Ask any successful organisation what they consider to be the most important factor which has led to their success and they will give you one answer across the board. Their people. The backbone of your organisation who are the source of continuous innovation and hold great influence on whether you succeed, or fail.
A company with great employees and an average product can go well over and above a company the other way around. Are we surprised? Not really, because the value proposition of any offering relies on so much more than just the physical properties you see at the end of the chain.
The key point here is that finding, selecting, developing, and retaining are among the most important things a company needs to keep at the forefront of their mind as not giving enough respect to talent management could come back to bite you.
If you came into your office one morning to find that your laptops and personal files had gone missing, you would immediately commence an investigation to find out who was responsible and what can you do to recover your assets. So why don’t we treat employees in a similar fashion? Was an investigation launched? Did anyone go out to find the reasons why they left and make any effort to bring them back? Probably not. Despite being commonly referred to as your most valuable asset, employees are much more willing to switch jobs and can come and go before you know it if they are not properly managed.
High levels of turnover can wreak havoc for an organisation, especially for key staff with workflow disruptions and project delays, not to mention the psychological and cultural damage that can be done to your organisation, costing anywhere between 70% and 200% of that employee’s compensation. Consistently research has found that organisations who focus on talent management as a primary objective have employees who are more satisfied and engaged with their jobs and much more likely to stay with you and increase performance.
Many successful organisations are the ones who have realised this and have taken substantial steps in developing emotional engagement with their employees. Proctor & Gamble CEO Robert McDonald believes that his organisation’s Purpose, Value and Principles are the cornerstones of their culture, and encourages each employee to measure themselves against the goal: How many lives have I touched this year? By evoking strong emotions in their employees, Proctor & Gamble helps them invest in the company and give meaning to their brand.
A lot of this information is nothing new to many organisations in today’s day and age. We already know that employees are no longer solely interested in salaries and benefits and must look for other ways to attract suitable employees. However, what really ties them to an organisation is a lot simpler than many people believe. Happiness. There are a thousand and one ways to achieve it, with benefits piling in from both ends of the spectrum. You as the employer, get more productive and creative staff and will be more likely to work towards a common goal, whereas employees will feel more valued and open to taking on new tasks and developing and growing with the organisation. Typically, the further away from the centre of an organisation an employee sits, the lower the level of empowerment and the greater the level of erosion in trust and confidence, providing opportunities which should be seen as a requirement to make your work environment a more attractive place to work.
So what does talent management do for your organisation?
The cost of having to recruit new members and catch them up to speed with the organisation can be steep, especially if you are doing it consistently.
This goes beyond just the capabilities of the employee but also means that you will attract and retain people who are a ‘good fit’ for your organisation.
Better understanding of employees
Knowing how to manage your most important resource will allow you to keep driving your organisation to new heights and ensure that your workforce is aligned with your objectives.
Your employees will make a conscious effort to better themselves and increase their worth both personally and professionally. Companies which plan for internal growth for their employees are likely to have satisfied and engages people.