Turn your talent management programme into a talent magnet

A good talent management programme provides a valuable foundation for business growth and can ensure that high-performers are given the opportunity for career growth – a key strategy for any organisation wanting to retain its best talent.

According to the 2013/2014 Randstad World of Work Report, more than two-thirds (66 percent) of employees in Malaysia have cited the lack of opportunity for career growth and advancement as a reason to leave their current jobs. This highlights the importance that employees place on career development and how employers need to step up their game to ensure their staff are provided with every opportunity to fulfil their potential.

Organisations with a comprehensive talent management programme are better placed to entice high potential candidates, particularly in today’s tight war for talent.

Here are some tips on how HR leaders can ensure that their talent management programme is top-notch to attract the best talent.

1. Set and review SMART performance goals

Employees perform at a higher level when they understand exactly what is expected of them. An effective talent management programme provides employees with performance goals that are specific, measurable, achievable, relevant and time-bound (SMART). By setting these goals and assessing whether they have been met during regular performance appraisals, employees are held accountable to meet these objectives, spurring them on to perform at their best.

In addition to having a structured review process in place, employers should make time for regular informal catch-ups with each member of their team to track progress and provide direction and feedback. This way, employees can continue to learn, work through any performance issues and develop their skills to achieve their career goals.

2. Ensure goal alignment and transparency

For employees to perform well, they need to understand how their individual roles fit into and support the organisation’s strategy. A first-rate talent management programme is closely aligned with the organisation’s strategic plan and overall business needs. Aligning the company’s goals with those of employees helps to clarify roles and responsibilities and demonstrates the ongoing value that the team brings to the organisation.

Goal alignment in a talent management programme also helps create greater employee ownership and engagement – with organisations reaping the rewards through increased workplace productivity and commitment to the organisation.

3. Reward good performance

High performers are motivated by performance-based incentives and want to know that their hard work will be recognised and rewarded. A good talent management programme provides the tools to effectively link compensation to performance.

This may be through a structured KPI-based salary review process or bonus system, although it is important to note that not all staff are motivated by money. Some employees prefer the option to take more annual leave or have the opportunity to attend career development courses. So it is important that employers understand the motivations of the workforce to ensure that all high-performing staff are rewarded in the most meaningful way.

Good talent management practices are vital in the tight war for talent. It helps an organisation differentiate itself from competitors at a time when career development opportunities are becoming increasingly important to the workforce. However a strong talent management programme needs to have buy-in from the top – there is little point developing a plan unless effective procedures and adequate resources are allocated to ensure its success.

Article contributed by Jasmin Kaur, Country Director – Randstad Malaysia