Streamlining your talent management strategy
TalentStreamlining your talent management strategy

Streamlining your talent management strategy

The right talent management strategy is of utmost importance to any organisation; supporting staff in their careers will bring various benefits to the workplace. Natalie Limerick, Director, Morgan McKinley discusses further. 

Employees are your biggest investment. Whilst it is not solely down to Human Resources departments, HR professionals are responsible for a large part of talent management. The primary benefit of a streamlined talent strategy is to reduce staff attrition, ensuring your top performers want to stay on. Beyond keeping your best talent, low attrition rates mean less money is spent replacing employees – on average it costs more than £30k to replace a single member of staff.

For this reason, it is unsurprising that organisations invest significant amounts of time and money in talent management processes and training. There are a few aspects to pay further attention to in order to consolidate talent management.

Succinct onboarding training

It can take some time to get new starters up to speed and feeling comfortable in their role – new recruits are often responsible for inflated turnover rates. If you don’t have the right processes available, employees are more likely to look for a new position early in their career with you.

With a seamless and well thought out onboarding process, they are exposed to company culture and processes as soon as they start. The first few weeks are a critical period in which new starters must get used to both the professional and social environment of the workplace.

Offering the opportunity for development

Everybody wants to further their career and improve their prospects. Development in the workplace reduces the risk of individuals feeling stifled in their role. Further to this, companies should prioritise internal promotions over hiring externally – this is a crucial aspect of retention as it not only displays to other employees what they can achieve, it ensures your best talent have the opportunity to grow and increases the likelihood that they will stay within the organisation.

  • Innovative learning experiences – engaging, different training methods are more attractive for employees
  • Take an active interest in each employee’s development – when employees feel supported and empowered they perform better and are likely to be retained
  • Promote a culture of learning – make it evident that continuous learning is the norm
  • Establish a mentor system – mentors can help facilitate development

Availability of diverse compensation and benefits

A key part of any talent management strategy is the recognition of strong performance. Implementing clear incentives and goals motivate individuals to stay in their position. These can be a wide range of things, from strong remuneration to the availability of a diverse benefits package.

This is especially important to the younger generations who are renowned for wanting increased flexibility to improve their work life balance.

Look after your employees and they’ll take care of the business

It doesn’t take a genius to work out that your workforce is responsible for success – it is common sense that it is worthwhile keeping your teams content in their daily work lives.

A happy and well incentivised office, in many cases, is a successful one.

By Natalie Limerick, Director, Morgan McKinley

What's Hot

HRD Roundtable Report: Levelling Up Onboarding for the Hybrid World

Roundtable Report HRD Roundtable Report: Levelling Up Onboarding for the Hybrid World 5 May 2022

10m

HRD Roundtable Report: Levelling Up Onboarding for...

Attracting new talent is shooting up the priority list, but also proving more difficult than ever. A...

View event
HRD Roundtable Report: Redefining Company Culture in Hybrid Work Environments

Roundtable Report HRD Roundtable Report: Redefining Company Culture in Hybrid Work Environments 26 May 2022

10m

HRD Roundtable Report: Redefining Company Culture ...

The process of redefining a company culture is a complex one. Culture contributes directly to the da...

View event
Learning to win the talent war: how digital marketing can develop its people

Whitepaper | Talent Development Learning to win the talent war: how digital marketing can develop its people

10m

Learning to win the talent war: how digital market...

This report documents the findings of a Fireside chat held by ClickZ in the first quarter of 2022. I...

View resource
HRD Roundtable Report: Strategies For Re-Engaging The Hybrid Workforce

Roundtable Report HRD Roundtable Report: Strategies For Re-Engaging The Hybrid Workforce 5 May 2022

11m

HRD Roundtable Report: Strategies For Re-Engaging ...

We know hybrid working is here to stay, forcing many organisations to experiment with innovative and...

View event
HRD Roundtable Report: Making it ‘Worth It’ – What We Need to Reward, Engage and Retain

Roundtable Report HRD Roundtable Report: Making it ‘Worth It’ – What We Need to Reward, Engage and Retain 3 March 2022

11m

HRD Roundtable Report: Making it ‘Worth It’ – What...

We know the pandemic has caused many people to revaluate their careers and relationships with work a...

View event
Dave Ulrich: How can business and HR leaders simplify complexity?

Leadership Development Dave Ulrich: How can business and HR leaders simplify complexity?

1y Dave Ulrich

Dave Ulrich: How can business and HR leaders simpl...

HR thought leader Dave Ulrich outlines ways leaders can deal with complexity in an increasingly busy...

View article
HRD Roundtable Report: Using HR Data to Inform Organisational Decision Making

Roundtable Report HRD Roundtable Report: Using HR Data to Inform Organisational Decision Making 5 May 2022

11m

HRD Roundtable Report: Using HR Data to Inform Org...

Historically, HR hasn’t been as effective as it could be in sharing and communicating data with wide...

View event
Digital transformation investment grows but critical skills gaps remain - Coursera report

Digital HR Digital transformation investment grows but critical skills gaps remain - Coursera report

1y Leah Belsky

Digital transformation investment grows but critic...

Covid-19 has accelerated the rate of digital learning on a global scale. Coursera's latest report pr...

View article
Wellbeing in the hybrid workplace: how to successfully drive engagement

Employee Engagement Wellbeing in the hybrid workplace: how to successfully drive engagement

1y Alara Basul | Sponsored

Wellbeing in the hybrid workplace: how to successf...

Remote working has impacted the way we communicate as a workforce, but striking the right balance be...

View article
How to create a company culture capable of empowering the modern workforce

Culture How to create a company culture capable of empowering the modern workforce

1y Alara Basul | Sponsored

How to create a company culture capable of empower...

While new working patterns that emerged from the pandemic have earned a permanent spot in the w...

View article
WATCH: Connection and collaboration in a hybrid workplace

Leadership Learnings WATCH: Connection and collaboration in a hybrid workplace

1y Amy Kirkham

WATCH: Connection and collaboration in a hybrid wo...

Alison Noon-Jones, VP of People & Culture at Leidos UK & Europe, shares how crucial employee engagem...

View article
Turbulence ahead: Why it’s time to be bold in your leadership

Leadership Development Turbulence ahead: Why it’s time to be bold in your leadership

1y Terence Mauri

Turbulence ahead: Why it’s time to be bold in your...

HRD thought leader and Hack Future Lab founder Terence Mauri sets out why the biggest risk to leader...

View article

Comments are closed.

What's Hot

HRD Roundtable Report: Levelling Up Onboarding for the Hybrid World

Roundtable Report HRD Roundtable Report: Levelling Up Onboarding for the Hybrid World 5 May 2022

10m

HRD Roundtable Report: Levelling Up Onboarding for...

Attracting new talent is shooting up the priority list, but also proving more difficult than ever. A...

View event
HRD Roundtable Report: Redefining Company Culture in Hybrid Work Environments

Roundtable Report HRD Roundtable Report: Redefining Company Culture in Hybrid Work Environments 26 May 2022

10m

HRD Roundtable Report: Redefining Company Culture ...

The process of redefining a company culture is a complex one. Culture contributes directly to the da...

View event
Learning to win the talent war: how digital marketing can develop its people

Whitepaper | Talent Development Learning to win the talent war: how digital marketing can develop its people

10m

Learning to win the talent war: how digital market...

This report documents the findings of a Fireside chat held by ClickZ in the first quarter of 2022. I...

View resource
HRD Roundtable Report: Strategies For Re-Engaging The Hybrid Workforce

Roundtable Report HRD Roundtable Report: Strategies For Re-Engaging The Hybrid Workforce 5 May 2022

11m

HRD Roundtable Report: Strategies For Re-Engaging ...

We know hybrid working is here to stay, forcing many organisations to experiment with innovative and...

View event
HRD Roundtable Report: Making it ‘Worth It’ – What We Need to Reward, Engage and Retain

Roundtable Report HRD Roundtable Report: Making it ‘Worth It’ – What We Need to Reward, Engage and Retain 3 March 2022

11m

HRD Roundtable Report: Making it ‘Worth It’ – What...

We know the pandemic has caused many people to revaluate their careers and relationships with work a...

View event
Dave Ulrich: How can business and HR leaders simplify complexity?

Leadership Development Dave Ulrich: How can business and HR leaders simplify complexity?

1y Dave Ulrich

Dave Ulrich: How can business and HR leaders simpl...

HR thought leader Dave Ulrich outlines ways leaders can deal with complexity in an increasingly busy...

View article
HRD Roundtable Report: Using HR Data to Inform Organisational Decision Making

Roundtable Report HRD Roundtable Report: Using HR Data to Inform Organisational Decision Making 5 May 2022

11m

HRD Roundtable Report: Using HR Data to Inform Org...

Historically, HR hasn’t been as effective as it could be in sharing and communicating data with wide...

View event
Digital transformation investment grows but critical skills gaps remain - Coursera report

Digital HR Digital transformation investment grows but critical skills gaps remain - Coursera report

1y Leah Belsky

Digital transformation investment grows but critic...

Covid-19 has accelerated the rate of digital learning on a global scale. Coursera's latest report pr...

View article