Employee Management – How To Manage Your Most Valuable Asset
What does Talent Management mean to your business? It is often said that your employees are your most valuable asset. But do you truly value them as such?
To do so, the whole Talent Management process must be well established and ingrained in every aspect of your business’ process and culture, from recruitment to performance management and succession planning. The more effectively you manage and value your employees the more ROI you will see, ensuring your organisation a low staff turnover and increased profitability. According to a report published by Oxford Economics in 2014, replacing an employee costs a business £30,614.
Sourcing top talent is not easy. There are many candidates out there but depending on the nature of your business, few are likely to possess the skill sets and experience you are looking for. An employee is an investment in your business, you want the best you can get and that often means competing with other employers. Having a Talent Management system in place will give you a clear advantage by showing you are investing in career development and learning opportunities.
Engage your Talent
You can typically tell a lot about a company by looking at its staff turnover. Organisations who provide a good working environment with opportunity for development will more likely retain their employees for longer and ensure they are productive, accountable and contributing to the business’ commercial and cultural objectives.
Keeping track of each employee lifecycle will allow your organisation to manage individual performance, learning requirements and plan successions accordingly. Not only does it keep the business on top of skills acquired and needed, it also gives employees a sense of belonging to a company willing to invest in them. The companies listed in the ‘Sunday Times Top 100 Companies to Work For’ all share one trait: they attract top employees by providing growth plans and a stable work environment.
Talent Management Data
Information on your employees is vital – but having a Talent Management system that consolidates everything in one place is a valuable source of information for any organisation that puts their people first. It allows you to understand the gaps in talent, manage learning needs, plan and nurture your future leaders and last but not least, keep track of skills and knowledge when employees decide to leave. It also allows you to adapt to any sudden company change.
Managing talent by having a clear process and vision in place will make your company more productive, efficient and provide clarity on employers and employees needs.
Download the e-book ‘Top 10 Recruiting Metrics HR Should Care About’ to get more information on Talent Management.
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