Devising Effective Strategies for Recruiting, Assessing, Developing, and Retaining Your Talent Pool
In the years to come, the demand for smart, technologically savvy, and globally astute business people will outstrip the supply. At the same time, an aging population of Baby Boomers and the tendency for Generations X and Y to frequently change jobs make it increasingly difficult to attract and retain skilled leaders and knowledge workers. Not only will organizations need to become better equipped to recruit skilled talent, but they will also be challenged to retain them.
Talent management is a top concern among HR professionals, yet research shows that only five percent of organizations are confident that they have a clear talent management strategy and operational procedures in place. An effective talent management strategy, however, is essential: it enables you to identify the right mix of individuals required to fulfill corporate strategic objectives, plug identified gaps in your workforce plan, and keep the pipeline filled with skilled and motivated workers who are aligned with corporate goals. This new program from Canada’s people management development specialists will give you a roadmap for building an effective talent management strategy that will turn a potential vulnerability into a competitive edge.
a) Establishing a Foundation for Planning
Your first step in crafting a talent management strategy is to plan for your needs and assemble key information. Learn to identify the critical roles required to support strategic objectives and how to conduct a talent review that accurately assesses the performance and potential of current staff.
In this opening module, you also learn how to:
- Use the 9-Box Framework to guide a leadership discussion that will calibrate talent
- Determine how open and transparent to be in communicating assessment of high-potential staff
- Conduct a gap analysis to determine critical areas that are vulnerable
- Explore strategies to fill gaps
b) Making an Honest Assessment of Your Organization's Value
In this section, discuss the importance of an employer brand; what is it made of and how is it perceived internally and by prospective employees?
- Examine your internal value proposition for employees, and see how it stacks up
- Consider the most effective strategies to attract your target market
- Identify best practices for selecting talent that aligns with your strategic needs and organizational culture
c) Developing Your Bench Strength
The first place to look for a solution to your talent shortfall is in your own house. Learn how well your organization is developing its own employees. Explore the best practices in formulating development plans that yield real and effective results.
- Understand the role of 360-degree feedback to inform development plans
- Discuss the use of action learning strategies
- Examine special considerations when creating development plans for high potential employees
d) Engaging and Retaining Employees
How well does your organization perform in employee engagement surveys? Is your turnover rate over the past few years going up or down? Chances are, there is always more your organization can do to engage and retain your most valuable and irreplaceable employees. In this module, we explore the options you need to consider for your talent management strategy.
- Examine the role of career development in generating employee engagement and ensuring retention
- Understand the role that compensation and rewards play in engaging and retaining employees
- Explore the use of "stay interviews" to improve retention
e) Developing an Evaluation Platform
Your talent management strategy cannot be a seatof- the-pants affair. Rigour is the rule, and metrics will show how well the organization is doing and help win ongoing buy-in from senior management. In this module, we identify the essential HR metrics to use in order to monitor your progress and evaluate the success of your talent management strategy.
By the end of the week, you will be better positioned to:
- Understand what is required to align human resource strategy with strategic objectives of your business
- Identify the steps required to conduct an effective talent review of performance and potential
- Examine strategies to fill critical needs identified through a gap analysis
- Identify key requirements to attract and acquire skilled talent
- Explore best practices for developing talent
- Understand the key elements to engage and retain skilled resources
- Examine HR metrics and measures of success for your talent management strategy
- Acquire the skills and knowledge to build an effective talent management strategy for your own organization
- Internal resource and advocate for talent management
- Well-designed and coherent talent management strategy
- Wide-scale alignment of goals and actions
- Receive practical tools and approaches that are easy to take back to the workplace and implement at both the team and organizational levels
Human Resources and Organization Development professionals and internal consultants with a strategic mindset, who have a role in developing a talent management strategy
Diane Locke is a senior partner at a Toronto-based human resource management consultancy. She has more than 20 years of experience in the areas of executive assessment, leadership development and talent management, including both internal and external consulting roles. Diane is the lead facilitator for the Queen’s IRC Talent Management program.
Diane has worked with best in class organizations to design, develop and implement succession planning and talent management processes. She has been actively involved in the use of assessment tools and strategies to identify and develop high potential. She has provided training, coaching, and consulting services to a broad range of organizations in the public and...
Read the full bio for Diane Locke