Is talent management worth the investment? Total human capital costs can account for as much as 70% of operating expenses in organizations, including Fortune 500 companies. To get the most out of this investment, organizations need to invest and align employee talent to business objectives.
Too many times, the executives at the top are not willing to invest the time, money and resources to make certain they get it right. By getting it right, organizations have to get the right people on the right bus and in the right seats. If this is not accomplished, the results can be lower productivity, innovation, morale and poorer financial performance.
What steps can an organization take to get its talent management right?
- The first step an organization needs to take, is to ensure that talent management is integrated into a coherent system.
- aim talent management at goals that drive business strategy.
- Ensure that talent management includes the recruitment, retention and rewarding/recognizing talent that provide the organization with a distinct competitive advantage.
- Annually updating and adapting its strategy to reflect changes in the economic sectors where the company plays.
- Employ updated practices, such as social media, to promote the company’s brand in the market place.
An integrated approach to talent management strategy allows an organization to get it right and to develop its current and future workforce while effectively responding to business needs.
“However, according to a Manpower Group Global Survey of 38,000 Emplyers, 48% reported that a senior management team sometimes sees the connection between investing in talent management and business impact.”
Executives must shift their paradigm, be prepared to invest in resources, and develop a cohesive talent management strategy aligned with the business objectives to get ahead of their competition. Talent management is worth the investment!
Let Treyburn Human Resources Group help you guide talent management processes