Talent management is currently one of the most important topics in the area of human resources. The fact that it is nevertheless neglected by many companies often has to do with the fact that they do not know at all how to promote and retain talent and what advantages they miss out on.
Good employees are a company’s most important asset and contribute significantly to its success or failure. Personnel managers are aware of this and therefore spare no expense or effort in the so-called “war for talent” to attract young and talented people with the potential to work in their respective companies. But it often stops there – and this is exactly where the problem lies: Instead of promoting and developing their own personnel in the long term and making them fit for managerial tasks, many companies prefer to rely on external applicants when looking for suitable candidates for higher positions.
Very few are aware of the fact that this strategy can quickly lead to existing employees not feeling valued and ignored, and consequently build up a good deal of frustration and demotivation. The consequence: sooner or later the employees come to the conclusion that professional advancement is only possible by moving to another company – and the talent they have just acquired has already been lost to the competition. This problem can easily be solved with a targeted and consistently implemented talent management. In the following we have therefore summarized the five most important tips and strategies with which all entrepreneurs can ensure that terms such as “shortage of skilled workers” and “worries about young talent” will soon be a thing of the past.
5 Tips for Talent Management
1.) Select employees for a career instead of just one position
Most companies only look for the candidate who is best suited for a particular job during the interview – overlooking the long-term perspective. In order to manage talent with foresight, it is not enough to judge candidates by their suitability for a particular vacancy; it is much more important to gain a holistic picture of the person and use this to assess career opportunities and suitability for key positions in the company.
2.) To consciously promote and share employees with potential
In order not to lose talents (and potential future managers) to the competition, they should be tied to the company as closely as possible. However, this does not only work through financial or other incentives, but above all by offering concrete perspectives. Nothing moves an employee to resign as quickly as the feeling of being on the spot and having no opportunities for advancement or development. This is why systematic planning is called for here, which shows its employees the possible development paths and opportunities in the company and motivates them to continue to give their best for the company. Communication also plays an important role in this context: Let the employees concerned participate in their long-term personnel planning for them and discuss the various possibilities and options with them.
3.) Building the Talent Pipeline
The so-called talent pipeline plays an important role in talent management. The term refers to the targeted creation of a pool of candidates from your own company who meet a specific requirement profile and are therefore particularly suitable for newly created positions or positions that have become vacant due to termination or retirement. In order to build up a functioning talent pipeline, the first step is to identify the knowledge and skills that should be available to take on a specific position in the company. In the next step, the HR department identifies promising employees who could be considered for succession to possible vacancies and evaluates their current skills. In this way, it is possible to determine exactly which skills are already available and which knowledge and talents still need to be specifically developed or promoted. At first glance, setting up such a talent pipeline may seem complex and time-consuming – but it pays off! Those who can always fall back on a pool of suitable employees with exactly matching qualifications will never again have to deal with unfilled positions, unsuitable applicants or the lack of qualified junior staff for a long time.
4.) Promoting generalists instead of specialists
Many employees work most of their professional careers in a specific internal area and thus develop over time more and more into specialists for a narrowly defined range of tasks and activities. There is nothing wrong with experts but in order to be successful as a future manager, it is essential to look beyond the end of one’s nose. In company management it is important not to know just one or a few sectors of the company, but to be familiar with all the different departments and areas instead. That’s why it’s important to give people who have the potential for long-term leadership the opportunity to be as broadly based as possible and gain insight into all aspects of the business.
5.) Courage to make decisions
This point is particularly relevant for larger companies with a more hierarchical structure, which only grant their employees decision-making power at the higher company levels. In order to qualify employees for assuming responsible positions in the long term, however, it is not enough just to develop their skills and abilities, their personality must also keep pace. For this reason, employees should be given the opportunity to take an active part in decision-making processes as early as possible. This is the only way that potential managers can learn to assess their potential impact and assume the associated responsibility.