Human capital should be given as much attention to as financial capital.
Having a great financial structure in place without great people gets you nowhere. Talent management is an inclusive strategy that needs to be implemented and followed to ensure the success of your business. Human capital should be given as much attention to as financial capital. While financial capital might mean the sum of all your monetary assets, the human capital defines the skill, knowledge and effort needed to drive your finances forward. Talent management will not only help you attract and retain your best employees but it will ensure the sustainability, growth, and success of your business. Below are some important strategies you can execute for effective talent management practices in your organisation.
Each employee has their own KPIs and in order to be able to fulfill their job requirements, they have to be competent. One of the best ways to manage your available talents is to test their performance. Using this technique, you will be able to understand if your employee is underperforming and take an action accordingly. Identifying your employees’ weaknesses and strengths can leverage great results in terms of optimising their abilities. People do not like feeling like they are under the microscope and micro-management is not an effective way to measure your employees’ performance as it requires time and might stifle their creativity. As a manager, you should be able to measure the performance of your staff members quarterly with the intention of appreciating the hard workers and pushing forward those who are under-performing.
Talent management goes beyond acquiring, hiring and retaining. You cannot encourage talent development without performance management. Identifying high performers and appreciating their talent will take your business to another level. Allowing your employees to undergo relevant training sessions is a must in today’s competitive workplace. Every industry should be able to enhance the progress of their employees by investing in leadership development plans and coaching their staff members. Building a culture of learning and development will give your business the chance to keep up with the competitive market. Investing in your best employees will introduce great opportunities and training under-performers will not only help them grow but will increase your employee retention rate and will motivate them to achieve great results.
Whether they are intrinsic (a simple thank you or certificate of appreciation) or extrinsic rewards (extra leave days, financial compensation, commission, gift cards), rewarding and recognising your employees will ensure they commit to the success of your business. According to a recent human behaviour study conducted by Harvard University, rewarding people will make you them more cooperative. Recognising your best employees is a fundamental part of talent management. If the employees are provided with the reasons they are being recognised, they will understand exactly how to take your business forward and concentrate on providing the same quality of work or even higher.
Implementing a talent management strategy goes beyond the human resources department. It should be adopted wholly and embedded in the core values of any organisation. Talent management is an integral part of your business’s success plan as your employees are the pillars of your organisation.
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