FEATURE INSIGHT
With a ‘job for life’ consigned to the past, it’s perhaps no surprise that most employers are looking for new ways to retain their most talented professionals. But how do they develop an effective strategy and what role does technology play in doing so, asks freelance writer and editor Kavitha Sivasubramaniam Tapping into talent
T oday’s workforces are becoming increasingly transient and it is no longer sufficient to simply focus on attracting talented individuals to your company; developing, managing and retaining them as part of a planned strategy for talent is equally important. And, as the recruitment market becomes more competitive, it’s essential that human resources (HR) departments explore the complex area of talent management if they want to hold on to their top performers. Organisations themselves can reap the rewards of doing so too. Patrick Woodman, head of research and advocacy at the Chartered Management Institute (CMI), believes the development of talented employees can be one of the most profitable investments an employer can make. He cites figures from the UK Commission for Employment and Skills which suggest that by 2020 the UK needs 1.9 million new managers, “so it’s vital that organisations are retaining and developing talent to help fill the productivity gap and build the talent pipeline”, he says. Woodman adds that, if done properly, talent management can add as much as 23% in business performance gains according to CMI’s 2012 report, The business benefits of management and leadership development . Therefore, it’s a must for any organisation. In addition, according to an Evolution of work study carried out by ADP, 70% of
time, gig workers, outsourced employees and free agents. Alison Weeks, HR consultant at the Chartered Institute of Personnel and Development, describes talent management as an effective mechanism and framework to identify, develop, engage, retain and deploy individuals who are considered particularly valuable to an employer. “By managing talent strategically, organisations can build a high-performance workplace, encourage a learning organisation and add value to their branding agenda”, she says. Optimising engagement So why does talent management improve engagement and performance, and what effect does this have on the business overall? “Research has proven that engaged employees deliver more through productivity; talent management is about optimising the levels of engagement across employee types. It’s a fairly simple equation that leads to stronger business performance”, says Hoover. Employers that get this right will gain a competitive advantage, but they must develop a strategic approach to talent management that is appropriate for the business and, as a result, gets the best from their people. “Some organisations adopt an ‘exclusive’ approach, segmenting talent according to future high-potential employees”, explains Weeks, adding that
respondents claimed to be open to leaving their job, with almost a quarter actively seeking alternative employment. Annabel Jones, HR director of ADP UK, says: “While a booming job market has benefits, it’s a huge challenge for HR in the realm of talent management.” For this reason, in recent years the practice of talent management has become an essential focus to assist with the retention of talented individuals and not leave it to chance that they be poached by competitors. But what exactly is talent management and how can employers ensure they are doing it correctly? ...an essential focus to assist with the retention of talented individuals...
The basics Talent management, at its most
fundamental, is about “providing the extraordinary employee experience that delivers exceptional performance from workers of all types”, according to Angel Hoover, EMEA practice leader for talent management at Willis Towers Watson. As the workforce becomes more mobile, she believes this should include full-time, part-
| Professional in Payroll, Pensions and Reward | June 2018 | Issue 41 44
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