Why PS Firms Should Align Talent Management With Business Objectives
As a business leader of a professional services firm, you'll already know the value of a talented workforce. Skilled employees that are enthused and engaged will finish projects on time, generate margins and retain clients - all of which are vital ingredients for business growth.
With high-flying talent so valuable - and so scarce - you'll therefore want to do everything you can to hold onto your best people and get the best out of your team.
But is your talent management programme effective enough? Is it taking into account the 'bigger picture'?
If your firm has a high staff turnover, or if it suffers from low customer retention and tight margins, then it may be that your talent management strategy is letting you down.
If it is, you are not alone.
According to news sources, replacing talent costs UK businesses over £4billion per year. With firms spending so much on recruitment, it can be safe to assume that staff retention is a big problem for many.
Beyond the HR department
Interestingly, there's usually an overriding reason why talent management in people-based firms fail.
Much of the time it's because the practice of talent management is assigned solely to the HR department to develop and implement when, really, it should have an holistic role to play across the entire firm.
So, why is this holistic, interconnected approach so important?
What talent management is really about
A successful talent management programme is about so much more than HR simply recruiting the right people, retaining them and giving them the skills and experience to succeed.
It's about fully aligning talent-focused development strategies to the company's overriding objectives so that both employee and the company they work for will prosper.
But, how do you go about creating this aligned strategy?
An aligned vision
The most successful talent management programmes are developed from the ground up on concrete evidence and insight from your company's business or enterprise resource system.
Companywide data that comes from all corners of your firm will mean you'll be able to create a meaningful, realistic picture about the day-to-day happenings at your firm. It'll also help draw attention to the real-life experiences of your staff and help you find ways of introducing practical ways of nurturing your workforce that will ensure your company's prosperity.
Once you have gained this operational insight, meaningful conversations can take place with your most valued employees to draw up a plan of action that has the interest of both parties - business and employee - in mind.
During these conversations, the employee will have a chance to voice their opinion about what they want, where they’re deployed and how they can go to the next level. Furthermore, it'll give them a chance to consider how their desired career path could help meet the aspirations of their employers going forwards.
You - the employer - will learn more about the specific capabilities of the employee and will be in a position to apply this new-found knowledge as a way of boosting staff morale, improving project utilisation and strengthening client relations.
Synergy between employee and employer
The benefits to rethinking your talent management strategy will be obvious. Staff will feel fully empowered and more engaged in their role and the business. Your firm's recruitment costs will be far lower and you'll benefit from a more aligned, purposeful and productive workforce.
With this in mind, is it time to revisit your approach?
If you want to know more about talent management, download our free guide "Retention and Development Strategies"