TalentQuest’s advice about how to create a talent management process—before you buy software to speed it up—includes advice to spend enough on your high performers to keep them producing. They can be between 100 percent and 1,000 percent more productive than average employees, for only 25 percent more in salary. And, it’s key to identify where future talent is coming from; you may be facing shortages in the next several years, so work on succession planning and leadership development.
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Download NowAs you work on your process, here are more tips from TalentQuest:
- You may need a partner. Lacking the internal expertise to build a process on your own, you may be better served to find a business partner that has been down the road before. Find one who can help you understand your needs before recommending a system.
- Fit the system to the process, not vice versa. Most technology vendors will tell you anything to sell you their software. If a vendor isn’t willing to help you design the right process, they’re not the right choice for you.
- Get buy-in from your senior management. You’ll need a champion from the C-suite, so get him or her on board as early as possible in the development of the talent process.
- Involve line managers. They’re the people who will put your strategy into action. Listen to them on the front end of process design, and you’ll be less likely to make missteps. They can also be crucial to helping explain the business rationale for the process development and ensure that individual efforts along with business objectives.
- Build a baseline of competencies that help you identify top performers and develop others.
- Drive retention with performance management, not supervisor-driven performance assessments. Done well, talent management can make assessments more meaningful and less subjective.
- Develop tomorrow’s leaders in time for the massive retirements of the baby boomers. You need experienced executive talent, so invest the time and effort in your current employees to supply your future needs.
Related article:
3 Steps to an Effective Talent Management Process