As we move into 2022, companies around the world are examining their talent management solutions in an attempt to locate, recruit, and retain the top talented employees they desire. According to a recent Korn Ferry survey, over 55% of organizations believe employee turnover will increase in 2022/2023. If this trend continues to accelerate, developing an effective talent management strategy will become even more essential to commercial success.
To help keep your organization at the forefront of your industry, the professionals at MenaITech have put together this helpful guide on all things talent management in 2022.
What is talent management?
Talent management is a continual process of attracting and retaining high-quality employees, strengthening their abilities, and continuously motivating them to enhance their performance. The primary purpose of talent management is to produce a motivated workforce who will remain with your organization for the foreseeable future.
At its foundation, talent management has three core components:
- HR processes: Talent management includes all of the HR processes that integrate with one another. Each piece of the HR puzzle adds to the larger picture. The best talent management programs include a robust talent management strategy designed to help your organization reach its fullest potential.
- Talent acquisition: Talent management includes attracting, hiring, developing, retaining, and motivating talented employees for your organization. Collectively, hiring, onboarding, performance management, and retention can make or break your organization.
- Employee performance: Talent management should be designed to increase employee performance. A robust talent management program aims to engage, motivate, and retain employees to empower them with the tools and resources they need to enhance productivity.
Other critical elements of a top-tier talent management strategy include focusing on employer branding, employer reputation, applicant experience, onboarding/inboarding, performance management, and HR analytics to track KPIs.
Fundamentals of Talent Management
Attracting top talent with incentives
Talent management starts with recruitment. Aside from attracting talent with your organizational reputation, you also need to remain competitive when it comes to incentives. Sign-on bonuses, compensation/salary packages, health benefits, vacation packages, tuition assistance and training programs can go a long way toward attracting the best talent in your area. Not only will an attractive compensation package attract talent, but it can also be used to motivate and retain the talent you already have.
Generally speaking, a hybrid workforce consists of employees who work remotely and those who work in an office. Depending on the company guidelines, employees or their employer can decide where they are most productive or choose a combination of both. For example, a hybrid employee might work two days in the office and three days virtually from their home.
According to a 2022 Gallup Workplace survey, 39% of employees anticipate exclusively working remotely (compared to 8% pre-pandemic), 42% anticipate some form of hybrid work environment (compared to 32% pre-pandemic), and 19% plan to remain fully onsite moving forward (compared to 60% pre-pandemic).
Employee training and development
Trends indicate businesses will encounter challenges as they strive to meet the growing demand for new skills and competencies through external resources. Moving into 2022 and beyond, companies will need to look internally at their existing employees to foster growth and development. This starts with offering your employees access to online training and development opportunities to foster their growth and development.
Succession, career path planning, and individual development planning
Recruitment, onboarding, and training a new employee can prove costly. As we look ahead, companies seek to advance their talent internally. On one hand, succession planning allows your company to identify and nurture your internal talent to fill key positions. On the other hand, career path planning empowers your employees to chart their own development path within your organization.
To create a robust succession and career development plan for your current employees, consider the following:
- Which skills are already available in the company previously unrecognized?
- What hidden talents are left untapped?
- Which areas do employees want to learn more about?
Individual development planning (IDP), is a tool designed to empower employees in their career and personal development. Its primary goal is to assist employees on their path to achieving short and long-term career goals, as well as improve current job performance.
You can have a staff full of talented employees, but at the end of the day you need to be able to track their productivity performance. Effective appraisal and performance management processes play a key role in company culture, staff morale, and employee engagement levels. Combined, these markers work to support talent retention and enhance employer brand.
The best employee appraisal programs not only measure and reward employee performance, but they also work to:
- Improve employee development
- Identify untapped potential in employees
- Manage changing roles within the organization
- And much more
Talent Management with MenaITech
At MenaITech, we offer our clients complete end-to-end human capital information technology solutions and services, including payroll and personnel management, HR dashboards, data and analytics, time and attendance, and many other services through web-based, mobile, and cloud technology. Our innovative solutions are designed to provide your company and employees with the tools they need to attract, train, and retain a happy and skilled workforce.
Talent Management modules at MenaITech
- Performance Appraisal
- Succession planning
- Career path planning
- Training Module
- 9 Box Matrix
- Individual Development Planning (IDP)
- Talent acquisition