Lost at Sea when developing your talent management strategy?

Cliche alert! It is often said that people are the greatest asset to a business.

But it does ring true if you know how to unleash the capability within your business. The best way to do this is via a talent management strategy.

How do you know you need a talent management strategy?

1. High Turnover: If you are experiencing a high turnover rate, it may indicate that you need to implement a talent management strategy to retain top talent.

2. Skills Shortage: If your organisation is facing a shortage of skilled workers, a talent management strategy can help you identify and develop the skills and abilities of existing employees to fill skill gaps.

3. Low Employee Engagement: If your employees are disengaged, they are less likely to be productive, which can negatively impact your bottom line. A talent management strategy can help you develop and implement programs to increase employee engagement.

4. Succession Planning: If you don't have a plan in place for identifying and developing future leaders, you may need a talent management strategy to ensure that your organisation has the necessary talent to succeed in the long term.

5. Recruitment Challenges: If you are struggling to attract top talent, a talent management strategy can help you identify and develop your employer brand to attract the right candidates.

Using the six Bs methodology can support the development of your talent management strategy.

O.k. but what does it mean?

Put simply, this is a quick and simple method to understand the options available to you and the areas of focus. Behind each B is a process, both formal and informal you can adopt to deliver the outcomes you desire.

• Buy - Finding and recruiting talent in the external market

• Build - Develop your internal talent through formal and informal processes e.g. learning and development, coaching and mentoring

• Borrow - Develop capability through secondments, short-term projects and external consultants

• Bound - Promoting top talent into appropriate roles while focusing on succession and career management

• Bounce - managing the poor performers by removing them from positions, finding alternative positions or exiting from the business.

• Bind - Developing retention strategies to secure key talent into the business.

Flatpack HR can help your business to create its talent management strategy. For a free no obligation quote call Martyn on 07779555261 or email flatpackhr@gmail.com. We will listen carefully to your needs and help you plot the next course of action for success.