The Importance of a Talent Management Plan
Chez Misko, the COO of Wisconsin Athletic Club, shares the importance of a Talent Management Plan.
In this tight labor market, it’s not enough to just put an ad out for a position. You need to have a clear strategy on differentiating your business to attract and retain quality employees. That is why now more than ever it is important your club develops a detailed Talent Management Plan.
A Talent Management Plan includes the full scope of HR processes to attract, develop and retain high-performing employees. Talent management touches on all key HR areas, from hiring to onboarding and performance management to retention.
The components of a Talent Management Plan include:
- A detailed talent acquisition strategy.
- An effective onboarding program that sets employees up to succeed. This should be 90 days to 12 months and include mentoring and regular touchpoints.
- An internal job posting process for management positions. Employees value career development opportunities and upward mobility, which is also one of the keys to retention.
- A marketing plan to communicate your employer brand and what it’s like to work for your company. Social media has become a big driver of your brand and perception as a company. In a recent Society for Human Resource Management survey, 43% of employers reported social media is the top source of quality hires.
- Ways to get feedback from existing employees. Remember, what your current employees say about your company predicts how well the business can attract and retain talent in the future.
- Learning programs that include activities and tasks supporting the organization’s culture and initiatives. When employees see how their growth impacts the organization, they’ll see just how valuable their role is.
While you might already have many of the HR processes listed above, it is crucial these processes come together to create a culture where your employees feel important, valued and cared for. When your existing employees are happy, it becomes much easier to find others to join them.