Every organization with employees engages in some form of talent management. However, for many organizations, talent management is a haphazard process with little structure. Formalizing your talent management strategy is necessary to attract the best possible talent and continue to move your organization forward over time.
Breaking Down Formal Talent Management Strategy
An organization that has not written down a formalized strategy of what it wants to accomplish with talent management probably will not accomplish it. Even of those organizations that do formalize their strategies, 61 percent in one survey said they struggled to implement those strategies.
While it is possible to fulfill an informal strategy, it is much more difficult to do so. Without a formalized strategy, employees are much less likely to know exactly what is expected of them, and therefore less likely to perform as needed. Much of corporate culture and expectations may be implied rather than formalized, but implied strategy is much easier to ignore or misinterpret.
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Organizations would not expect to meet unstated goals in areas like cutting costs, increasing market share, or opening new facilities, but somehow talent management often escapes the formal strategy process, with HR departments and recruiters being expected to attract top talent without oversight or assistance.
Of course, as with any formal process, it is important to get input from those involved in talent management before making a formal strategy. Imposing requirements on an inside department or outside agency without exploring capabilities, current practices, and previous performance is only likely to frustrate and alienate both HR and recruiters.
Radical changes are unlikely to be implemented smoothly or easily. A good talent management strategy will take steps to get from where the organization is now to where leadership wants it to be. A formalized strategy will also quantify cost and set a budget for objectives.
Formalized Talent Management Strategies Simplified
Finding the best talent for your organization can involve many different individual components: relationship development, referral programs, and social media, just to name a few. The formalized strategy may involve revamping the organization’s website, expanding search efforts beyond the local area, and using more modern recruiting methods to access more and better talent pools.
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For organizations accustomed to a simple talent management strategy, such as having a recruiter provide basic services, these changes can be overwhelming. Organizations need all the help they can get in implementing new, more complex initiatives.
ThriveTRM software streamlines many modern recruiting tasks and makes them easily manageable by HR staff and recruiters. Communication and data sharing become nearly automatic with the software, keeping everyone in the loop as initiatives move forward.
Instead of being overwhelmed, employees will be surprised at all they can manage with the help of ThriveTRM. You can make ThriveTRM part of your formalized talent management strategy by contacting us to find out more about all that ThriveTRM can do for your organization. Discover solutions for VC / PE firms that can benefit your firm today.