Does your VC firm have a strong talent management strategy in place? If not, it is time to rethink your position regarding the acquisition and retention of top talent.
Why is that the case? The answer lies in the benefits afforded to VC firms with a clearly defined strategy and a method of execution of that strategy. Here are some of the top benefits of a strong talent management strategy in today’s corporate climate.
1. Recruitment is More Effective
Michael Porter, Professor of Business Administration at the Harvard Business School and author of multiple books about competitive strategies, notes: “Sound strategy starts with having the right goal.”
With this premise in mind, what is your goal regarding recruiting? Put simply, you want to attract the best candidates for your firm, onboard them appropriately, and retain them. Does your VC firm have a clear view of all the top candidates in your field of endeavor? Without a strong talent management strategy, the answer is “Not likely.”
On the other hand, developing a clear line of sight to your top candidates by means of available talent management solutions will help grease the wheels of your recruiting strategy and get your firm moving on the right track.
2. Hiring and Onboarding Progresses Smoothly
Hiring and onboarding are also processes which require a strong talent management strategy. Your VC firm must have a focused and well-implemented process for hiring and onboarding the talent you attract.
If your onboarding strategies are lacking, your employee attrition numbers go up, and your profits go down. Therefore, a strong strategy here will protect your assets of time, money, and human capital.
3. Company Culture is Preserved and Defended
A strong talent management strategy enables you to find the candidates who will integrate into your company culture well, and stay put once they have become a part of it. A thriving company culture translates into higher employee engagement percentages, reduced attrition, better overall morale, and improved productivity and profitability across the board.
4. Your Team is Better Aligned
Having a strong talent management strategy means that you will be able to find the right people at the right time for the right position. With a holistic approach to your hiring and onboarding process, as well as a strong system for performance review, you can more easily see where your organizational strengths and weaknesses lie and align your available candidates with the right internal teams.
5. You Reap Financial Rewards
According to the webcast “What a Non-Existent Talent Management Strategy is Costing Your Business“, research demonstrates that process improvements in talent management can generate a 15 percent increase in earnings, a statistically significant amount.
Using Technology to Execute Your Strategy
On the subject of strategy, Morris Chang, CEO of TSMC, observes: “Without strategy, execution is aimless. Without execution, strategy is useless.”
In order to execute your talent management strategy in today’s competitive recruiting environment, it is wise to use all available technologies to aid the process. Contact us today to discover our state-of-the-art talent management solutions for VC/PE firms and reap the rewards of a well-designed and fully executed talent management strategy.