises in aligning people strategies with business objectives to achieve measurable results. Here, she outlines the essential elements you need to consider to develop a robust talent management strategy.
Developing a talent management strategy: what to consider
Align your talent management strategy with your business goals
By aligning strategy with goals, you’ll ensure that you have the skills and competencies within your workforce to support your company’s strategic direction. A good place to start is by reviewing your strategic goals and assessing whether they remain fit for purpose.
Next, focus on forecasting your future business needs and carry out a learning needs analysis to identify any skills gaps.
Then determine the skills you want to develop within your existing workforce; those you need to hire for; and areas where you might need external expertise on a contract or consultancy basis.
Build a compelling employer brand
To attract the right candidates, first impressions are critical. Think about why someone would want to work for your organisation. The answers form the core of your employee value proposition (EVP): the unique mix of values, culture, benefits, and employee experience that define your company.
A strong EVP paints a picture of what it’s like to work at your organisation, including intangible benefits like work-life balance, personal growth opportunities, and the sense of purpose employees can find in their roles.
Your EVP should be central to your recruitment strategy and clearly communicated across all hiring channels, from your careers website to job adverts and interviews.
Make smart hiring decisions
You’ve attracted a strong pool of applicants – now you need to choose the right person for the job. The cost of a poor hire can be substantial when you consider recruitment costs, lost productivity, and the impact on team morale. That’s why a streamlined and effective recruitment process is critical.
An efficient hiring process featuring clear job descriptions, thorough applicant screening, structured interviews and relevant assessments ensures objectivity, enabling you to fairly select the best candidate for the role.
You’ll save time and money by focusing only on the most suitable candidates. Being fast and efficient not only reduces time-to-hire but improves the candidate experience, enhancing your reputation as an employer.
Engage and retain your top talent
Retaining top performers is essential for sustainable success. And, with UK employee turnover averaging 34% as reported by the CIPD, it’s critical to have a clear strategy to keep key talent. The cost of losing skilled employees far outweighs the investment required to retain them and keeping the right people strengthens your culture improving the overall employee experience.
To improve engagement and retention, your workplace culture needs to align with your employees’ values. Implement practical initiatives like flexible working, provide opportunities for professional development, and celebrate and reward achievements.
Foster an inclusive and supportive environment by creating employee resource groups and regular feedback channels. By addressing what matters most to your employees, you can build a purpose-driven workplace that meets their needs and enhances their commitment.
Plan for the future with succession planning
Succession planning is a proactive approach that prepares your business for the future. By identifying and developing internal talent for critical roles, you ensure continuity and reduce the time it takes for new leaders to become effective.
Succession planning not only saves time and money but also builds employee loyalty, as team members feel valued and see a clear path for career growth.
A well-executed succession strategy creates a positive feedback loop — it keeps your best employees engaged and ready to take on new challenges, while also ensuring that your organisation remains agile and resilient in the face of unexpected changes.
Invest in talent development
Employees are more likely to stay if they see a promising future with your organisation. This is where talent management meets succession planning — preparing your current employees to step into key roles as they become available.
Identify high-potential employees and develop them into future leaders through mentoring, coaching, and challenging assignments that build their leadership capabilities.
Ongoing training and development programs are essential for enhancing your employees’ skills and preparing them for future roles. Encourage a culture of continuous learning and provide clear career paths.
How we can help with your strategic talent management
We’re here to help you unlock the full potential of your people. Investing in effective talent tools and initiatives will help you attract and retain the best candidates and create a working environment in which they can flourish and reach their potential.
Our organisational development specialists are ready to help you design and implement a tailored talent management approach that meets your specific needs — from attracting top talent to effective succession planning.
Contact us for a free consultation.
