Advanced Business Solutions (Advanced), provider of business applications and services, has commissioned a white paper which explores the increasing importance of 'talent management' in the HR field. The paper looks at how an organisation can maximise efforts to attract, mould and retain the best people in the current financial climate and as employee expectations continue to change.
A recent study has shown that poor leadership and management is costing UK businesses an estimated £19 billion annually in lost working hours*. Another finding revealed that just 20% of business executives believe their company manages talent effectively across all markets and only 23% think their company is good at retaining key global talent**.
With these figures in mind, Advanced has highlighted its top five tips for businesses to develop a successful 'talent management' strategy:
It's not always about the money – Attracting and holding onto the best staff is not just about the salary and perks. As younger generations come up through the ranks, other factors are becoming important: flexible hours, the ability to work from home, the technology they will be able to use, the formality of the workplace, the 'spirit' of the company and the level of fulfilment and personal development they will experience.
Empower staff to learn – Employee self-service, social media, bite-size video clips and collaboration/knowledge-sharing forums, have been shown to help employees feel more empowered and confident in their jobs and valued in the broader business.
Align talent management with the business strategy – Improving talent management starts with recognition of the need, then requires that the discipline is brought out of the HR department and made a strategic business priority, requiring a good process. Self-service and KPI dashboards will make employees more aware of their direct contribution to the business and empowers them to develop their knowledge and skills to achieve more.
Have a single, unified approach – Due to its broad discipline spanning across recruitment, retention, staff development strategies, employee engagement, performance management and succession planning, talent management should be tackled holistically, as an integrated strategy with linked processes, systems and outcomes.
Adopt the right technology –The right technology can help organisations take control of their recruitment process, allowing them to reduce time-to-hire and cost-per-hire. Sophisticated solutions, such as Advanced's OpenHR, give HR departments the tools to manage their workforce effectively and efficiently. OpenHR covers all aspects of HR, including talent management and workforce optimisation as well as managing processes such as personnel management, training, recruitment and compensation.
Simon Fowler, Managing Director of Advanced Business Solutions (Commercial Division), says, "With resources already stretched, particularly in small and medium-size companies, employers have less to offer potential recruits, making it harder to lure talented staff onto their payrolls. This white paper gives an insight into how organisations free up time to nurture their staff and manage talent within their organisation and importantly, what the employee needs to thrive, not just what the employee brings to the company."
To read more, download the white paper, 'Talent management in the mid-market: Harnessing the true power of the best people', here:
*Global survey reveals talent management challenges for rapid growth market multinationals, Ernst & Young, July 2012: http://www.ey.com/GL/en/Newsroom/News-releases/News_Global-survey-reveals-talent-management-challenges-for-rapid-growth-market-multinationals
**Leadership & Management in the UK – The Key to Sustainable Growth: A summary of the evidence for the value of investing in leadership and management development, BIS, July 2012:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/32327/12-923-leadership-management-key-to-sustainable-growth-evidence.pdf