In larger companies, miscommunication between departments and duplication of efforts can lead to talent management issues. Siloed talent management can result in unsuccessful hires, missing out on top talent that may be right under your nose, and not being able to correctly forecast or estimate hiring needs.
The Integrated Solution
Integrated talent management attempts to resolve these issues with a variety of strategies that bring diverse groups together. One way to integrate talent management is to tie talent strategy and planning to corporate strategy. When corporate strategy is working together with talent strategy, HR and hiring managers will be less likely to miss out on existing talent and talent networks when trying to fill positions, and will be in sync about hiring needs.
As companies grow, it is easy for the left hand to lose track of what the right hand is doing, and vice versa. Being intentional about integrating talent management with the overall strategy of the business is an effective way to maximize the effective use of talent resources.
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Consistency of Terms and Language
Communication is only effective if all parties understand what is being communicated. One essential part of integrated talent management is using a common language or consistent terms to talk about the talent management process. This helps all parties evaluate the process and share data that can lead to improvements.
Using the competency model with consistency is a good way to ensure that everyone is on the same page and that evaluations are focused on the same competencies across the board.
Using Technology in Integrated Talent Management
Technology that enables easy sharing of data across departments and processes is yet another essential component of integrated talent management. In some cases it might be possible to sustain communication without a technology solution, but a technology solution is necessary for scalability as companies grow larger and larger.
Benefits of Integrated Talent Management
Companies—especially growing ones—are constantly changing. Change management strategy dovetails nicely with integrated talent management to ensure that talent can respond to change and adapt to it.
A 2010 survey showed that revenue was 26 percent higher per employee when integrated talent management is used. The survey also revealed that companies utilizing integrated talent management were also less likely to have downsized in the previous two years and had 40 percent lower turnover among high performers.
Companies also showed much greater ability to hire top talent, develop leaders, and adapt to changing economic conditions when they used integrated talent management.
It does not take too long for top talent to become weary of management that does not show interest in career development or have good succession management. To retain the best employees, companies must have integrated talent management that handles these aspects of the hiring and employment process. ThriveTRM excels at integrating your talent management strategy with real-time collaboration tools, allowing you a global view of your talent pipeline at any given moment. Schedule a demo of ThriveTRM today to discover what it has to offer to your organization.