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Optimizing the talent management process is crucial, since studies show that, companies that place the appropriate people in the right jobs have a 42% lower turnover rate. Despite the importance of having an effective talent management strategy, research conducted on 300+ executives show that only 38% of companies have a strategy at all (See Figure 1).1
In this article, we explore the top 9 talent management best practices to help businesses optimize their talent management processes and to build a skilled and engaged workforce that drives business performance.
Source: Statista
Figure 1. Percentages of companies with talent management strategy
What is talent management strategy ?
Talent management is the comprehensive process of acquiring, developing, and retaining skilled employees to meet an organization’s strategic goals. It includes:
- Recruitment processes
- Performance management
- Learning and development
- Succession planning
- Employee engagement and retention.
Why is an effective talent management strategy important?
Research shows that employee engagement dropped from 68% to 62% between 2021 and 2022 (See Figure 2). Talent management is critical for business success as it ensures that businesses have the right people in the right places. Effective talent management strategies aid companies in:
- maintaining a competitive advantage
- increasing employee engagement and satisfaction
- lowering turnover costs
- cultivating a high-performing, dynamic work environment.
Source: Statista
Figure 2. Employee engagement score globally from 2011 to 2022
9 talent management best practices
1- Automate performance management
Automate performance management by using AI-driven tools that facilitate real-time feedback and continuous performance evaluations. Performance management software can help set clear expectations, track progress, and offer personalized feedback.
To learn more about performance management automation, check out our article.
2- Optimize workforce planning with AI-driven solutions
AI can help optimize workforce deployment by:
- Analyzing skillsets, workload, and project timelines to match employees with the most suitable tasks.
- Identifying areas of the organization where AI automation can boost efficiency, allowing employees to focus on higher-value tasks.
- Recommending organizational changes or resource allocations based on predictive modeling to optimize workforce utilization.
You can learn more about HR workload automation through our article.
3- Provide personalized learning and development opportunities
Provide personalized learning and development opportunities by implementing AI-based learning platforms that offer targeted training recommendations. Create individual development plans aligned with each employee’s career goals and skillsets.
Learn more about HR process automation benefits and use cases through our article.
4- Automate onboarding and off-boarding processes
According to a study, 88% of employees feel that their company does not properly onboard new hires.2 Companies can automate onboarding and off-boarding processes to ensure a smooth transition for new hires by streamlining the onboarding process using automated workflows and digital technologies. They can also standardize off-boarding practices to preserve company knowledge and acquire insights for future enhancements and exit planning.
Check out our article on automated employee onboarding to learn more.
5- Implement AI in recruitment
Utilizing AI-based recruitment tools can drastically speed up the hiring process and aid in more accurately identifying top talent. Businesses can use AI algorithms in hiring procedures like:
- Resume screening: Employers can quickly sift through a large number of applications and identify applicants who meet particular job requirements.
- Chatbots: With little to no human involvement, chatbots can be used to schedule interviews, answer frequently requested questions, and automate initial candidate interactions.
- Predictive analytics: They can be used to examine patterns in applicant profiles, giving useful information about potential performance and organizational culture fit.
Companies can improve their hiring procedures and ultimately make better hiring decisions by adopting these AI-driven solutions.
6- See the work environment from the employees’ eyes
Research shows that the top reason to quit a job is the lack of career development and advancement (See Figure 3).
Source: McKinsey
Figure 3. The top reasons to quit job
To see the work environment from employees’ perspective and to understand their thoughts and feelings about their job, conduct employee sentiment analysis using AI-powered sentiment analysis tools. You can get relevant data by regularly soliciting employee feedback through online surveys, focus groups, or one-on-one meetings. This way, you can gauge employee satisfaction, uncover potential areas of concern, and develop effective employee retention strategies.
For more on employee sentiment analysis, check out our article.
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7- Make data-driven decisions
Make data-driven decisions by leveraging HR analytics tools to track key performance indicators and identify trends. Use data insights to optimize talent management strategies and address emerging issues.
To learn more about the benefits of HR analytics, you can have a look at our article.
8- Build a strong organizational culture
Building a strong organizational culture that fosters open communication, collaboration, and innovation is essential for creating an environment where employees feel engaged, valued, and motivated. According to 37% of employees, receiving more individualized praise would motivate them to consistently perform their best work.3
Encouraging employee participation in company initiatives and decision-making processes can lead to:
- increased job satisfaction
- better performance
- higher retention rates.
9- Promote a strong employer brand
Establish a robust employer brand by communicating the company’s values, culture, and career opportunities through various channels, such as social media and job boards. Encourage employees to share their experiences and serve as brand ambassadors, building a positive employer reputation.
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If you have any questions on talent management, we can help:
Find the Right Vendors
- “2022 State of Talent Optimization Report” (PDF). HubSpot. Retrieved April 10, 2023.
- “Why the Onboarding Experience Is Key for Retention“. Gallup. Retrieved April 10, 2023.
- Hastwell, Claire (March 2, 2023).”Creating a Culture of Recognition“. Great Place to Work. Retrieved April 10, 2023.
Begüm is an Industry Analyst at AIMultiple. She holds a bachelor’s degree from Bogazici University and specializes in sentiment analysis, survey research, and content writing services.
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