Gone are the days when your company’s market value was accessed on the basis of buildings, machinery and inventory. In current times, 85% of your company’s market value would be accessed on the basis of intangible assets that is knowledge, human talent and reputation.
The basis of Talent Management is doing “more with less”. Being the top Executive Search Agency in Germany, we have come across many cases where executive search is not enough. Management of this talent has become the most crucial part. Research in past has proved that companies who invest in talent management performs way better than their peers. Having said that, what different a company needs to do in order to make full use of its talent. Here are 7 talent management practices to make the most out of your workforce.
MAKE SURE THAT EMPLOYEE AND THE ORGANISATION ARE ON THE SAME PAGE IN TERMS OF GOALS
The foremost rule of talent management is that the individual goal of an employee is in line with the organisational goal. This would ensure maximum utilisation of the talent, instilling motivation to work to the maximum potential.
Any change happening at the top level should immediately boil down to lower level in order to increase adaptability. Timely counselling of workforce would help them come on track quickly and would ease out the transition process.
REGULAR EMPLOYEE REVIEWS COULD ENSURE BETTER EMPLOYEE PERFORMANCE
Employee reviews would help understand the progress and act as a source of motivation for every employee to work up to its 100% potential. Also a regular feedback would widen the scope of improvement and identify the skill gaps if any. This would be the perfect time to make plans to address performance gaps or expand the employee’s skills. This can be done with the help of training or by sponsoring some course. Such practices instill a feeling of belongingness and hence better performance.
Also employee reviews help identify low performers and hence actions can be taken to improve the situation. It can be a formal warning, or informal counselling.
FEEDBACK ON THE DAILY BASIS
Review is a long term process. The smaller version of this is feedback. A feedback on the daily basis through an email or during team meeting could help in maximizing the performance of every employee.
A positive feedback would give the boost to work harder whereas a negative feedback would pose a challenge on the employee and hence enough motivation to perform better in future.
PERFORMANCE BASED DEVELOPMENT
The cost invested in the current employees would be much lesser than investing in the new employees. Regular training programs in order to meet the changing skill needs of the company would ensure better performance.
The feeling of obligation that the company is investing in the skill growth of their employee could go a long way in better performance and low company turnout rate.
REWARDS ARE THE BIGGEST TOOL
You want to manage your talent pool efficiently, give them what they crave for most. Rewards are not just monetary, a simple pat on the back or vocal recognition can go a long way in getting most of the resources you have.