In part 1 of this blog post, we introduced talent management issues and the importance of a needs-assessment process. Accurate job descriptions and the need for a strong cultural fit were also examined. This week we’ll continue to uncover aspects of talent management you can incorporate into your retention efforts.
A company’s “employer brand” in the marketplace can dramatically affect the results of a search. How will the organization be perceived by candidates? What will current employees say to potential candidates regarding the working environment? Those involved in the hiring process must be prepared to address any issues with potential candidates and assuage their concerns. As the old saying goes, “Perception is reality.” Today, that is truer than ever with the proliferation of blogs and social networking groups and 24-hour news. Those in leadership at companies who are not proactive in identifying potential issues will be left wondering why they are unable to attract top-level talent. Although many companies were forced to reduce headcount during the economic downturn, decision makers should be prepared to discuss the steps they took and the manner in which they were implemented. Merely stating that expenses had to be reduced will not be a sufficient answer for a high-level candidate.
Identifying key members of the management team and hiring new talent are only part of the process. A company must also retain its talent. Many organizations cut or eliminated talent management and retention programs during the economic downturn. As a result, employee satisfaction has decreased dramatically. Companies that do not address retention issues and develop long-term strategies will find themselves in a precarious position as the baby-boomers begin to retire. Not only will these companies lose their existing talent, they will be unable to attract new talent. The next crop of leaders will come from Generation X and Generation Y (“Millennials”) whose members have entered the workforce in significantly lower numbers than their predecessors. The resulting shortage in leadership will make talent management and retention even more critical over the next five to ten years.
Implementing the Plan
Those companies that take a strategic, reasoned and long-term approach to talent management will attract and retain the right people for their critical leadership positions. Research has shown that 90% of hiring decisions are based upon insufficient and emotional conclusions made early in the interviewing process, frequently resulting in unsuccessful hires.
To solve this problem, BrainWorks has created a proprietary process STAR (Seven Traits to Assess Results), which evaluates and rates top talent. This model is based on BrainWorks’ belief that superior talent is the #1 driver influencing the growth of organizations.
From careers in marketing analytics to customer insights jobs, the executive search consultants at BrainWorks have made it their mission to quickly find you the best people in their respective fields. Get the highest return on your recruiting investment – let BrainWorks find the most qualified candidates in your next Digital Marketing & eCommerce search.