Talent management is a scope in HR that includes attracting, identifying, developing, engaging and retaining employees. Managing a group of people with diverse backgrounds and culture is no easy feat. Mistakes in talent management are prone to happen that can result in low productivity and poor retention, thus affecting the company’s overall performance. Finding the right talent in itself is daunting, but retaining them is actually a far more difficult task.
As a leader, it is wise for you to anticipate these four common talent management mistakes and know how to avoid them.
Assuming your employees won’t leave
Leaders often mistakenly believe that their employees want to stay forever in the company. This presumption is nowhere near true. Most employees are aware of their worth, so it makes sense that they will look for better opportunities if you ever take them for granted. They may be bound by certain contracts, so it is unlikely that they will just leave without a notification. Needless to say, it is not a crime to file for resignation one day.
The logic is simple: if you want employees to value the company, appreciate them first and foremost. Understand that all employees matter, regardless of their position and length of service in your company. Talent management disaster begins with complacency, so it is best to avoid it from happening. Quoting from Forbes, employees who are challenged, engaged, appreciated, and rewarded (emotionally, intellectually, and financially) are less likely to leave their jobs.
Lack of career advancement
Talent management includes the readiness to sincerely care about your employees’ personal development. Retaining your star performers for a long period of time is not enough, as they may also aim for career advancement. The most efficient way to advocate career growth is by providing promotion opportunities for senior employees. Communicate with employees to discover their career goals and assist them to develop their career. You can also look for areas within the organization that may be expanding or opening up, so these employees can try something new. However, if you do not think that those two are viable, you can always opt for giving out financial rewards, such as a wage raise or a bonus.
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Insufficient training and development
Another mistake in talent management is insufficient training and development. Upon hiring potential talents, you should invest in their professional growth too. Building a professional development plan with supervisors and managers and discussing future training opportunities will promote a culture of learning and progress. This can be done by facilitating certifications for employees who have worked in a company for a certain period of time. If employees feel like the company is taking care of their professional development through training and development initiatives, this will boost their loyalty and respect towards the company. While offering employee training and development requires dedicated time, energy, and budget, it will be worth it to increase retention.
Little to no performance recognition
On top of all the above points, one fatal mistake in talent management goes beyond material things; it is failure in performance recognition. Employees nowadays, particularly millennials, demand more than just a paycheck. They wish to be acknowledged for a good job. This form of encouragement keeps employees motivated to achieve their goals and celebrate team achievement. Your top employees will work diligently to provide their best when their efforts are valued and recognized. Sincerely recognizing employees goes a long way toward creating a positive working culture.
It is critical to recruit outstanding individuals, but it is also vital to invest the same, if not more, effort into retaining them. Although it may not appear that you have a turnover problem, you may be overlooking the warning signals. Do not wait until your best performers turn up with a resignation letter, act now to improve your talent management approach.
Read Also: How to Keep Your Best Employees Around for the Long Run